A payday loan is a short-term loan designed to provide quick cash assistance to individuals facing unexpected financial needs or emergencies. It is typically repaid on the borrower's next payday.
How much can I borrow with a payday loan?
You can borrow up to a maximum of 35,000 JMD with our payday loan services.
What is the interest rate for payday loans?
The interest rate for our payday loans is fixed at 30%.
What is the repayment period for payday loans?
The repayment period for payday loans is typically aligned with your next paycheck period. It is usually a short-term loan repaid within a few weeks.
How do I qualify for a payday loan?
To qualify for a payday loan, you must be employed for at least 6 months at your current job. You need to provide a job letter, your last three payslips, proof of address, a valid picture ID, your TRN, and have a bank account in your name.
What documents do I need to apply for a payday loan?
When applying for a payday loan, you will need to provide a job letter, your last three payslips, proof of address, a valid picture ID, your TRN, and details of your bank account.
Can I apply for a payday loan online?
Yes, we offer an online application option where you can conveniently apply for a payday loan through our website. Simply fill out the secure online application form and attach the required documents.
Can I apply for a payday loan in person at your office?
Yes, you have the option to visit our office and apply for a payday loan in person. Our staff will assist you throughout the application process.
How long does it take to get approved for a payday loan?
Once you submit your completed application and required documents, our team will carefully evaluate your application. You can typically expect to receive a decision within a few business days.
How will I receive the funds from my approved payday loan?
Upon approval, the loan amount will be disbursed directly to your bank account. It provides you with quick and convenient access to the funds you need.
Are there any upfront fees for applying for a payday loan?
Yes, there is a non-refundable application fee of JMD 250 for every JMD 5,000 applied for. This fee needs to be paid upfront when submitting your loan application.
Can the application fee be refunded if my loan is not approved?
The application fee is non-refundable, regardless of the loan approval status. It covers the administrative costs associated with processing your application.
What is the processing fee, and how is it deducted from the loan amount?
The processing fee is JMD 250 for every JMD 5,000 applied for. It is deducted from the loan amount before it is disbursed to you. The deducted processing fee ensures a seamless loan processing experience.
Can I repay my payday loan early?
Yes, you have the option to repay your payday loan early. Early repayment can help you save on interest charges. Contact our team to discuss the early repayment process and any applicable fees.
What happens if I miss a repayment on my payday loan?
Missing a repayment on your payday loan can result in additional fees and interest charges. It is important to communicate with our team if you are facing difficulty in making a repayment to explore possible solutions.
Can I extend the repayment period for my payday loan?
Our payday loans are designed to be short-term and typically do not have options for extending the repayment period. However, please contact our team to discuss your situation, and we will work with you to find the best possible solution.
Are payday loans available for self-employed individuals?
Currently, our payday loans are available for individuals who are employed for at least 6 months at their current job. We do not offer payday loans specifically tailored for self-employed individuals at this time.
Is there a limit to how many payday loans I can have at once?
We assess loan applications on a case-by-case basis, considering your financial circumstances and repayment capacity. While there is no specific limit on the number of payday loans you can have, we prioritize responsible lending practices and ensure that the loan amounts align with your ability to repay.
How does the lending tree program work for lenders?
Our lending tree program offers an opportunity for individuals to invest in our payday loan portfolio. As a lender, you can invest a minimum of 50,000 JMD and earn a fixed return of 10% of your principal amount every month for a duration of 10 months. At the end of the 10 months, you will receive 100% of your original principal amount.
How can I participate in the lending tree program as a lender?
To participate in the lending tree program as a lender, you can reach out to our team to express your interest. We will provide you with detailed information and guide you through the process of becoming a lender in our program..
