Monigo Sri Lanka ᐈ online loan
Fino Sri Lanka ᐈ online loan
Oncredit Sri Lanka ᐈ online loan
Lotus Loan Sri Lanka ᐈ online loan
FastRupee Sri Lanka ᐈ online loan
Oncredit Sri Lanka ᐈ online loan
LoanPlus Sri Lanka ᐈ online loan
Online loans for terrible credit in Sri Lanka
There are situations when a person has several loans or credits, and it is not possible to pay off each of them on time. The problem is that even a delay in payment for a few days damages the credit rating. As a result, the client may need another loan with a bad credit history to cover the current debt.
Features and advantages of the loan
This lending format is more convenient than going to a bank since the applicant’s credit rating does not play a key role for the microfinance company.
Microloans with a bad credit history can solve many problems:
- Re-crediting – if you already have debts under another agreement, you can use the amount received to close them. Because many companies give the first loan at 0 percent, in this example, there will be no overpayment at all.
- Urgent purchase for which there are no funds right now. Such companies process applications almost instantly, so you will not have to wait long for approval and crediting of the amount.
A minimum of documents will be required. Usually, only a Sri Lankan passport will suffice. You do not need to prove your income. Applying for a microloan will be a good solution in a difficult financial situation.
Why MFIs do not take credit rating into account
If you compare an online loan to a card with a bad credit history from MFIs and a similar offer from banks, the comparison will not favor the latter.
In the bank, analyzing the portrait of the borrower is extremely strict, evaluating the questionnaire on a hundred parameters and assigning it a scoring score. The higher the score, the higher the chances that the application will be approved on favorable terms.
The algorithm of client assessment in microfinance companies is somewhat simplified. They realize it is easy to ruin the rating even because of the slightest delinquency. The lender compensates for the increased risks by charging a higher rate than in a bank. At the same time, the market has a lot of offers with the first interest-free loan, so the borrower does not lose anything.
If you urgently need money with a bad credit history and arrears, we recommend you study the rating of microfinance companies, choose attractive conditions for yourself, and immediately submit an application. Each request is processed on average for 30 minutes, after which the answer is communicated by phone or SMS. You must wait a few more minutes for the requested amount to arrive on your card.
Step-by-step instructions on how to take a loan on a card with a bad credit history
To find a favorable loan online with a bad credit history that will help remedy the situation, you will need:
- Choose a reliable MFI. It is important that it has a license and operates legally. It is not superfluous to study the reviews of other users about the selected company.
- Carefully familiarize yourself with the terms of lending, tariffs, and requirements for the recipient. This will allow you to learn useful nuances (whether there are promotions for regular customers, what payment options are available, and whether it is possible to request a prolongation of the contract if necessary).
- Register a personal account, carefully fill out the questionnaire, and send the application. Usually, it takes no more than 15 minutes. In case of repeated application to the same company, you do not need to enter the data manually again.
- Wait for a decision. Almost all MFIs issuing loans with a bad credit history use a scoring program to evaluate clients. This has made it possible to simplify and speed up the process of processing applications.
The next thing left is to get the money, which can be used for any purpose. To correct the credit rating, it is important to comply with the deadlines for repayment of funds. You can find out the exact date of payment and the amount of debt by authorizing it in a personal cabinet on the selected company’s website.
The client does not need to provide collateral or surety to receive funds. There are also several ways of transferring and returning money, the most popular of which are to a bank account, card, e-wallet, or cash.
How a loan will improve your credit history?
By taking out a loan with a bad credit history, the borrower solves two problems: satisfies current needs for which there were not enough funds and corrects the rating for the future.
You can get relatively small amounts, up to Rs. 50,000, for up to 30 calendar days. If you take out 3-4 such loans in a row and repay the debt within the agreed terms, it will allow you to adjust your current rating and thus qualify for more favorable terms in future applications. The new information will close the data on the client’s previous delinquencies, increasing his overall rating.
Many websites of microfinance companies have unique online calculators, thanks to which you can calculate the loan size on the card with a bad credit history that suits you.
It will also show the overpayment amount depending on the interest rate under the agreement and the period of use of funds. You can fill out the application at home from your computer, studying the proposed conditions in a calm environment and making a thoughtful decision.
Advantages of online loans
In addition to several different options for obtaining funds, a bad credit history card loan is characterized by many other positive aspects:
- There is no connection to the borrower’s place of residence. The application can be submitted from any city in Sri Lanka.
- The services provide services at any time, including holidays or weekends.
- Simple procedure: no guarantors, insurance, or official income certificates are required.
- The client chooses the method of receiving money and repayment depending on their needs.
The site offers an extensive list of companies, which is regularly updated. This will allow you to choose the best option and complete the application.
Written based on materials from: nsb.lk.
Team of experts - OkCredit.PRO
Financial Expert
Alexis Stokrat
Financial analyst
Andrew Filimonov
Expert in microcredit
Margul Akhmetova
Contact Information
Lotus Loan:
- Address: 7, 1/1 Cotta Terrace, Colombo 00800
- Phone numbers: 0-117-821444
- Email: [email protected]
- Max APR: 240%;
- Term: from 3 to 6 months
- Age range: 22-55 years old
CashX:
- Address: No 422/3, Galle Road, Colombo 03
- Phone numbers: +94 117 562 756
- Email: [email protected]
- Max APR: 216%
- Term: from 10 to 30 days
- Age range: 20-60 years old
LoanMe:
- Address: N#321, Galle Road, Colombo 03
- Phone numbers: +94 117 877 555
- Email: [email protected]
- Max APR: 230%;
- Term: from 3 to 6 months
- Age range: 22-55 years old
RoboCash:
- Address: No.04 Geethanjalee Place, Level 5, Colombo 03
- Phone numbers: +94 112 208 220
- Email: [email protected]
- Max APR: 220%
- Term: from 3 to 6 months
- Age range: 20-55 years old
FastRupee:
- Address: Access Towers, Union Place, Colombo 02
- Phone numbers: +94 117 749 444
- Email: [email protected]
- Max APR: 365%
- Term: from 3 to 6 months
- Age range: 20-60 years old
Reviews from clients
Author:
Financial expert, financial analyst, and experienced copywriter specializing in loans, bank credit, and investing. Over 10 years of experience in microloans and microfinance organizations.