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
New online loans in Sri Lanka
On this page, you can select and apply for new online loans to your card. These loan offers from MFIs (microfinance institutions) have appeared on the market recently. It is enough to choose a favorable option to obtain a microloan, apply, and provide a minimum package of documents. To new clients, MFIs offer low rates, and some companies have loans at 0 percent.
New loans in Sri Lanka: benefits and features
All people face financial problems. Delayed wages, illness, urgent repairs, urgent travel, and other life situations require money. And if there are no free funds, microfinance organizations come to the rescue.
Borrowers turn to MFIs because only this type of lending has the following advantages:
- the high approval rate of applications, as scoring algorithms of MFIs, are more loyal than in banks, and almost every citizen of Sri Lanka can get new online loans to card;
- confidentiality, no need to ask family and friends and risk ruining relationships with them;
- new online loans are processed through the Internet; there is no need to visit the MFI office, fill out paperwork, and wait;
- the borrower receives money around the clock, as the services work automatically.
Why it is worth taking new loans online to card from MFIs?
The services of microfinance companies are in demand among borrowers because:
- it is possible to take new loans to the card urgently without checks that take several days;
- remote processing, which is safe, fast, and convenient;
- no collateral or surety is needed;
- is available to categories of borrowers who receive refusals in banks: pensioners, low-income, persons with negative credit history, unemployed, housewives, freelancers;
- several options for receiving money, including to a bank card, to an account, and by transfer;
- instant repayment in a convenient way for the borrower.
You can take new online loans to the card in any situation, even if you need funds urgently, for example, in the next 20-30 minutes. Registration does not require a large package of documents; the issue of money is almost instantaneous. Online loans – a timely solution to financial problems.
Making a loan to an MFI and getting money in debt
To apply for a microloan from an MFI, you should:
- meet the requirements of the borrower;
- prepare the necessary documents;
- complete the application and get it approved.
Who can get new loans in Sri Lanka?
MFIs have minimal requirements for borrowers. To apply, it is enough:
- be a citizen of Sri Lanka;
- be of legal age;
- have sufficient capacity to repay the loan;
- provide a cell phone number and necessary documents.
This is a minimum list of requirements. Often, its fulfillment is a sufficient basis for application approval without refusal. But in some MFIs, there may be an additional requirement: a bank card to receive money.
| ✅ Offer: | Online loan 24/7 hours in Sri Lanka |
| ✅ Amount: | Rs.5,000-Rs.100,000 |
| ✅ Period: | 1-182 days |
| ✅ Interest rate: | 0.01-365%/year |
| ✅ Decision: | 10-45 min |
| ✅ Age of borrower: | 18-21-65 years old |
| ✅ Location: | Sri Lanka (Colombo, Dehiwala-Mount, Lavinia, Moratuwa, Sri Jayawardenepura Kotte, Negombo, Kandy, Kalmunai, Vavuniya, Galle, Trincomalee) |
| ✅ Requirements: | National ID - NIC, mobile phone and email |
Required documents
A copy of an electronic ID card must be provided to receive the loan. The MFI may also request a photo with the UL in hand. No other documents, certificates, copies, or statements are needed. It is also not necessary to arrange collateral or engage a guarantor.
Applying for a loan and having the money at your disposal
To get a microloan from an MFI, choosing a favorable offer with minimum rates and the required amount is necessary. For this purpose, it is worth using the list of loans available in Sri Lanka.
The list of all current microloans is posted on this page. To apply, you need to:
- Go to the MFI’s website.
- Use the online loan posted on the page and choose the amount and term of the loan.
- Go to registration on the site and fill in the application form.
- Specify the necessary data, fill in all questionnaire fields, and upload copies of UL.
As a rule, the decision on the application is known in 30-60 minutes, but in rare cases, the review procedure can take up to 24 hours.
After receiving approval, the following will remain:
- Familiarize yourself with the agreement, check details, loan amount and term, and the rate.
- Accept the agreement, i.e., sign it with an electronic signature.
Once the agreement is signed, the MFI will send the money to the details specified by the borrower. Crediting may take up to 1 day. But often the operation is faster – in 5 minutes.
Loan repayment from MFIs
A microloan is convenient to apply for and easy and quick to repay. Microfinance organizations offer several channels for repayment. Borrower’s choice:
- repayment in person at the MFI’s office provided that the company operates through a network of branches;
- payment through a personal cabinet on the lender’s website, by transfer from a bank card;
- bank transfer via online banking;
When applying for a new microloan in Sri Lanka from an MFI, it is worth paying attention to the repayment options and possible transaction fees.
What should do if a loan is denied?
The approval rate of applications in MFIs is high. Often, 8-9 clients who sent an online application for consideration receive a positive decision and money in debt. But there is a possibility of rejection, for example, due to submitting false data in the application or a bad credit history. In such a situation, you can get loans by applying to another credit company. Perhaps the algorithm of checking the borrower is more loyal, so the chances of approval will be higher.
New online loans in Sri Lanka are offered by well-known MFIs, changing their product line and making lending more affordable and profitable, and little-known companies are just starting. However, it is difficult for a consumer to study all the options and find the best offer independently. Our service regularly updates the list of all MFIs and posts information about new microloans on this page.
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.