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PERSONAL LOANS FAQ
What are personal loans?
These are an unsecured type of loans that have fixed payment schedules. They may be used in home improvement, debt consolidation or any other kind of financing you may require.
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Does it matter how I use a personal loan?
How you choose to use your loan is entirely dependent on you; no one else can dictate that. Some people use personal loans to consolidate debts, clear medical bills, pay tuition fees and so on.
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Are there any fees charged on personal loans?
There are no fees or hidden charges required for personal loans.
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Do I need collateral to qualify for the personal loan?
No. All you need is a good credit report and a regular income source and you are eligible for the personal loan.
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Will the personal loan monthly installments increase?
The amount of money you pay on a monthly basis for the personal loan will remain constant.
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Is there a prepayment fee for my personal loan?
You will not be required to pay any penalty fee for prepayment. You are at liberty to pay more than the set monthly amount or choose to pay the loan in full if you so desire.
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Can I make monthly installments on the personal loan automatically?
There is an automatic payment service that makes it possible for you to debit the monthly payments from the bank directly.
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Who Qualifies for Payday Loans?
As long as you have a job, you qualify for the personal loan. The basic requirements include having a checking account and being in verifiable employment. Self-employed professionals or business persons can also apply for the loan as well. Your earnings will determine how much you can borrow.
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Can I manage my personal loan account and make the payments online?
Yes you can, you even have an option of accessing your account online anytime via online banking. It is also possible to check the account balance and make free payments online.
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Is a guarantor necessary?
In most cases, you will not be required to provide a guarantor when you are applying for the personal loan. However, there are some financial lenders who will need one.
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