Online loans are a type of loan that can be applied for and managed entirely through the internet, without the need for in-person meetings with a lender. The loan application, management, and repayment processes can all be completed through a lender's website or mobile application. These loans are typically unsecured and offer flexible repayment options, making them a popular choice for individuals seeking quick access to funds.
What are the advantages of online loans?
Online loans offer several advantages such as fast application processing, convenience, ease of use, quick approval and quick access to funds.
What is the maximum loan amount?
The maximum loan you can get from an online loan company in Sri Lanka can vary from one company to another, but it usually varies between Rs 2000 and Rs 80000.
What are the requirements for borrowers?
Requirements vary from lender to lender, but generally require at least 20 years of age, permanent address in Sri Lanka and regular income.
How long is the typical loan repayment period for an online loan?
The typical loan term for an online loan can vary, but is usually 62 days to 1 year.
What are the most common costs associated with online loans?
The most common costs associated with online loans are interest and loan administration fees.
How quickly can I get an online loan in Sri Lanka?
Many online loan companies offer loans that can be obtained within 15 minutes. However, the term of the loan may vary depending on the lender.
What information do I need to provide in the online loan application?
The accuracy of the information is important in the online loan application. In general, personal information, income and work history and bank information must be given in the application.
What are the repayment terms for online loans?
The repayment terms for online loans vary depending on the lender, but they usually include a monthly payment plan that is agreed upon when applying for the loan.
What happens if I can't repay my online loan?
If you can't repay your online loan, the lender can apply late interest, collection costs and take legal action.
How to repay the loan?
You have various options to repay the loan, including using Internet banking, accessing your customer profile on the lender's website, or repaying at a bank branch.
Can I cancel an online loan application?
Yes, most online loan companies offer the option to cancel an application before it is approved.