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Personal Loans FAQ

Q: Who is eligible for a personal loan?
A: Personal loans are available to anyone who has a steady source of income. Any individual can obtain a personal loan as long as they are:

  • Salaried individuals
  • Self-employed professionals
  • Self-employed non-professionals
  • Subject to credit approval

Q: What is the difference between a personal loan and a credit card?
A: Unlike borrowing against a credit card, with a personal loan it is necessary for the borrower to draw out the entire loan and the loan is repaid by way of fixed monthly installments. In the case of a card, the interest is charged based on the amount utilized only.

Q: What can I use the loan for?
A: You can use the loan for any legal purpose including purchase of Time Share, Debt Consolidation, Home Improvements, etc.

Q: Can I repay my loan early?
A: Yes. We allow early payment and either apply a sliding scale or a rebate in accordance with the Consumer Credit Act.

Q: What are some reasons I may be turned down for a loan?
A: Often, credit history is why someone is turned down for a loan. If the loan is viewed as a risk, and a credit report indicates that with prior creditors payments were consistently made late, skipped or defaulted, it will affect the credit score and may result in loans being turned down.

Q: What does an inquiry for a loan do to my credit report?
A: Each time you apply for a loan with a financial institution, they look at your credit report and that inquiry goes on your report. It can negatively affect it if there are too many inquiries within a short period of time.

Q: What is a consolidation loan and how does it work?
A: A consolidation loan allows you to pay off several creditors and pay the balance to only one creditor. This simplifies making monthly payments and can possibly reduce interest rates, so you may end up paying less than what you would have paid without the loan.

Q: When should I ask for a co-signer for a loan?
A: A co-signer adds security for the bank or financial institution that provides your loan. A friend or relative can act as a co-signer.

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