Taking out a personal loan can be a big decision. With so many lenders to choose from, how do you know which one is right for you?
In Sri Lanka, more and more people are turning to online lenders like Loanplus.lk to get the funds they need. Here are 7 compelling reasons to take out a personal loan online in Sri Lanka:
1. Get funds fast
One of the biggest advantages of getting an online loan is speed. While traditional banks can take weeks to approve and disburse funds, online lenders can deposit money in your account in as little as 24 hours.
This makes online loans perfect for covering unexpected expenses like medical bills or car repairs. The funds are deposited directly, so you don’t have to wait around for a check to clear.
2. Apply from anywhere
With an online loan, you can apply from the comfort of your own home – or anywhere else! As long as you have an internet connection, you can access the lender’s website and submit your application.
This 24/7 availability makes getting a loan more convenient than ever. Even if the bank is closed, you can still get the ball rolling on applying for funds.
3. Lower interest rates
Online lenders often offer lower interest rates than traditional banks. Without the high overhead costs of physical branches, online lenders can pass the savings on to you.
Lower interest rates save you money over the lifetime of the loan. So you’ll be able to pay it back faster and have more funds left over for other financial goals.
4. Get pre-qualified without impacting your credit score
When you apply for a loan, the lender runs a hard inquiry on your credit report. Too many of these inquiries can negatively impact your credit score.
Online lenders allow you to get pre-qualified with just a soft credit check. This initial check allows them to make an offer without dinging your credit score.
You can find out if you qualify without taking an unnecessary hit to this important metric. If you like the offer, you can move forward with a full application.
5. Transparent terms and eligibility requirements
Trying to find out if you qualify for a bank loan can be frustrating. Approval decision-making seems opaque and out of your hands.
In contrast, online lenders clearly spell out their eligibility requirements upfront. You can review terms, rates, fees and other loan details before going through a full application.
This transparency allows you to shop around and compare options from different online lenders. You’ll go in with eyes wide open about what the loan will cost.
6. Funds for nearly any purpose
Online personal loans come with fewer restrictions on spending compared to other financing options. Once the funds hit your bank account, they are yours to spend.
As long as you keep up with payments, the lender won’t ask too many questions about where the money goes.
Whether you want to pay off high-interest debt, get home improvements, finance a wedding or even take a vacation – an online personal loan has got you covered.
7. Customer support when you need it
Despite being digital-only operations, the best online lenders provide stellar customer service. They make it easy to get answers to questions or get help with the application process.
Methods like email, live chat, and phone support ensure that help is there when you need it. Customer service teams are based locally, so they understand the Sri Lankan consumer experience.
For a loan experience that’s convenient, transparent and customized for your needs, choose a trusted online lender like Loanplus. They make getting a personal loan simple even for first-timers.
Frequently Asked Questions
Here are answers to some common questions about getting an online personal loan in Sri Lanka:
What are the basic eligibility requirements to qualify for an online loan?
Most online lenders have the following basic requirements:
- Sri Lankan citizenship
- Minimum age of 21 years
- Employed at your current job for at least 6 months
- Minimum monthly income requirements (usually Rs. 30,000 per month)
How quickly can I get funds disbursed to my bank account?
The fastest online lenders can deposit an approved loan amount to your Sri Lankan bank account in just 24 hours.
What documents do I need to apply for an online loan?
Typical documents include:
- Photo of NIC
- Salary slips for the last 3 months
- Last 3 months of bank statements
Can I get a loan if I am self-employed?
Yes, some online lenders work with self-employed borrowers. You’ll need to provide income documentation like financial statements or tax returns.
