Applying for an online loan can seem daunting if you’ve never done it before. With the rise of digital lenders like Loan Plus, getting a personal loan or cash loan is more convenient than ever for Sri Lankans – but there are still some important things to keep in mind.
Whether you need funds for debt consolidation, medical expenses, home renovations, or just some extra working capital, this guide will help ensure your first online loan application goes smoothly. Let’s dive into some pro tips for first-time borrowers using LoanPlus!
1. Check Your Eligibility First
Don’t waste time applying if you don’t meet the basic requirements. LoanPlus typically requires:
- Applicants between ages 21-60
- Permanent employment or business ownership
- Clean credit history
If you’re not sure whether you qualify, use their handy online eligibility calculator to find out!
2. Gather Required Documents
Having these documents ready will make the application process a breeze:
- National ID (NIC)
- Salary slips or proof of income
- Employment details
- Bank statements
- Utility bills for address verification
Don’t worry, LoanPlus has robust security measures to keep your personal data safe.
3. Understand Interest Rates & Fees
Sri Lankan interest rates for personal loans can vary widely. LoanPlus offers extremely competitive rates starting from just 2.2% per day for top-tier borrowers. There are also no hidden processing fees or prepayment penalties.
Be sure you clearly understand:
- The quoted APR
- Any documentation fees
- The total cost over the loan term
4. Determine How Much to Borrow
Only borrow what you truly need and can comfortably afford to pay back each month. LoanPlus allows top borrowers to get up to 5 million LKR with repayment periods from 3 months to 5 years.
Use an online loan calculator to estimate your monthly payments based on the loan amount, interest rate, and term. It’s smart to leave yourself a buffer for unexpected expenses.
5. Submit a Complete Application
This part is easy with LoanPlus! Just visit their website and click “Apply Now.” You’ll be guided through a simple online application where you can:
- Select your desired loan amount and term
- Upload required documents
- Enter personal and financial details
- Get an instant decision for pre-approved applicants
Provide accurate, up-to-date information. Incomplete applications are the #1 reason for delays or rejections when getting a loan online in Sri Lanka.
6. Consider a Co-Borrower
Having a creditworthy co-borrower can increase your chances of approval and help you qualify for higher loan amounts with LoanPlus. Just make sure your co-borrower fully understands their repayment obligations.
7. Repay On Time & Responsibly
If approved, stick to the repayment schedule by setting up automatic bank transfers. Paying late can hurt your credit and cost extra in fees or penalties. But making consistent on-time payments can boost your credit for future loans.
LoanPlus also allows early repayment with no extra charges. So you can pay it off faster and reduce your interest paid over the full term.
Ready to Apply with Leading Online Lender LoanPlus?
We hope these tips give you the confidence to take out your first online loan in Sri Lanka through a trusted digital lender like LoanPlus. Their streamlined process and affordable loans make getting the funds you need easy and stress-free.
Check your rates today using their quick online application – no upfront fees or impact on your credit score! LoanPlus is revolutionizing lending across Sri Lanka.
FAQs
Q: What credit score do I need for LoanPlus? A: While LoanPlus doesn’t have an official minimum credit score, a score of 600+ will give you the best chances of approval for a personal loan.
Q: How quickly can I get a loan from LoanPlus? A: For pre-approved applicants, loan disbursal can happen within 24-48 hours after submitting all required documents.
Q: Can I change my loan repayment date if needed? A: Yes, LoanPlus allows you to change your repayment date as long as you give them advance notice.
Q: Do I need a co-borrower or guarantor? A: No, a co-borrower or guarantor is optional but can help you qualify for a larger loan amount.
Q: Can I pay off my LoanPlus loan early? A: Absolutely, early repayment is permitted with no penalties or extra fees charged.