Frequently Asked Questions

An online loan is a type of credit that can be applied for and received through the internet, without needing to visit a physical bank or financial institution.

The advantages include convenience, faster approval times, competitive interest rates, and the ability to easily compare different loan offers from various lenders.

In Sri Lanka, you can obtain various types of online loans, such as personal loans, payday loans, auto loans, home loans, and education loans.

To apply for an online loan, you need to fill out an application form on the lender’s website, submit the required documents, and wait for the approval process.

Typically, the required documents include a valid ID card, proof of income, bank statements, and sometimes a credit history report.

Yes, online loans are generally safe, especially if you choose reputable lenders and use secure websites. It’s important to read reviews and check the lender’s credibility before applying.

The approval process can vary, but online loans often have faster approval times than traditional loans. Some applications may be approved within minutes or hours, while others may take a few days.

Interest rates vary depending on the lender, the loan amount, the loan term, and your creditworthiness. It’s important to compare rates from different lenders to find the best deal.

Yes, you can usually repay an online loan early, but this depends on the specific terms and conditions of the loan. Some lenders may charge a penalty for early repayment.

If your application is rejected, you should ask the lender for the reasons for rejection, check your credit history for errors, improve your credit score, and consider reapplying after addressing the identified issues.