Same day loan is the name given to a loan product designed to provide quick access to cash whether you are employed or unemployed. It is most commonly found as an online loan; due to speed and convenience. Nevertheless, you can find one by visiting a physical store. For employed individuals to qualify for a same day loan, it is a normal requirement to provide at least their last three pay slips in support of their application. For unemployed individuals to qualify for a same day loan, collateral security; in the form of personal property (computer, TV, refrigerator, stove etc) is normally required. Since the passage of the Security Interest in Personal Property Act (2013), applicants are able to pledge their property online as security for their loan. Click on link for more information.
Its without question that the National Commercial Bank (NCB) and Scotiabank are the two largest banks in Jamaica. Both financial institutions provides finances to Jamaicans; primarily in the traditional sense. Normally to qualify for loans from any of these institutions, customers must meet certain requirements; which may include: being permanently employed for a particular time, having a bank account with the institution and receiving ones salary through the institution. No one can argue against the fact that NCB loans or Scotiabank loans provides access to large amounts of funds in ones time of need; normally in the millions. Accessing these funds can normally take some amount of time; about a week or so.
Nevertheless, Express Inaica (EIL) exists to provide inaican in need of a quick cash loan, once you have a verifiable source of income; within minutes of applying, for emergency purposes. EIL is registered and authorized by Law in Jamaica to offer loans. We operate online and therefore, no matter where you live in Jamaica, once you have access to the internet, you can reach us and do business with us. Cli ck link for registration details.
Imagine borrowing $50,000 from the other micro financial institutions and you earn $30,000 fortnightly and be required to pay back $11,666 fortnightly for 3 months. That is equivalent to 39% of your net pay. While that number might look small, it is almost half of your pay and thats ‘A LOT. If you really want to know by which standard that is a lot, look at your rent which is at least 30% of your income and then you will see.
Take for example: If you have a need for a quick loan of $50,000 and you have the income to support it, what EIL will do is give you two same day loans. For loan #1, we would lend you $35,000 for 3 months and you repay $8166 fortnightly. Additionally, at the same time you get another small loan of $15,000 and repay $1500 fortnightly in interest; this is loan number two. Within minutes of repaying loan number two you have access to a new cash advance of $15,000; so that you are never left without money. You may choose not to retake loan number two anytime within the 3 months without penalty. If you no longer need this loan after the first payment, you would have SAVED 30% in interest payments. WOW! For each pay cycle, you only repay $9666 for a total loan amount of $50,000 in comparison to $11,666 from other loan providers.
Therefore, for the same $50,000 same day loan, choosing to borrow money from EIL instead of other loan providers you SAVE between $12,000 and $17,000 in disposable income for the full duration of the loan. Providing you with fast loans is one of the things we do best as a quick cash loan provider in Jamaica. Once installment loans Nevada you become an approved customer you will benefit from continued easy access to finance. * EIL will never charge more than 40% interest for a personal loan payable over one year. Therefore, our annual interest rate per centum per annum (APR) is a maximum of 40% for personal loans.