Unsecured Loan
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Cash Secured Loan
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Credit Experts, welcome to your product page with all the details on current campaigns and associated credit products. The aim of this page is to keep you up to date with our campaigns and the related loan products.
As you already know, our current campaign ‘Easy Ways to Fund Your 2022’ will run throughout the year focusing on our personal loan offers such as:
- Unsecured Loans
- Credit Cards
- Home Equity
- Student Loans
- Cash Secured Loans
Introducing 'MoMoney'
Our new unsecured loan offer, MoMoney, was designed for salaried workers with a monthly minimum net income of $1,500, who have been employed for a minimum of two (2) years with their current employer and have maximum debt service ratios of 45% and 55% for non-mortgage and mortgage holders respectively . Clear Harbour Employees and non-established Government Employees must be employed for at least three (3) years to qualify. As the name implies, MoMoney is meant to help customers achieve their 2022 goals with ‘more money’ for practically any purpose including:
- Unexpected expenses
- Debt consolidation
- Major purchases (appliances, furniture, etc.)
- Life events (wedding, honeymoon, having a baby, etc.)
Our overall target is 200 approved loans with a value of $3M. Here are our main objectives.
Are you ready for 'MoMoney'
It’s time to make those sales and get MoMoney. Here’s a quick recap of the loan details. You must know someone who needs MoMoney. Click each tab for product details.
Loans extended under this package will range from $2,000 to $50, 000.
The interest rate for this facility is 9% to 12% depending on the customer’s credit rating.
Repayment term will be on a tiered basis as follows:
- Up to $15, 000 maximum term of 36 months
- Up to $30, 000 maximum term of 54 months
- Up to $50,000 maximum term of 72 months
Customers must submit the following:
- Job Letter
- Recent salary slip
- Credit reports
Standard Negotiation fee of $250 regardless of amount.
Disbursements will be issued within 24 hours of application. The process flow is as follows:
- Customer submits application and required documents
- Officer immediately confirms eligibility
- File sent to underwriting after customer interview
- Proposal is prepared and submitted for approval
- Collateral documents are prepared and submitted
- Customer is contacted
Customers must have maximum debt service ratio of 45% in the case of non-mortgage holders and 55% in the case of mortgage holders. All other facilities, including external facilities must be up-to-date and amortized on schedule.
Important points to remember
- Customers can apply online and in-branch
- A minimum compulsory saving of $50 is required for facilities extended for a period more than 18 months
- Customers should have a minimum net income of $1,500 monthly and be employed for at least two (2) years with their current employer, with the exception of Clear Harbour and non-established Government employees where a minimum tenure of three (3) years is required
Let's Get 'MoMoney'
Here's How
To ensure the success of this initiative, our response time must be equal to or better than our competitors. We propose to issue disbursement within 24 hours of an application. The timelines on our loan process are as follows:
- Customer submits application with required documents
- Officer immediately confirms eligibility
- File sent to Underwriting within 30 minutes of customer interview
- Proposal prepared and approved within 2 hours of receiving the file
- Collateral documents must be obtained within 1 hour of receiving the approved file
- Customer is contacted within 30 minutes of receiving collateral documents
Everyone Wants 'MoMoney'
Here's Why
It’s a simple loan to meet any personal need that requires no collateral and is quick and easy to get.
We've got some Competition
But MoMoney is always better
Click each tab to see what our competitors are offering but MoMoney is always better.
- 10.5% interest rate
- Term of credit and loan value is based on the customer analysis
- 14% interest rate
- Max. term of of 5 years
- Loan value is based on the customer analysis
- Now for Now Loan
- Interest rate of 20%
- 1 year term of credit
- Max. loan value of $8,000
- Mandatory Salary Deduction Order
- Loan protection up to $8,000
- 5% of loan value required on deposit account
- Ezee Cash
- 20% interest rate
- No. of years – 18 months
- Max. loan value of $5,000
- Same day processing and disbursement of funds
- Rush Money Loan
- Interest rate of 18%
- No. of years – 1 year
- Max. loan value – $10,000
- 2 day approval
- No interview, security or credit checks needed
- Character Loan
- 11% interest
- Term and loan value based on customer analysis
- Open Ended Loan
- 15% interest rate
- Loan term of 9 years
- Max. loan value of $30,000
- Loan offer is not fully unsecured since 10% of loan value is required on savings account
- Pay Day Loan
- 18% to 36% interest rate
- Standard loan term of 1 year
- Max. loan value of $10,000
- No credit checks needed
- Approved within 2 hours
- Pay Day Advance
- 25% interest rate
- Loan term of 1 year
- Max. loan amount of $2,500
- Ready Cash
- 38.28% interest rate for new customers
- 37.2% interest rate for existing customers
- Loan term of 2 years for new customers and 3 years for existing customers
- Max. loan amount of $4,000 for new customers and $20,000 for existing customers