Personal Loan Options in Sri Lanka: Reviewing the Top Financial Service Providers

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In today’s world, many people face financial difficulties and are looking for ways to overcome them. With the cost of living steadily increasing, it’s no surprise that individuals need to turn to financial institutions to help them in their time of need, especially when they need quick cash. As a result, the financial services industry has grown tremendously over recent years. Some of the most popular financial products that people commonly turn to are personal loans, which are quickly becoming a popular choice for people who need cash in a hurry. In Sri Lanka, there are many financial institutions that offer personal loans, and we have compiled a list of some of the best options available.

Lotus Loan is one such option. Zephyr Solutions (Private) Limited operates Lotus Loan and is located at 7, 1/1 Cotta Terrace, Colombo 00800. To reach Lotus Loan, you can call them at 0 117 821444 or send them an email at info@lotus.loan. Their maximum Annual Percentage Rate (APR) is 240%, and the loan period ranges from 3 to 6 months, with an age limit of 22-55 years old.

Another loan service provider is Consulting Services (Private) Limited, with CashX being their product. CashX is located at No 422/3, Galle Road, Colombo 03, and you can reach them by phone at +94 117 562 756 or email them at info@cashx.lk. Their maximum APR is 216%, the loan period ranges from 10 to 30 days, and their age limit is between 20-60 years old.

Fintechh Software Solutions Limited operates LoanMe, with their address being N#321, Galle Road, Colombo 03. For loan requests, you can reach them at +94 117 877 555, or send an email to info@loanme.lk. Their maximum APR is 230%, the loan period ranges from 3 to 6 months, and their age limit is 22-55 years old.

Cashwagon is also a great option for personal loans. Lendtech Lanka owns and operates Cashwagon and is located at 241, Dudley Senanayake Mawatha, Colombo 08. You can contact them by phone at +94 117 463 100 or email them at info@cashwagon.lk. Their maximum APR is 360%, with the loan period ranging from 3 to 6 months, and their age limit is between 20-60 years old.

Another financial services provider is FastRupee. FastRupee (Private) Limited is located in Access Towers, Union Place, Colombo 02, and they can be reached at +94 117 749 444 or email them at info@fastrupee.lk. Their maximum APR is 365%, the loan period ranges from 3 to 6 months, and their age limit is between 20-60 years old.

Lastly, Rapidlend (Private) Limited operates RoboCash and is located at No.04 Geethanjalee Place, Level 5, Colombo 03. You can contact them by phone at +94 112 208 220 or email them at support@robocash.lk. Their maximum APR is 220%, with the loan period ranging from 3 to 6 months, and their age limit is between 20-55 years old.

Selecting a loan service provider can be overwhelming, and to make the best choice, we recommend reviewing and comparing each lender’s terms and conditions against each other before making a decision. Here are some golden points to consider while making that decision.

  1. Loan Purpose: Before making a decision, you should consider what the loan’s purpose will be. Is it for a new investment, a personal emergency, or do you need to pay off other debts?
  2. Interest Rates:Each lender has a different interest rate, which will affect your overall repayment amount.
  3. Repayment Terms: You should review the repayment terms carefully and understand the fees applicable, prepayment penalties, and the loan period.
  4. Eligibility Criteria: Each lender has its own eligibility criteria. Typically, most lenders assess your ability to repay the loan based on stable employment, a good credit history, and a satisfactory credit score.
  5. Timelines: It is essential to check the lender timelines to process applications and disbursement of funds, especially if you have an urgent requirement.

To calculate the cost of credit, most lenders in Sri Lanka utilize the reducing balance method, wherein the interest is charged only on the remaining principal amount, and this amount reduces with each repayment. The formula used to calculate the cost of credit is:

Total cost of credit = (repayments x loan period) – loan amount

In conclusion, finding the right financial services provider is essential when you need quick cash to meet your financial requirements. Fortunately, there are several reputable loan companies in Sri Lanka that offer personal loan services such as Lotus Loan, CashX, LoanMe, Cashwagon, FastRupee, and RoboCash. By reviewing each of their terms and conditions, you can find a plan that suits your financial needs and repay it without causing financial strain.

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cashx.lk

Loan type

Short term

For a period of

30 days

Rate ()

1.00% / day

Loan amount

40000 €

Approval in

5 minutes

First loan free

no
lotus.loan

Loan type

Short term

For a period of

122 days

Rate (ARP)

12.00% / year

Loan amount

40000 $

Approval in

15 minutes

First loan free

no
robocash.lk

Loan type

Short term

For a period of

28 days

Rate ()

0.04% / day

Loan amount

60000 $

Approval in

0 minutes

First loan free

yes
Cash Loan Sri Lanka Changed status to publish April 16, 2023