Licensed Non-Banking Financial Institutions of Sri Lanka

Are you in need of quick financial assistance in Sri Lanka? CashLoanLK offers the best non-banking online loans with loan amounts of up to Rs. 50,000, and for repeat borrowers, you can access loans of up to Rs. 70,000! In this comprehensive review, we will delve into the world of non-banking financial institutions in Sri Lanka, exploring the various types of loans they offer, the eligibility criteria, the concept of free loans, and how to choose the best loan online using platforms like CashLoanLK.

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Loans in Non-Banking Financial Institutions

Non-banking financial institutions in Sri Lanka provide various loan options, with one of the most popular being payday loans. These payday loans are designed for quick access, typically within minutes, and are short-term in nature. They are known for their simplicity, with minimal formalities and lenient eligibility requirements.

Payday loans are characterized by short repayment periods and relatively low minimum loan amounts. They are usually taken for short durations, such as a week, two weeks, or a month. Loan amounts range from 1,000 to 50,000 rupees, and the repayment period is typically a few months. Larger loan amounts may require stronger creditworthiness.

Some non-banking financial institutions also offer installment loans, which are repaid similarly to cash loans, but with higher interest rates and potential additional costs.

Free payday loans, as the name suggests, are loans where borrowers are not charged any interest or fees for the initial loan. They are often offered as promotional incentives to attract new customers. However, it’s crucial to repay these loans on time to avoid interest charges.

Who Can Take Non-Bank Loans?

To access online loans from non-banking financial institutions, borrowers usually need to meet specific criteria, including:

• Being of legal age, typically between 20 and 22 years old.
• Having full legal capacity.
• Not being an elderly person, as some companies have age restrictions.
• Being a citizen of Sri Lanka.
• Having a registered bank account.
• Owning a mobile phone.
• Not being listed as a bad debtor in debtor databases.

Credit companies may also check borrowers’ credit histories through databases like the Credit Information Bureau of Sri Lanka (CRIB).

The First Loan Is Free – Is It Really Free?

Many borrowers are skeptical about the concept of free loans, but it is indeed possible to obtain one. To ensure a loan is genuinely free, borrowers should carefully review the terms and conditions, especially the Annual Percentage Rate of Charge (APRC). An APRC of 0% indicates a free loan with no interest charges.

Some non-banking financial institutions may offer loans with minimal interest rates, such as 0.01%. These loans still have negligible costs and can be a cost-effective option for borrowers.

What Formalities Are Required to Get a Loan?

Getting an urgent loan from non-banking financial institutions typically involves a straightforward application process. Borrowers usually need to complete an electronic loan application, verify their identity, and meet credit rating requirements. Often, additional documents such as employment contracts or income statements are not required.

In some cases, a positive credit rating from CRIB may be necessary.

For How Long Can I Get a Payday Loan for Free?

The loan term for free payday loans can vary among lending companies. Depending on their policies, free payday loans may be offered for 30, 60, 90, or even 120 days. However, borrowers must adhere to the specified repayment period to avoid interest charges and loan renewal costs.

Where Can I Get a Non-Bank Loan?

Several loan companies in Sri Lanka offer promotional free payday loans to new customers. For example, Lotus Loan provides a payday loan of up to Rs. 40,000 with a loan term of 120 days. Borrowers must repay the loan within the agreed timeframe to keep it free from additional fees.

Non-Bank Online Loan Without Certificates – How to Get It?

Non-banking financial institutions often offer payday loans without the need for income or employment proof. Borrowers can apply for these loans quickly, either in person or online. The simplified application process and quick loan decision make online loans a convenient option.

A Loan Without CRIB Verification in Financial Companies – Is It Possible?

While banks rely heavily on CRIB data for credit decisions, non-banking financial institutions may have more lenient policies regarding credit history. A less-than-perfect credit history may not necessarily result in loan denial from these institutions. However, it could affect the loan amount offered.

Some non-banking companies may also access CRIB data to assess potential borrowers, but they may be more understanding of past credit issues.

How to Choose the Best Loan Online with CashLoanLK?

CashLoanLK offers a convenient loan comparison system to help borrowers find the best online loans from non-bank institutions. By entering the desired loan amount and term, borrowers can generate a list of tailored loan offers. By selecting the ‘free first loan only’ option, borrowers can identify interest-free loans easily.

The system provides essential information about each loan offer, including the company name, loan amount, term, cost (expressed as the APRC), total repayment amount, and installment details, simplifying the comparison process.

Why Is It Worth Getting a Loan from a Non-Banking Financial Institution?

Free payday loans are attractive because they come with no extra costs, allowing borrowers to receive the exact amount they borrowed without hidden fees or commissions. The short loan term and limited loan amount may be suitable for many borrowers’ needs.

Financial Products and Services Disclosures

Here are some licensed non-banking financial institutions in Sri Lanka:

1. Lotus Loan

• Company: Zephyr Solutions (Private) Limited Sri Lanka
• Address: 7, 1/1 Cotta Terrace, Colombo 00800
• Phone Numbers: 0 117 821444
• Email: info@lotus.loan
• Max APR: 240%
• Term: 3 to 6 months
• Age Range: 22-55

2. CashX

• Company: Consulting Services (Private) Limited
• Address: No 422/3, Galle Road, Colombo 03
• Phone Numbers: +94 117 562 756
• Email: info@cashx.lk
• Max APR: 216%
• Term: 10 to 30 days
• Age Range: 20-60

3. LoanMe

• Company: Fintechh Software Solutions Limited
• Address: N#321, Galle Road, Colombo 03
• Phone Numbers: +94 117 877 555
• Email: info@loanme.lk
• Max APR: 230%
• Term: 3 to 6 months
• Age Range: 22-55

4. Cashwagon

• Company: Lendtech Lanka
• Address: 241, Dudley Senanayake Mawatha, Colombo 08
• Phone Numbers: +94 117 463 100
• Email: info@cashwagon.lk
• Max APR: 360%
• Term: 3 to 6 months
• Age Range: 20-60

5. FastRupee

• Company: FastRupee (Private) Limited
• Address: Access Towers, Union Place, Colombo 02
• Phone Numbers: +94 117 749 444
• Email: info@fastrupee.lk
• Max APR: 365%
• Term: 3 to 6 months
• Age Range: 20-60

6. RoboCash

• Company: Rapidlend (Private) Limited
• Address: No.04 Geethanjalee Place, Level 5, Colombo 03
• Phone Numbers: +94 112 208 220
• Email: support@robocash.lk
• Max APR: 220%
• Term: 3 to 6 months
• Age Range: 20-55

Conclusion

Non-banking financial institutions in Sri Lanka offer a range of loan options, including free payday loans, to cater to various financial needs. It’s essential for borrowers to understand the terms and conditions, compare loan offers, and choose reputable lenders when seeking online loans. CashLoanLK’s comparison system can help borrowers make informed decisions and find the best loan for their circumstances.

With the rapid growth of non-banking financial institutions and the increasing demand for quick and hassle-free loans, it’s important to explore this sector in detail to make well-informed financial decisions. Let’s delve further into the world of non-banking financial institutions and understand the nuances of obtaining loans from these providers.