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ADVICE YOU CAN’T MISS TO GET YOUR LOAN APPLICATION APPROVED

Today, no doubt, banks have eased norms for disbursing loans; however, your little carelessness can still get your personal loan application rejected. Personal loan application rejection is a serious blow, especially when your finance needs are immediate! So, first, it is crucial to be aware of the key points that may be responsible for turning you down for a personal loan, and second, the tips to get your personal loan application across the line.

The secrets behind loan application rejection

Documents Mismatch: Fabricating documents such as payslips to be eligible for a higher loan amount will end your chance of applying for personal loans today and tomorrow. So, you must avoid it!
Disability to Pay the EMI: Of course, you can only pay a certain amount of your income towards EMIs. If you’re already paying for a credit card or loan EMI, then your loan application can be rejected by the banks.

Nature Of Your Job: For the approval of your loan application, the bank considers the nature of your job. If you are on a probation period or are changing your job often, your loan application is likely to get rejected.

Error on your credit report: Payments being reported incorrectly and closed accounts still showing up as open; inaccuracies involving late payments can all drop your credit score.

Uncertain loan purpose: If your loan purpose isn’t credible, your loan is likely to be rejected! If the asset you want to use as security doesn’t fulfil the eligibility criteria for a secured loan, most probably your chances of loan approval drop!

AHA! Simple Solutions to Improve Your Chances of Personal Loan Approval

1) Apply for a Credit Card: Having trouble getting a personal loan in Jamaica? It’s easy to fix! Rather than trying to get a personal loan, first, apply for a credit card. It is always ideal to maintain credit cards so that you have a credit history to show to the banks whilst applying for personal loans in the future. Use credit cards wisely!

2) All About Maintaining a Positive Credit Record: Be it your loan or credit card, you must ensure to repay punctually if you want an acceptable credit score (Your credit score should be at least 750 to be considered for approval). If you make late payments or credit card settlements, then your loan application approval is endangered.

3) Perfect Paper Work: Although, for personal loans, only minimum paperwork is required, provided the minimum paperwork it no less than perfect! You must check your details and information several times before you actually submit your application (you don’t want to give your lender a single reason to reject your loan, do you?) Check your application to be filled out entirely and make sure there is nothing incorrect mentioned in it!

4) Check the minimum income criteria: Every lender has distinct minimum income requirements for personal loan in Jamaica. You must confirm criteria before you apply for the loan. You can talk to the bank directly for this purpose or visit their website.

5) Sufficient Collateral: Check what your lender needs regarding collateral and see to it that the asset you plan to use fulfils the bank demands. If in doubt, you can always get in touch with the lender before you apply for a personal loan in Jamaica.

6) The key to success- Co-operation: “It is through cooperation, rather than conflict, that your greatest successes will be derived.” Make sure you co-operate well throughout the total loan application process with your lender, after all, it is you who’s going to experience profit or loss at the end of it.

Applying for personal loans and getting an approval has never been a child’s play. But it’s not pure luck too! If you do what is required out of you, your personal loan will be disbursed before you even know it.

Worldnet Investment Co. Ltd. is the premier Micro Financial Institution in Jamaica, focused on providing personal loans to both private and public companies. Whether you’re looking for secured loans or unsecured loans, all your personal loan needs in Jamaica are satisfied at Worldnet! Contact us today if you wish to apply for a hassle-free personal loan in Jamaica.

If you have been planning to buy a car or motorbike for long but were held back by financial restrictions, then you need not worry now. Auto loans are the best option for you. Motor vehicle loans are given by various banks and financial institutions to its customers. The low-interest rates and flexible payment conditions make the motor vehicle loans customer friendly.

Auto loans are an easy option as it frees the buyer from the burden of paying the whole amount in one go. Rather, an auto loan is paid back on a monthly installment basis. Auto loans are given for both new and used cars and bikes and are of great benefit if the buyer intends to buy a vehicle costing out of his budget.

Although auto loans are a convenient option, they come with a drawback. An interest rate is charged on the motor vehicle loans which although is low, increases the total cost a buyer ends up paying for his vehicle.

An auto loan lets you choose the car of your dreams. Thus, when taking a motor vehicle loan, it is important to know the dos and don’ts of it. A buyer must completely analyse both the advantages and disadvantages of taking an auto loan and know what procedure he has to follow to avail a loan.

There are certain points a buyer must keep in mind while applying for an auto loan. Below are a few points one must consider when buying a motor vehicle loan.

Choose the right loan with the right interest from the right bank!

Just as how important it is to choose the right car of yourself, you must also choose the best loan scheme for you. Banks, dealerships, and institutions offer loans based on your creditworthiness. Also, the rate of interest of these institutions differs variably.

It is thus necessary to do a thorough research of the market and choose a financial institution that offers a loan with the minimum rate of interest. Failing to do so, one may end up paying a much higher amount than the value of the vehicle.

• Know your budget

When taking a car loan, one must keep in mind his financial situation. The buyer must always remember that though he doesn’t have to pay the whole amount at the same time, it is eventually him who has to pay the debt.

Thus, the buyer must take a loan which he can repay within the given time. If unable to do so, he must be aware of the consequences and be prepared to face them.

• Scrutinize the terms and conditions

Before taking a loan, one must always clearly read and understand the terms and conditions under which he is given the loan. Knowing the terms and conditions would avoid any future disputes.

Also, the policies of different institutions differ with respect to interest rates, payment options, eligibility criteria, early repayment to count a few.

The buyers must also consult the bank to know the consequences of failing to pay the debt in time.

• Beware of the hidden charges!

While taking a loan, do consider that your bank may incur some hidden charges you may be unaware of.

Some banks would offer low-interest rates but extract an origination fee which would cover up for the low interest. It is thus better to pay a higher interest rate than to pay hidden costs.

Motor vehicle loans are a convenient and preferable choice of vehicle buyers. Be it old or new, when buying a vehicle, a loan is the most suitable option as it lessens the burden of paying a huge amount of money at once. The banks and institutions offer customer friendly policies and provide the appropriate guidance to the buyers to help them get the best auto loan.

If you are in Jamaica and have been thinking to buy a new car or motorbike, then Worldnet Investment Co. Ltd is waiting for you. Established in 1997, Worldnet Investment Co. Ltd is a Micro Financing Company, which operates in 17 locations. At Worldnet Investment Co. Ltd, you will get many products and services ranging from personal loans to business and secured loans.

Their range of auto loans includes Motor Vehicle Financing, Vehicle re-financing among others. They offer reasonable interest rates and convenient payment options. They follow a smooth application procedure and also provide same day loans.

With low interest-rates and flexible policies, Worldnet Investment Co. Ltd is the best option when it comes to buying motor vehicle loans in Jamaica.

Money is the fundamental source of any business. In business, we often face financial challenges. Especially when it comes to small and medium businesses, securing finances often become difficult.

Acquiring a loan is usually identified with stress and is considered to be a cumbersome process. However, if you have the right knowledge and assistance, getting a loan is as easy as a pie. Following are six easy steps to be followed for getting a business loan:

1. Create a business plan: A well-made business plan increases your chances of getting a loan at ease. You should have a thorough understanding of the company, product, market and financials. The plan should include situational analysis, market strategies, competitive analysis, target audience, management structure and revenue models. The sequence can be as follows:
a) Executive Summary
b) Company Overview
c) Products and Services
d) Target audience
e) Marketing strategies and sales plan
f) Milestones and metrics
g) Management Team
h) Financial and Revenue Models
i) Appendix

2. Seek expert advice: Sometimes securing advice from a financial expert can help you avoid blunders. If you do not have much experience in the industry, try taking some professional help. With the business plan in hand, the financial advisor can help you decide on the amount and type of loan you need and could also suggest potential lenders.

3. Decide on the amount of loan to be acquired: The next crucial step is to decide, how much money the company needs. By doing a thorough research and making accurate projections, you can settle on a budget. You also have to decide on, whether you want to go for a one-time loan or take it in intervals.

4. Type of loan you need: The kind of loan you need will depend on the objective behind applying for a business loan:

a) To manage your operating expenses: The task of managing your day-to-day expenses includes payrolls, transportation, inventory, administration, rent, repair, employee benefits, etc. In such a case, you can acquire a short term cash flow loan. These can be repaid over a short period. Another option is a line of credit. It allows you to borrow and repay only the money you need at the moment.

b) To grow your business: If you are in the growth phase of your business where you are looking for new opportunities, you can go for a Term Loan. In this type of loan, you get a lump sum amount that requires fixed payments.

c) To be prepared for emergencies: If you have a good cash flow but are not geared up for emergencies, you can apply for a line of credit or term loan with the lowest interest rate.

5. Identify and Build Relationship with the lender: Once you have made the business plan, decided on the amount and type of loan needed, the next step is to identify the possible sources of getting a business loan. Prepare a list of potential lenders; select the one that can best fulfil your business needs. Having good relations with the lender is critical. Paying your instalments on time will fetch you an advantage of getting loans, readily in the future.

6. Put your financial documents in place: Do not fiddle with the documents at the last moment; you should have them in place to make your work quick and easy. Financial documents include your application form, self-attested copy of identity proof, bank statements, ownership structure and affiliations, certificate of doing a business and financials (audits, current year revenue, projections, income tax returns, etc.). Once you get your documents in place, you can complete your loan application.

We hope our 6 step guide to getting a business loan was helpful to you. If you’re looking to acquire a business loan, you can get in touch with experts from one of the leading financing companies in Jamaica.

We at WorldNet Investment Company Ltd., offer quick, simple, accommodative business loans and treat the client’s needs as our first priority. We exclusively support small and medium businesses, offer flexible payment options and provide business loans at a reasonable rate of interest.