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Posted By BusinessJA Blog Team on 08/03/2019 in Business

Loan Agencies in Jamaica: Important Things to Know in 2019

Loan Agencies in Jamaica: Important Things to Know in 2019

     We all nowadays as Jamaicans find ourselves in the need of a quick, hassle free loan. If that's the case, it is important to be aware of  the loan agencies in Jamaica. The reputation as well as the Interest rate is important for your decision in working with these local loan agencies. Jamaica Financial companies and the services they provide in such situations may vary depending on the type of loan. 

Collateral: Loans Agencies in Jamaica

Most loan agencies in Jamaica have secured lending facilities within the banking sector. Commercial Banks have the license to provide, small, medium, and large loans to applicants. Their requirements are of such it seems as though you are taking out a mortgage to purchase a house. The noted requirements if using your home as collateral are:

  • Copies of the last three (3) salary slips
  • Copies of the last 12 month's bank statements
  • If you're self-employed, copies of your earning statements as recorded
  • Copy of last 2 utility bills (electricity, water, or telephone)
  • Certified Property title
  • Land Valuation and surveyors ID report

If you are using a car as collateral, should you own one? Here are the requirements:

  • The car’s Valuation
  • The car’s Certificate of Fitness
  • Your Copies of the last three (3) salary slips
  • Copies of your last  12 month's bank statements
  • If you're self-employed copies of your earning statements
  • Copies of your car’s payment invoices or receipts
  • Your Vehicle Certificate of Title
  • Copy of your Vehicle Registration Certificate (This should be up to date)
  • Insurance certificate (This should be up to date)

If you are a First Time Applicant to any of these financial institutions; you will need, plus the above mentioned:

  • Photo identification whether Passport, Drivers License, or National ID
  • A Current Twelve (12) months account statement from your Bank or Credit Union
  • Authorized Two (2) references (From any listed person on the application). Whether, Police, JP, Pastor, Teacher, Doctor, Etc.)
  • Your TRN Card
  • Copy of last 2 utility bills (electricity, water, or telephone)

Individuals in Jamaica who wants access to small, personal and self-employed  loans may not have all the above-mentioned requirements. So they will choose to go to the other licensed loan agencies. They may require some or most of the documented proof in order for you to secure any loan.

No Collateral Down: Loans Agencies in Jamaica

Other loan agencies offer loans with little or no collateral down. They may require some of the above-mentioned references, however, the catch is; the repayment percentage otherwise known as the interest rate. While you have access to these loans, your repayment is way above the Commercial Bank’s repayment percentage(interest rate). But, many persons opt for utilizing these loan service entities, as they facilitate the need for quick cash and same day approval processes.

They offer Same-Day Loans, Quick Personal Loans, Unsecured Loans,  which can be used for just about anything; even for going on a vacation! Applying for any or most of these loans is really simple. You can apply via the financial institutes application online, via telephone, or just visit local branch of your chosen loan agency's office. If you meet all the requirements for their references you are handed a check, or it is deposited to your bank account. Depending on the amount the loan it is, you may even walk out the door with cash in hand.

 

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