All the Features and Benefits of Microloans in Sri Lanka

All the Features and Benefits of Microloans in Sri Lanka
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Microloans have become an increasingly popular financial tool for Sri Lankans looking to grow a small business, pay for emergency expenses, or invest in their future. Compared to traditional bank loans, microloans typically feature smaller loan amounts, shorter repayment terms, and less stringent eligibility requirements. This makes them more accessible for average Sri Lankans.

One of the leading microloan providers in Sri Lanka is Loanplus. They offer a variety of loan products catered to the needs of Sri Lankans across the country. Here we’ll explore the many features and benefits Loanplus microloans provide:

Features of Loanplus Microloans

Small Loan Amounts

  • Loanplus offers microloans from Rs. 5,000 up to Rs. 80,000.
  • This covers expenses like medical bills, education costs, expanding a business, and more.
  • Smaller loan amounts are easier to qualify for and repay.

Short Repayment Terms

  • Microloans from Loanplus feature terms between 7-30 days.
  • Short terms mean you pay less interest over the life of the loan.
  • Fits borrowers needing smaller amounts for shorter-term goals.

Fast Approval Process

  • Receive approval in as little as 24 hours after submitting an application.
  • Approval requires limited paperwork and eligibility checks.
  • Get access to funds quickly to cover pressing financial needs.
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Multiple Repayment Options

  • Flexible repayment schedules – weekly, monthly, bullet payments
  • Options for delaying payments if significant life events occur
  • Repayment flexibility for paying back smaller installment amounts

No Collateral or Guarantors Needed

  • Microloans are unsecured – don’t require collateral like homes or cars
  • Most loans issued without requiring a guarantor to co-sign
  • Increased access to financing even if you lack traditional collateral

Online Application and Servicing

  • User-friendly website and mobile app to apply and manage your loan
  • Upload documents, make payments, adjust personal details all online
  • 24/7 account dashboard access offers convenience and transparency

With these helpful features, Loanplus microloans provide accessible financing whether you need a few thousand rupees or up to half a million.

Benefits of Getting a Loanplus Microloan

Beyond the useful loan features, what are the real-world benefits Sri Lankans can gain from a Loanplus microloan?

Grow Your Small Business

  • Access capital to expand inventory, operations, marketing to grow your business
  • Hire new employees or independent contractors
  • Move into larger facility, upgrade equipment & technology
  • Tap new customer demographics and local/international markets

Microloans provide the financing small enterprises need to scale, boost profits, and formalize the business.

Pay Unexpected Medical Bills

  • Cover emergency room visits, surgeries, and hospital stays
  • Access lifesaving treatment unaffordable out-of-pocket
  • Pay for medications, medical equipment, rehabilitation services
  • Avoid sinking into debt or wiping out your savings

When illness strikes, microloans can prevent medical costs from turning into a long-term financial crisis.

Invest in Professional Development

  • Pay for additional college degrees, vocational programs, and professional certifications
  • Develop new skills to increase earnings potential and career mobility
  • Become qualified for higher salary jobs and leadership roles
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Microloans make education more affordable – an investment in skills yielding higher lifetime earnings.

Consolidate Existing Debts

  • Consolidate multiple high-interest debts into a single lower-cost microloan
  • Simplify payments into one predictable monthly installment
  • Save money on interest charges, get out of debt faster
  • Improve credit score through diligent repayment over time

Consolidating with a microloan simplifies payments and offers big interest savings.

Handle Unexpected Emergencies

  • Pay for urgent home repairs like leaky roofs, electrical issues, or flood damage
  • Cover high insurance deductibles after accidents, theft, or natural disasters
  • Bridge temporary income loss from job loss, medical leave or caretaking responsibilities

When disaster strikes and your rainy-day fund falls short, a microloan can prevent things from getting worse.

Finance Life Milestones

  • Pay for a dream wedding, domestic or international honeymoon
  • Cover fertility treatments, prenatal care, childbirth classes
  • Finance continuing education, family holiday, spiritual pilgrimage
  • Celebrate and share pivotal life moments with loved ones

Whatever milestone you’re preparing for, a microloan can provide affordable financing.

Build Stronger Credit History

  • Diligent microloan repayment habits over time raise your credit score
  • Higher scores give access to prime lending rates from banks
  • Improve chances for business lines-of-credit, investment property and mortgage financing
  • Continue borrowing at reasonable rates thanks to responsible repayment track record

Microloans, when paid on-time, demonstrate financial reliability sought by future lenders.

As highlighted above, Loanplus microloans unlock life-changing potential for Sri Lankans seeking to better their financial situation. A relatively small loan today can pay dividends for years and decades to come.

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Is a Loanplus Microloan Right For You?

While microloans clearly have many benefits, how do you know if one makes sense in your financial situation?

How To Apply For a Loanplus Microloan

If a Loanplus microloan aligns well with your borrowing needs, here is a brief run-through of the application process:

Step 1: Review Loan Options

  • Visit the Loanplus website or mobile app
  • Browse available microloan products with varying amounts and terms
  • Select the loan and terms fitting your budget and timeframe

Step 2: Gather Key Documents

  • National ID Card only

Step 3: Complete Online Application

  • Fill out required personal details, income, expense and credit information
  • E-sign loan agreement and disclosure forms

Step 4: Upload Documents for Verification

  • Make photo if your NIC
  • Documents encrypted and securely stored under banking-level protocols

Step 5: Receive Loan Decision

  • Typically hear back regarding your application within 15 minutes
  • Get alerted by SMS text, email and in your account dashboard

If approved, Loanplus will finalize loan terms and request your repayment account details. Then, funds get quickly disbursed to your bank account via bank transfer.

The online-first process makes getting a microloan convenient and straightforward. Yet Loanplus staff also offer exceptional customer support if any questions arise during your application.

Conclusion

As Sri Lankans strive to better their financial standing, microloans provide an accessible borrowing option to fund short-term goals. With small amounts, flexible terms and easy applications, Loanplus aims to approve applicants facing barriers with traditional bank lending. If the features align with your borrowing needs, a Loanplus microloan could provide the catalyst for creating lasting financial change.

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