Personal Loans
Is a general category where persons will, from time-to-time have a need for cash for a large range of impending issues, many to which OBF can be of assistance such a for pay outstanding debts/bills (OBF do not lend for purchase motorcar for personal use) do some informal business on the side leading to some added income to themselves.
Offering
- Borrow for any worthwhile purpose
- Same day processing
- Flexible security/collateral packaging (to include secondary packaging elements where there is a shortfall in meeting the primary security requirements)
- Enjoy a weekly low interest rates of 1%* approximately
- Establishing line of credit possible with periodic draw-down as needed to avoid un-necessary interest where funds are not used immediately.
- No processing fees
- Lump-sum payments possible
- Early close out; No Problem- No Penalty
Condition
- Security required (will consider elements of the secondary packaging where there is a short-fall in meeting the primary security requirement)
- Bank standing order (highly suggested for paying loan)
- Salary deduction if employed
OBF Imperatives
1. Time is important, both that of the applicant and Company’s so quick processing is very essential to keep the same day loan slogan a reality. Walk the applicant right into a screening session (filling out of applications can wait) and with the aide of a the loan calculator and on an average time of no more than ten minutes the client should be in a position to know if a loan is possible at a cost beneficial plan
2. If a grant of loan is possible to the client the next steps are
- loan application form to completed,
- check-list ticked-off ones of requirements given to the applicant for providing things as required
- confirm residency by way of field visit,
- confirm references given with a phone call,
- prepare documentation ahead of time
- accurately completed documents to Head Office for cheque clearance requirement.
3. It is very important at the onset that the credit officer makes the applicant in discussion fully aware and told of the importance of not only making their payments on time as the way to enjoy the best interest rates and cost benefits but a listing of all established points to make payments also take into consideration the following
- If there is an award of Cash-Back there must be a clear explaining to the applicant how it is applied that they are in the know as to how to extract maximum benefit
- A systematic processing of applicant and documentation accurately completed will aid to maintain the Same Day Loan advance promise and reduce applicant over waiting and getting frustrated.
- Credit Officers are required to go in depth with the applicants as to the step-by-step process of his/her crop project and to determine if a periodic draw-down is beneficial to save interest cost.
- Bank Standing Order can be established for a farmer who prefers to pay just interest until crop is reaped and sold.