Terms Policy

Terms and conditions

Financealoan has a rational approach, and it follows the rules made by regulatory authorities to ensure transparency for the borrowers. From application to funding disbursal, we follow a process backed up by the decided terms and conditions. Even for rejection, we have set parameters to keep things clear for the loan applicants.

How do we collect information?

According to the norms popular in the direct lending industry, we do not take any document or detail in the physical form. From basic financial information to the personal data of the loan, the applicant is obtained online. Direct lending works online, and from application to money transfer (if approved), the process occurs virtually. The verification process also happens online, from credit score check to fund approval.

Policy for bad credit applicants

We easily approve loan for the poor credit people if they qualify for certain terms and conditions. We may overlook the past payment and credit history in the following circumstances.

• The current income status of the fund seeker should be stable
• ü The employment stability is a strong factor for us to consider you
• ü In the case of unemployed loans, we need proof of regular income
• ü Bank statement and regular income for the last one year is required
• Recent financial behaviour with time payments of bills etc. is vital.
• No credit check is available but on demand of the loan applicant

Conditions for the first-time borrowers

We accept first time borrowers, and every year we get millions of applications specifically from those who borrow for the first time. The terms and conditions for first-time borrowers are not stringent or impossible. In fact, we try to keep things flexible as much as possible. Here are the conditions for those who borrow for the first time.

• Two years of employment stability is necessary due to absence of no credit history
• The current financial behaviour should be spotless, pay your bills at the right time
• During customization, the rate of interest can be low but will not be too low

Rules for the borrowers with delayed and missed payments

We want to inform you that we are not like the finance companies that right away sends notice to the borrowers. We have a fair and decided process to handle the situations.

• We always mention to our borrowers that in case of any financial difficulty, they should inform us beforehand
• ü If a borrower informs us about a financial crisis, we change the repayment schedule according to current conditions
• ü In the absence of timely information from the loan bearer, we cannot help at the right time, and penalty may apply
• ü We send the notice after 6 months of repayment issues, but that is rare because we usually figure out a solution

Terms and conditions for payment holiday

The payment holiday has become a frequent demand in last few years, and we are trying hard to provide the due service on this part. With some policies working in favour of the customers, Financealoan makes an effort to accept all who apply for it.

• Payment holiday can be obtained after 30 days in case of quick cash loans
• ü Payment holiday can be taken only after 60 days in case of other small loans
• ü To get smooth acceptance, the borrower has a good payment history with us
• ü Maximum duration for payment holiday is 3 months for every applicant
• ü Bad credit borrowers and unemployed people should have a regular income

Terms for bank account where we send money after approval

As we send money online after the approval of funds, we need to be sure about certain conditions related to your bank account. There are several things that you need to keep in mind when you send us the bank details.

• We consider only one bank account for loan process
• The account should be working with a minimum balance
• Minimum balance in the account should not be less than €2000
• We need the account in which you get regular salary/income
• We need your permission to auto-debit the monthly instalments

Our terms and conditions are understandable, and the borrowers from varied financial backgrounds can follow them without any stress. The factor of flexibility in every aspect helps the loan applicants find ease in their loan journey. We make sure that you get funds quickly and in the safest manner with complete transparency. For that, we need to apply the rules and conditions set by the industry to prevent any bad experience of the fund seeker.