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Everything you need to know about the microloans in Sri Lanka

Our economy mainly depends on the loan and revenue system. Even though the motivational speakers often scare people into saying the dark sides of the loan system, there are some fundamental aspects of it too. For example, if you are moving out for your degree or first job, it can be impossible to manage everything without a bank loan, or you may not even finish your degree without your family funding. Big loans can be a headache, and the payback systems are a little tricky. But, you can contact Sejaya Micro Credit Limited for the best service in the town.

Also, you can scroll through this article to know the primary things about the revolutionary microcredit or microloans in Sri Lanka.

What is a Microloan facility?

The name says it already. Microloans are small amounts that you can withdraw as a loan and repay within the given time to fulfill any of your necessities. It is easier to access and pay off too. So, it can be the next most affordable plan for the struggling community with a bad credit score and no solid recommendations for considerable amounts.

Who can get it?

Anyone can apply for a microloan in Sri Lanka. But, if you fulfill specific criteria, then it becomes easier to get approval. If you have a poor credit score but a credit card with a good payoff record recently, then you are the perfect candidate for the microloan facility. It will help to improve your credit score tremendously too. Also, if you are a student finishing the degree and need a little help to complete the tuition fees, you can apply for the microloan facility. But, it would be best if you usually went for the total tuition funding at once; as the amount is less, it will lessen your credentials.

Others

Microloans are extremely helpful for Buying your first home, putting the last payment for your cars, or paying for a vacation outside of Sri Lanka. The best part about the microloan facility is that you do not have to notify the Purpose of your loans. You can directly ask for the loan, and if you get permission, you can spend it in any sector you want. As long as you pay the loan off in time, no agent will care about the sectors. But, make sure not to spend the money in any illegal sector ever.

Advantages of microloans

Microloans revolutionized the Sri Lankan economy. You can start a small business or part-time hassle with the microloan facility to support yourself. It makes you more practical and competent over time to manage your finances and establish a good credit score. So, you may not even need to apply for a large loan in the future, or even if you need a loan, then a good credit score will help you get it quickly.

Longer time

You get a similar time to pay back the amount as your regular loans. For example, it is prevalent to get five years to pay off the one thousand dollars you got on your microloan program. So, you do not have to lower the life standard and think of the loan payments all-time.

No background checks

It is one of the best parts of the microloan program. The lender will not need a thorough background check and plan of expenses for you. So, you can use your money anywhere you want. It makes it easier to get the money directly on your account too.

There are two programs of the microloan facility in Sri Lanka. You can get it from the government or non-government banks.

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