How to Obtain a Higher Loan with OnCredit

When you find yourself in a financial quandary, having an easy source of credit is always a huge relief. This is especially true when you don’t have sufficient time to secure funds through any other means or you don’t want to depend on other people for assistance. With it being the peak of the holiday season and the prices of goods and services being higher than ever before, you might find yourself in such a situation sooner than you think. If you had already taken the necessary steps to prepare for a financial emergency, you likely don’t have much to worry about until your next paycheck. However, truth be told,  it is extremely difficult in this day and age to build an emergency fund while managing your monthly expenses and contributing to your savings. So in a situation where you need some extra money to tide you over for a short while, you are left with minimal solutions. This is where cash loans come in as the perfect answer.

Online Loans in Sri Lanka

Due to more and more people finding themselves in situations where they need some cash until their next paycheck, the demand for quick and short-term loans has risen. Consequently, online loans were created to satisfy this particular demand. Money lenders like began offering online loans tailored to these requirements.

Features of Online Loans

Due to the highly specific nature of online loans, they come with their own set of unique features, such as:

  • Quick: the registration and application process takes less than five minutes and you can have the cash deposited to your account within an hour (approximately). 
  • Easy: registration and application has been simplified to such an extent that a first-time borrower or even a tech illiterate person can easily navigate the entire process easily.
  • Simple: applying for online loans requires minimal documentation unlike almost any other credit facility; borrowers only need to provide proof of identity (a photo of one’s National Identity Card and a selfie would do), a working mobile number and bank account details.
  • Convenient: online loans do not require any physical interaction with an agent for application (apart from a verification phone call), which makes it very convenient for customers to apply at any time and from any place.
  • Short-term: unlike personal loans which usually drag on for years, online loans can be settled within just a few weeks (or longer as per the customer’s preference).
  • Reliable: most online loans are unsecured loans which means the customer does not need to provide collateral; this means that most customers will easily get approved for the loan making online loans a highly reliable source of cash in times of need.
  • Confidential: all interactions take place through virtual platforms (registration and application through website or mobile app followed by a verification phone call) which means that the transaction is kept highly confidential.

Small Cash Loans

Small Cash Loans

  • Another unique feature when it comes to online loans is that they initially offer small cash loans to borrowers i.e. you can usually only borrow around five thousand rupees for your first loan. This is because online loans are primarily unsecured loans which means that applications are approved/rejected mainly looking at just two factors:
  • Borrower’s credit history: money lenders have access to everyone’s credit history; if they have been blacklisted, applicants will likely be rejected.
  • Borrower’s history with the lender: customers who have successfully borrowed and settled multiple repeat loans from a lender will get approved quicker, as well as being able to borrow large amounts of money.


How to Obtain a Higher Loan

How to Obtain a Higher Loan

While online money lenders are ideal for quick cash loans during financial emergencies, if you have never borrowed money from them before, you will likely be eligible only for a smaller amount of money. However, once you take and settle your first cash loan, you will find that you can apply for a larger loan next time. Subsequently, you will be eligible for higher and higher loan values every time you successfully borrow and settle these repeat loans. 

Applying for online loans is a quick, 6-step process that can usually be completed within five minutes (or even less for tech savvy individuals):

  • First-time borrowers are required to create an account on one of the online platforms offered (website or mobile app); this stage requires a mobile number and/or e-mail address which will be verified.
  • During this stage, they will be required to submit their personal information, such as personal details, proof of identity (photo of NIC and yourself would do) and bank account details (to receive the cash deposit on loan approval).
  • Once this stage has been successfully completed, customers can directly proceed to apply for loans; for repeat loans, the first two steps can be omitted.
  • Loan application requires you to enter the required amount of cash and preferred repayment tenure. This usually takes just a few minutes.
  • Once you have completed the loan application, await a verification call from a loan officer in order to double-check the details submitted by you
  • Await loan approval - usually within  the hour
  • If your loan gets approved (which is very likely), the required amount (or the amount which you were eligible for) will be deposited immediately into your bank account

It is highly recommended that you use the online loan calculator prior to applying for the loan to find out how much interest/fees you would be paying; the interest value changes depending on the loan value and selected repayment period. It is also imperative to read all terms and conditions regarding repayment in order to avoid borrowing more than you can afford, as well as steer clear of penalties and additional fees such as late payment fees.

Online loans have successfully helped out thousands of customers around the world during their times of need when no other solution is apparent. prides themselves in their customer-first approach and advocacy for transparency in all their dealings. By encouraging customers to build and strengthen long-term relationships, they are able to reward loyalty with a higher tier of benefits such as higher loan values and quicker loan processing and approval speeds.