Consumer loans

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Fast & Secure Consumer Loans for You

Ever wondered or heard of online consumer lending? Wondering what it is? How does it work? And what is needed to get a loan?

The following will explain all these questions and provide you with information. 

Online consumer loans are a fast and convenient solution

Online loans are a new and effective way to help people in their financial difficulties, may it be meeting monthly receipts, purchasing equipment or financing your medical bills.

Before we dive in further, first, let's find out what the concept of consumer loans is to understand the characteristics and properties of this form of loan.

What is a consumer loan?

Consumer loan is a form of customers borrowing money to pay and use daily activities. Currently, this form of loan is also developing in some credit companies. The convenient side of this form of loan is that there is no need to prove income.

Consumer loan terms are quite simple and straightforward, depending on the individual the purpose of obtaining such loans may differ. People may borrow such a loan for purposes such as;

  • Borrowing money to buy furniture and household appliances

  • Borrowing money to buy car, phone, electronic equipment, electronics

  • Borrowing money to travel, study

  • Loans to pay for spending, beauty care, health care, weddings, ...

  • Most borrowing to pay down living expenses is known as a consumer loan.

The main issue that people always tend to think twice before going ahead in getting an online consumer loan is the fear of high interest rates. But most often, subprime people (people who are ineligible to get a bank loan) have no other option to get a loan. But the thing to keep in mind is that there are many online lenders providing an array of products with 0% interest.

Having to bear high or low interest rates also depends partly on the borrower. You should choose a low loan amount so that the interest rate is low. In addition, you need to know your ability to pay on time.

So whether or not to borrow money for consumption: The answer is Yes, because it can help you solve urgent financial problems.

  • Online consumer loans are gradually developing, bringing many practical benefits to users. With fast utilities, simplifying online consumer loan procedures is really the best solution when you want to borrow online.

  • Financial experts advise borrowers to calculate how much money they can spend a month to pay capital contributions and interests to finance companies to consider buying. This is the key to reducing unnecessary disputes. If you do not manage your cash flow well and do not fully understand your rights and obligations when borrowing, you should not borrow.

Consumer loan companies in Sri Lanka


  • Age, employment - 20 to 60 years old, currently employed, or have a steady income
  • Sum and terms - 5-30 day Rs.2000-100000
  • Fees rates - 0-12%
  • Telephone availability - Yes
  • Photo Verification - Yes
  • Special proposition - Yes


  • Age, employment - 20-60 years old, have a steady income
  • Sum and terms - 3-6 month, Rs. 5000-80000
  • Fees rates - 23%
  • Telephone availability - Yes
  • Photo Verification - Yes
  • Special proposition - Yes


  • Age, employment - 20-60 years old, have a steady income
  • Sum and terms - 3-6 month, Rs. 5000-50000
  • Fees rates - 15.8 to 18.1% per month (maximum APR 216.12%)
  • Telephone availability - Yes
  • Photo Verification - Yes
  • Special proposition - Yes


  • Age, employment - 20-80 years old, have a steady income
  • Sum and terms - 3-6 month, Rs. 10000-50000
  • Fees rates - 30% per month
  • Telephone availability - Yes
  • Photo Verification - Yes
  • Special proposition - Yes


  • Age, employment - 22-55 years old, have a steady income
  • Sum and terms - 3-6 month, Rs. 5000-40000
  • Fees rates - ⁓15%
  • Telephone availability - Yes
  • Photo Verification - Yes
  • Special proposition - Yes

Lotus loan

  • Age, employment - 22-55 years old, have a steady income
  • Sum and terms - 3-6 month, Rs. 15000-40000
  • Fees rates - 0,3% per day
  • Telephone availability - Yes
  • Photo Verification - Yes
  • Special proposition - Yes


  • Age, employment - 20-60 years old, have a steady income
  • Sum and terms - 3-6 month, Rs. 5000-50000
  • Fees rates - 0,4% per day
  • Telephone availability - Yes
  • Photo Verification - Yes
  • Special proposition - Yes

The secret to effective personal consumption of money

Currently, unsecured personal consumption loans are a popular financial solution. To ensure their interests, customers need to understand the following 4 important factors before deciding to borrow.

Debt repayment ability

One thing that everyone should pay attention to is the ability to repay. You should not get a loan if you cannot repay or do not have a repayment plan or ability to repay.

Once you choose a consumer loan, you must have a detailed repayment plan and make sure you can afford it. Debt amount should only account for 30-40% of total monthly income. In addition, you should carefully learn about the after-sales interest rate as well as service charges and fees incurred to avoid falling into a debt trap.

Consumer loan interest rate

Along with the limit and term, interest rate is the top factor of concern to customers when borrowing for consumption. Customers should be aware of the rates incurred before committing to a loan, and the terms it holds in case the customer cannot repay the loan.

In addition, customers should also pay attention to two forms of interest rate pressure: fixed interest rate (constant during the loan term) and floating interest rate (depending on the market or in different periods). interest rates).

Terms of contract

Along with the growing development of lending, paperwork has also been simplified compared to the past. However, you should also carefully read the detailed terms of the contract to make sure you understand all the information.

It is a fact that not everyone understands all the financial terms in a contract. This can easily cause them to overlook or misunderstand the regulations of the financial company. Therefore, it is best to take the initiative to learn or consult with someone you know with experience. In particular, you should note the timing of the interest rate change and the terms of the loan payment.

Timely payments

After receiving the money successfully, you will also start the process of paying the loan regularly each month. Usually, 5 days before the due date, finance companies will send notice to remind customers via text message. You need to pay immediately to avoid being late, having to pay a penalty while falling into bad debt and having a credit score downgrade which will make it difficult to go for another loan.

Consumer loan service at OnCredit only needs ID card

For those who often use installment loans, surely no stranger to consumer loan products at OnCredit. Consumer loans online at OnCredit is a form for customers to borrow a certain amount of money to serve their consumption and shopping needs. After that, the customer will repay the loan amount to the unit within the agreed period in the contract.

What is the right thing to do before taking an consumer loan

Consumer lending can be very helpful in dealing with financial and emergency issues. It is important to realize that you are responsible for how you use the money. Keep these tips in mind:

  • The primary step is to settle on a loan company. Search for reviews, social networking company pages
  • Make sure you have an understanding of all conditions before signing the agreement.
  • Ensure that you can fulfill all the requirements before taking out a loan.
  • Make sure that before coming up with late fees or high interest rates, he pays it off in full on the due date.
  • You must absolutely comprehend how to pay off the entire credit amount.
  • Where available, clear it of early payment if necessary.
  • Use these pointers whenever faced with any financial emergency.

The difference between consumer loans in banks and OnCredit

When borrowing at the bank:

Although consumer loans at banks have preferential interest rates, in terms of procedures, it is quite troublesome. Moreover, the loan approval rate is low.

Forms of consumer mortgage loans

You need to show valuable assets such as vehicle papers, land documents/deeds, ID card,etc. in your name to apply for a loan of corresponding value. This is quite cumbersome and takes a lot of time, especially urgent loans that need fast loans during the day are not possible. Also, when you are unable to pay, your property will be immediately confiscated.

Forms of unsecured consumer loans

As for non-collateral consumer loans, just proving the ability to pay through personal income is enough. But the drawback of this form is the higher interest rates and shorter repayment times than the mortgage. Approval time is quicker and receiving money is instant.

When using the lowest interest consumer loan services at OnCredit

OnCredit provides loan advisory services mainly for consumer financial products with no pledge / mortgage, no proof of income.

With this form of consumer loans, OnCredit has helped many customers manage the money immediately thanks to fast loan approval during the day. 

Benefits of consumer loans at OnCredit

Although it has just entered the Sri Lankan market not long ago, OnCredit (Pvt) Limited has been chosen by many customers. Loan products in general and consumer loans in particular have been meeting very well the financial needs in the Sri Lankan market.

Simple registration

In order to bring convenience to customers, OnCredit creates a simple form of loan registration through the internet. Borrowers do not need to directly visit an OnCredit branch or facility to apply for a loan but can borrow anywhere, as long as there is a phone that has an internet connection.

Flexible loan

As a corporation with large-scale financial potential in the world, OnCredit always supports quick loans with different limits for Sri Lankan citizens. With online consumer loan products, the company can approve loans from Rs. 5000/- to Rs. 40,000/-. Borrowers can choose the amount they want based on their own needs.

Low interest rates

Another aspect that many borrowers are concerned about is the interest rate. Coming to OnCredit, you will not have to worry about this problem. The loan interest rate that the organization is implementing is the lowest in the market today.

Flexible loan period

Customers can choose a payment period that suits their financial ability from 10 - 20 - 30 days. Moreover, customers can extend the loan term, which is a new point, not all lenders have.

An extension is when you reach the settlement date, you still cannot afford the full payment of principal + interest. At this point, you can pay the interest to extend the payment term by extending the loan.

Simple loan process

When using online loan services at OnCredit, you only need to do 4 steps below:

  • Step 1: Apply for a loan according to the available form on the OnCredit website or the OnCredit App

  • Step 2: The unit conducts checking, collating information and appraising the loan.

  • Step 3: Organize the disbursement of the loan, the customer receives the money.

  • Step 4: Customer proceeds to pay the loan within the loan term with the amount displayed transparently on the automatic system.

Not only do you not need to mortgage your property, but when using OnCredit's consumer loan services, you do not need to prove your income anymore. Just need a photo of identity card to make a profile, all other loan paperwork as before will be removed by OnCredit.

Just being in the working age from 20 - 60 and ID card, you can register to use an online loan service. OnCredit tries to make it easy for you to access financial solutions when you need it in the simplest way.

Quickly respond to financial needs

Do not think daily consumption needs such as phones, motorbikes, laptops, ... are not legitimate. Especially, for those who do sales, it is extremely necessary, it is a money-making tool for you.

Therefore, when you need to buy the items above but not yet paid, you can use the online loan services at OnCredit to search and access suitable financial solutions which is the ideal solution for you .

Disbursement quickly

Not only simple in paperwork, simple process, low interest rates, ... but OnCredit's lending partner also disburses quickly. Customers can quickly receive the money they want within 1 hour from application to receipt.

Diversity of loan payment channels

Customers can go through the transaction offices of all banks, leading e-wallets and Pay&Go kiosks to make loan payments to OnCredit.

Counseling wholeheartedly

OnCredit also owns a staff of qualified, experienced and knowledgeable about the financial market as well as the needs of Sri Lankan people. Moreover, the consulting attitude is very enthusiastic, open, wholeheartedly for customers without charging any fee.

Consumer loans are not collateralized

Fast, easy, low interest rate, meet your financial needs - those are the reasons why you should borrow money online at OnCredit

Consumer loan customers at OnCredit

The consumer loan package is a fast online loan product that applies to all Sri Lankan people 20-60 working age. No need to prove monthly income, borrowers only need to provide ID card to get access to this loan.

If you have a need to quickly borrow money to serve your legitimate consumption needs, join the OnCredit family! With the preferential rates and utilities that OnCredit applies, you will be satisfied and not regretful when participating in consumer loans here.

Don't be alarmed by any of the problems anymore as the disadvantages of consumer lending elsewhere have already been overcome. Rest assured to use OnCredit's service, all other matters are left to OnCredit to take care of.

Consumer loans online - Borrowing money anytime, anywhere

OnCredit is a company duly registered under the registrar of companies, operating under the current Laws, so you can be completely assured when borrowing online with us. There's nothing wrong with taking out a loan for your personal needs if you know how to borrow and have a specific payment plan.

Let OnCredit reduce the financial burden over you, enjoy a comfortable and happy life!