📘 Frequently Asked Questions
What is a Loan Management System?
A platform that automates the process of applying, approving, disbursing, tracking, and repaying loans.
How do I register on the platform?
Click the 'Register' button and complete your personal, financial, and contact details. ID verification may be required.
What types of loans are available?
Personal loans, business loans, salary advances, and fixed deposit-backed loans.
What documents are required to apply?
Valid ID, proof of income, bank statement, and passport photograph.
How is loan eligibility determined?
Based on credit history, income, employment status, and existing obligations.
Can I track loan application status?
Yes. Log in and go to “Loan Status” to view progress.
How long does approval take?
Within 30 minutes to 24 hours after submission of required documents subject to availability of funds.
What is the repayment period?
Ranges from 1 to 12 months depending on loan type.
What happens if I miss a payment?
A late fee will be applied and it will affect your credit score or eligibility for future loans.
Can I repay my loan before the due date?
Yes. Early repayment is allowed and may reduce the total interest payable, depending on the terms.
How do I make repayments?
Repayments can be made via online payment, bank transfers, or direct debit from your bank account/salary.
Is there a penalty for early loan repayment?
Most of our loans do not carry an early repayment penalty, but always check your loan agreement.
Can I have more than one active loan?
It depends on your repayment history and credit limit. Contact support for evaluation.
How is the interest rate calculated?
Interest is calculated based on the loan amount, duration, and risk profile. Rates are displayed before application submission.
How secure is my data?
We use SSL encryption, two-factor authentication (2FA), and role-based access control to protect your information.
What is a fixed deposit-backed loan?
It's a loan secured against your fixed deposit. You can borrow a percentage of your FD while it remains untouched and your dividends unaffected.
Can I pause or defer repayments?
In special cases, such as medical emergencies, you may request a deferment or pause on repayments, subject to administrative approval.
Pause Options:-
Pause without withdrawal: If you pause your monthly contributions without requesting a withdrawal of your contributed funds, you will be guaranteed dividends at the end of the 12-month period on the amount contributed.
Pause with withdrawal:
If you pause your monthly contributions and request a withdrawal of your contributed funds before completing 12 months, you will not be eligible for dividends.
How to Request a Deferment:
To request a deferment or pause on repayments; please submit your request to our administration team for review and approval. Pay N1000 fee for such application.
What is the maximum loan amount I can borrow?
The limit depends on your monthly income, deposit history, and credit score. It is shown on your dashboard.
How can I contact support?
Use the 'Contact Us' form, live chat, or email at support@loanportal.com for assistance.
How can I download my loan certificate or statement?
Log in to your account, navigate to the 'Documents' section, and download your loan certificate or repayment statement in PDF format.
