Avacarapnam

How Do I Get a Loan?

avacarapnam.com is a web platform that helps you find loans. Loans up to Rs. 120000 are issued for a period of four months to individuals over 18. The loan amount depends on the terms set by your financial institution. We cannot guarantee that each lender will offer you a loan for the maximum amount with the longest repayment period.

The main requirements to the borrowers are:

  • Legal citizenship in Sri Lanka
  • 18–65 years of age
  • A valid SSS or TIN, and UMID card
  • Any form of income (verified or unverified)

Generally, it takes up to 30 minutes to apply and get a decision. All you need is specify how much you would like to borrow and for how long, fill out a basic form (name, ID, etc.), and send it through our service. We will give you a list of institutions who have a pre-approved loan for you. Next, you choose a loan and read through the terms and conditions. If you decide to agree to the terms, the financial institution will send the money to your account or credit card. You can complete your loan application at any time, there are no obligations to commit to anything.

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Material Disclosure

We represent Fininity Ltd, which acts a credit broker. We are not a lender. avacarapnam.com does not directly offer any type of loans or consumer loan products.

Repayment Periods and Interest Rates

The APR is the cost of borrowing a loan, expressed as a nominal annual interest rate. As avacarapnam.com is a credit broker and not a lender, we cannot guarantee a particular annual percentage rate. Annual percentage rates typically range from 0% to 36%. Repayment periods for loan products usually range from four months to six months. Before accepting a lender’s offer through our system, please make sure to read through the loan agreement carefully, since interest rates and repayment terms may differ from those listed on this website.

Collection Process

Please contact the lender directly if you are having trouble repaying. They will be able to discuss payment options with you. The lender reserves the right to give your information to a third-party collection agency, should the situation remain unresolved.

Consequences of Default

avacarapnam.com always recommends repaying on time. If you cannot, each lender has their own policies on fees/interest and how they handle debt collection. Most lenders will contact you by regular mail, email, or phone to change your payment terms. Nonpayment may result in penalties and/or increased interest. We recommend that you contact your lender as soon as you know there is an issue; otherwise, your credit history may get affected.

Late Payments

Please contact your lender directly if you think that you cannot repay your loan on time. Lenders may be able to extend or renew your loan under the initial terms and conditions. Terms and late payment options vary by lender. Please note that late payments may result in additional fees or interest and may also negatively affect your credit score.

Extension Policy

avacarapnam.com does not recommend extending your loan. If you feel that you cannot repay your loan on time, then we strongly suggest you not taking it and recommend that you seek independent financial advice. However, should you decide that an extension is necessary, please discuss this option with your lender. For more information about your lender’s process and policy regarding nonpayment, please review the terms in your loan agreement.

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