Instant loans

What are instant loans in Sri Lanka

Instant loans in Sri Lanka are the perfect way for anyone to get the cash they need – fast! Whether it's a quick fix after overspending at the shops or you need a bit of extra money to cover an emergency expense, instant loans can provide you with the funds right away.

As with any loan, it's important to be mindful of how much you borrow and if you can afford to pay it back. Fortunately, getting an instant loan is usually easier than ever in Sri Lanka, as most transactions can be done through digital platforms hassle-free. Now that's something refreshingly convenient we could all appreciate!

Types of instant loans and how it works

Instant online loans are certainly a convenient way to get access to fast and easy cash. Whether you’re in need of a little extra cash while waiting for that paycheck, require some financial assistance during an unexpected situation, or want some quick credit to cover the purchase of something you forgot was coming up - instant loans can be the solution. There are three primary types: instant personal loans, instant payday loans, and instant credit cards. Each loan type offers different options when it comes to how much you can borrow and repayment terms.

For example, if an expense needs to be paid off as quickly as possible, then instant payday loans offer short-term solutions at relatively low interest rates. On the other hand, if more money is needed for a longer period of time with smaller regular payments - an instant personal loan may provide a better option. For those looking to purchase something without the constraints or bothersome nature of repayment schedules - an instant credit card is ideal; not only do they provide a line of credit that can be used right away but also typically provides helpful incentives (e.g., reward points) that can help make future purchases more affordable.

Example of calculating a loan for 5000 RS for 2 months with an interest rate of 50%

Paying a 5000 RS loan over two months could sound like a long and tedious task, but if you just do the math it all makes perfect sense! To work out how much to pay monthly, first you need to calculate the total interest.

All you have to do is multiply the loan (5000 RS) by the interest rate (50%). This means your total interest is 2500 RS. Now add that to the principal of 5000 RS and you get a total of 7500 RS. Dividing this number by two, will give you 3750 RS as your payment per month for two months.