Personal Loan Frequently Asked Questions
Including information about default fees, costs and default interest.
What type of loans does Urbanloanz Coop do?
We can offer personal loans from P100 - P20,000 for just about anything.
Motorcycle and car repairs
If you have any other needs, feel free to talk to us about it.
Apart from interest charges, what other costs will I pay?
Your contract will include the following fees:
Loan Establishment Fee
This is what we charge you for processing, approving and documenting your loan. Loans under P3000 – P250 Loans over P3000 – P400.
Loan Administration Fees
This is what we charge you for the ongoing maintenance of your loan.
All loan fees and charges will be clearly explained to you before you sign your contract and draw down your loan. P100 per month maximum.
What sort of security do I need?
We will consider all types of security including; motor vehicles, residential property, shares, life insurance, personal assets (i.e. land). In some circumstances we can offer an unsecured loan (see below for details).
What if I don't have any security, can I still get a loan?
We will sometimes approve unsecured loans, however, this will depend on our lending criteria. Also if you have a guarantor or co-borrower who has some security that we can use then, we may be able to proceed with the loan.
What sort of information will I need to give UrbanLoanz Coop?
Proof of identity.
Under anti money laundering laws we need to see an official photographic ID, e.g.: passport, drivers licence. We may also need to see your birth certificate, or other government issued documents (eg a bank issued document (card or statement). These must show your name.
How do I make loan repayments?
Our personal loans are flexible - you can choose to make your repayments daily, or weekly, whatever suits your pay schedule. You can pay over the counter at our office or we can even have it come direct from your pay.
What will happen if I don't pay you back as agreed?
If you feel that you might miss a payment RING THE MANAGER. He is there to help and will make a loan repayment arrangement that you can keep to.
That's great, but what could happen if I stop paying altogether?
If you continue to miss payments and break arrangements you will be liable for arrears interest and fees will be charged each time we have to send you warnings and notices through the post. Our current fees are:
A reminder letter fee of P100.00 for each payment reminder letter.
A warning letter fee of P200.00 for each warning letter.
A default notice fee of P450.00 for each demand or enforcement notice.
Always remember that UrbanLoanz Coop wants to help you avoid paying any extra charges. We understand that your financial situation can change during the term of your loan. You could lose a job, move home, have a baby or just over extend your finances due to unforeseen circumstances.
Whatever your reason for not being able to pay, RING THE MANAGER to discuss your options. We're there if you need us.
What happens if I settle early?
There is an early repayment fee of P50 and interest is recalculated to the date you settle the account. This means you only pay interest for the time you have had the loan.
How long will it take me to get the funds?
If all the information is provided at the time of the loan application it is possible to process, document and advance the funds in as little as one hour so a same day loan is possible provided you are able to supply us with everything we need. Some loans that involve several parties and securities may take about 24 to 48 hours so while we can't guarantee same day loans every time, we will always try and get the funds to you as fast as we can.
Do you offer debt consolidation loans?
Yes we do. We can help you pay off pay day loans and consolidate other kinds of debt into one easy-to-manage loan payment scheme. If you want to find out more about paying off existing debts and setting up a simple payment plan, ask us about our debt consolidation loan options.
Do you offer pay day loans?
No, we don't offer pay-day loans. If you currently have a pay day loan and would like to arrange to pay it off with an easy-to-manage UrbanLoanz Coop loan, speak to one of our friendly staff who can help you.
Can I apply for a loan
Yes, you can. We've created a quick and easy loan application process you can apply for a great personal loan online.