How much is your interest rate for a Line of credit and how long do I get to repay?
Take for example: If you have a need for a fast same day loan of $21,000 and you have the income to support it, what EIL will do is to divide your loan into two. For loan #1, we would lend you $14,000 for 2 months and you repay $4900 fortnightly. Additionally, at the same time you get another small loan of $7,000 and repay $1400 fortnightly in interest; this is loan number two. Within minutes of repaying loan number two you have access to a new cash advance in the amount of $7,000. You may choose not to retake loan number two anytime within the 2 months without penalty. If you no longer need this loan after the first payment, you would have SAVED 17% in interest payments. WOW! For each pay cycle, you only repay $6300 for a total loan amount of $21,000.
Therefore, for the same $21,000 same day loan, choosing to borrow money from EIL instead of other loan providers you SAVE between $4000 and $12,250 in disposable income for the full duration of the loan. We provide quick cash in your pocket when you need it most and give you continued access to finance.
Contact us to learn more about our ine day loans as installment loans or payday line of credit/cash advance. EIL like all other businesses are subject to the Fair Competition Act (FCA) (1993). This Act states and protects your rights as a consumer. You may read more about your rights as a consumer by clicking on link to visit the website of the Fair Trading Commission in Jamaica.
Where are you located?
We operate online with only one satellite location in Long Bay, Portland Jamaica. This way we can meet the needs of customers island-wide at lightning speed.
What services do you offer?
We primarily offer line of credit. Customers who obtain a loan from us may obtain another loan within minutes of repaying their current loan. We offer same day loan decisions. If you are searching for quick loans in Kingston with same day approval; you are at the right place. If you are searching for a quick payday loan in St. Catherine / Spanish Town / Portmore; look no further. No matter which parish you are located; whether you are looking for same day loans in: Portland, Hanover, St. Thomas, St. Mary, Clarendon, Ocho Rios, St. Andrew, May Pen or even Manchester this is the right place to get your payday loan alternative that meets your cash flow needs.
We also offer business investment services whereby individuals or businesses can submit business proposals to us and if approved, obtain funding of up to $300,000 JMD.
*Our line of credit payments are due weekly, fortnightly or monthly depending on your pay cycle. Our minimum repayment/contract period is 61 days, 4 fortnights or 2 months; whichever is greater. The maximum repayment period is 90 days. The full principal is due by 90 days, 3 months or 6.5 fortnights from the date of issuing a loan. Our interest rate is among the most competitive in the industry up to 10% per week or maximum 40% per contract. Example: For a $10,000 loan with payments due fortnightly, you will only repay up to $12,000 . If you wish you and the principal remains as a new loan in the form of a revolving line of credit with interest due on each payday until the contract expires. If you choose to repay the full balance; principal + interest, the principal loan amount of $10,000 will be sent back to your account within 30 minutes on the same day you make payment. This will continue until the contract is expired or you exercise your right to end the contract without penalty. If the contract ends and you are still unable to repay the full principal + final interest, you have an additional 30 days to continue making only interest payments as was before; for a total of 90 days or its equivalent based on your contract designation. By using this arrangement, you will never be charged a late fee; once your payment is made as agreed. However, if at least your interest payment is missed after a two (2) day grace period following the due date, a late fee of 2% per day may be added to your balance until a payment is made as agreed or until the maximum late fee accumulates to the equivalent of the interest rate charged on the principal up to 40% (ple: for a principal loan of $10,000, if you are late for 20 consecutive days you will accrue $5831 in late fee. In this case the late fee + your interest is due on your next payday; unless otherwise agreed in writing between all parties involved. Notwithstanding, your late fee at any one point will never exceed 40% APR of your total balance the day after your payment was due to trigger your loan payment being designated as late. The moment your full late fee at any one point is paid, your account is no longer designated as late. ** Our minimum loan period of 61 days is such to allow you to build your credit history and allow for normal consideration of an increase in the principal amount of your payday; revolving line of credit or a ount based on your change in needs or affordability. It does NOT mean you will not be able to borrow from us again.
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