Installment Loans – Frequently Asked Questions

From application to repayments, here is what you need to know about loan processes.

What are business and individual loans?

Business loans are a source of finance that is used to help a company get off the ground, manage daily business activities or take their next step. These loans are specifically designed for companies that need to make substantial purchases to develop their company, or find themselves in need of extra funding to cover an increase in outgoings, such as renting new premises or hiring additional staff.

Individual loans, particularly general-purpose loans, are flexible financial solutions intended for personal use. These can range from consolidating debt to funding large purchases or covering unexpected expenses. Trivebank offers the most appropriate financial products for your company or personal needs, tailored to your unique circumstances.

What different types of loans are available?

Trivebank currently offers the following products:

For Businesses:

• Working Capital Loans
• Business Overdraft
• Letter of Guarantee/SBLC

For Individuals:

• General Purpose Loans

Please visit here for more detailed information;

How much can I borrow?

The amount you can borrow with a business or individual loan depends on the circumstances of your business or personal financial situation, the type of loan you choose, and the term of that loan. Trivebank will evaluate your application and inform you about the approved amount, tenor, and pricing after reviewing it.

How do I choose the right loan?

As with any financial product, it’s important to ensure that you are prepared to meet the repayments laid out in your contract. For business loans, the APR (Annual Percentage Rate) is an important consideration as it includes fees and your interest obligations (but not the actual money borrowed). For individual loans, look at similar factors to determine how manageable the loan will be over its lifetime.

Additionally, think about the term over which you would like to repay your loan. Different needs might require different loan terms.

What if I can’t make my repayments in a timely manner?

If you have difficulties in repaying your loan, the first step is to inform us of your circumstances. Trivebank may help you arrange more flexible conditions for your monthly repayments.

Why do interest rates vary between loans?

Different loans are offered with different rates since the amount of risk they carry for the lender varies. An unsecured loan, like a general-purpose individual loan, usually comes with a higher interest rate than a secured loan because it carries a higher risk for the lender. The borrowed amount also affects the interest rates; larger loans typically have lower rates due to lower administrative costs per unit.

What documents should I submit when applying for a loan?

For a business loan, you generally need to submit the company’s last 3 years’ financial statements, credit rating/score (if available), collateral details, and legal documents of the company. For individual loans, the requirements may include proof of income, identification documents, and possibly credit score details. Trivebank reserves the right to require additional documents during the application process.