FREQUENTLY ASKED QUESTIONS
What are the conditions for applying for a loan on the PNG Finance platform?
PNG Finance ensures that every borrower is financially sound before granting a loan. We have to be at least as demanding as "traditional" banks and credit institutions when it comes to borrowers' creditworthiness. To borrow from PNG Finance, the borrower and any co-borrower must meet the following 3 conditions: -be aged between 18 and 80 inclusive; - reside in Belgium, America or Europe; - have a stable income. For an application to be accepted, it must match the needs and profile of the prospective borrower.
How much can I borrow? For how long?
Borrow from our community of investors for all your projects between PGK 10,000 and PGK 5,500,000. We offer loan terms of between 6 months and 360 months for all consumer credit applications. In addition, PNG Finance offers Credit Repurchase, Real Estate Credit and Business Credit ranging from PGK 5,000 to PGK 2,500,000 on loan terms from 12 months to 360 months.
How do I know if the loan offered by PNG Finance is suitable for my personal situation?
The borrower's ability to borrow and repay the loan is a very important criterion for assessing whether or not a loan is suitable for a personal situation. Before taking out a loan, it is important for the prospective borrower to consider his or her ability to repay it without any difficulty. To do this, it is generally considered that the borrower's available budget - obtained by subtracting all expenditure, including the monthly payment for the new loan requested, from the total income - must be at least 50% of his or her income.
What are the steps involved in applying for a loan?
1- The application: various data must be entered by the applicant on the reason for the loan, his or her needs and profile. 2- The result of the loan application analysis: on the basis of the information provided, PNG Finance analyses the application and whether it matches the borrower's needs and situation. If this is the case, the application is pre-accepted. Various documents are then sent, including a proposed contract and an amortisation schedule. The borrower is asked to provide supporting documents to confirm the information provided in the application. 3- Financing: Once the application has been pre-accepted by PNG Finance, it is offered to investors for financing. 4- Final acceptance: If all the documents have been correctly completed and signed, if all the supporting documents requested are sent and confirm the information provided and if the loan application has been fully funded, acceptance is final. 5- Payment: once the loan has been approved, the loan amount is paid into the bank account provided by the borrower in the application. 6- Repayment: each month, the borrower repays part of the capital and interest in accordance with the repayment schedule submitted when the loan contract was signed.
For how long is your credit offer valid?
Once PNG Finance has issued your credit agreement offer, you have up to 45 days to return it and have it validated by the credit granting department. However, we would ask you to send it back to us as soon as possible, in order to receive the funds in your account as quickly as possible. If after 4 days your application has still not been approved, we will have to cancel your loan application.
How is my monthly payment calculated?
The monthly payment depends on the amount of the loan, its maturity and the nominal interest rate. All PNG Finance loans have a fixed monthly payment, and the monthly instalments are constant: the borrower pays the same amount each month.
What insurance can I take out with Laroche Finance?
When you apply for a loan, you can take out either the basic cover alone (Death, Total and Irreversible Loss of Autonomy, Interruption of Work due to Illness or Accident), or the latter together with Loss of Employment cover. These types of insurance are optional, but recommended in order to protect your repayment capacity in the event of an accident. With regard to the basic cover, note that a Senior option can be taken out (covering death only). You can only take out this insurance when you take out your loan, so think about it now.