Frequently Asked Questions
How do i apply for loan?
Contacting the office headquarters/branch: Link Financial Services operates at it headquarter at 51 Bai Bureh Road Shell and branch at 1 Koba Farm Jui. You would likely need to visit anyone of these offices to collect an application form. Plans are on the way to open branches at regional and district head headquarter towns.
Downloading the Link-Pay App: You can also apply for loan by downloading and installing the Link-Pay App on google play store.
Obtaining and completing an application form: You will need to fill out a loan application form provided by the Loan Officer in any of these offices.
Submitting required documents: As detailed in the next point.
Site survey: This is applicable for Business Loan and individual loan. The Loan Supervisor will conduct a site survey of your business location or resident to assess your eligibility and understand your needs.
What documents do i need to provide?
Valid identification: National ID card, passport, or driver's license.
Proof of address: Utility bill or a letter from a local authority.
Proof of income/business: Pay slips (for employed individuals), business registration documents, business permits, or records of business activity.
Guarantor information (possibly): Some loan products, especially group loans, may require one or more guarantors with their identification and proof of income.
Passport-sized photographs: Recent photographs of the applicant.
Other supporting documents: Depending on the loan type, you might need to provide additional documents like a business plan (for SMEs) or employment letters (for salary-based loans).
How long does the loan application take?
Link Financial Services offers superior services with a short turnaround time, and funds are disbursed within 3 weeks or less upon successful completion of application forms. This suggests a very efficient process once all requirements are met. However, the initial processing time might vary depending on the completeness of your application and the verification processes involved.
What are the different repayment method?
Regular installments: Weekly or monthly payments (Applicable to group loans).
Lump-sum repayment: For short-term loans, repayment might be due on a specific date (3 – 6 months).
Specific schedules: Repayment schedules can be tailored to the nature of your business or employment.
What happens if i cant repay my loan on time?
Late payment fees: Penalties might be applied for delayed payments.
Restructuring of the loan: In some cases, they might consider revising the repayment schedule.
Impact on future borrowing: Defaulting on a loan can negatively affect your ability to access credit in the future.
Action against guarantors: If your loan has guarantors, they may be held responsible for the outstanding amount.
Are there any fees associated with the loan?
It is likely that there are some fees associated with the loan, such as:
Facility fees:
Late payment fees: As mentioned above.
You should inquire about all applicable fees during the application process to ensure transparency.
Can i have more than one loan at a time?
No, to avoid the following:
Your repayment performance on the existing loan(s).
Your overall borrowing capacity.
The specific policies of Link Financial Services.
You will need to discuss this with LFS directly.