THE National Finance Ltd (NFL) is calling on their customers across the country to work closely with them should they have any issues related to loan repayment rather than going to the social media.
Regional Manager of National Finance Solomon Islands, Trent Allan made the call after a person by the name of Gabie Knoxie posted in the YumiTokTok Forum this week about the company’s loan repayment rate as very expensive.
Mr Knoxie questioned whether the “National Finance” is a legal business and have business license to operate as Financial Institution mandated under CBSI here?
He raised this question after clients have been suffering from the loan interest charged on them. Its loan interest was more than 100% repayment.
Knoxie said the establishment of the business target the poor and needy indigenous people of this land. They are here to make money rather than to help the people.
He therefore calls on responsible authorities to address this issue, especially CBSI and Commerce.
In response NF Regional Manager in Solomon Islands explained that National Finance was first established in the Solomon Islands in 2017 after a long standing venture in PNG which is current until today.
“We have been and are licensed as providing financial services since the established of the company and offer unsecured personal loans to employees of SIG, the public service as well as registered business partners’.
“Our interest rate is a fixed fortnightly rate of 2.4% for the majority of business houses however this may vary depending on the risk associated with smaller businesses.
“Meaning, the longer the term of the loan, the higher the total interest amount may be, or the shorter the loan term, the lower the interest amount will be. This is each clients choice when selecting the number of fortnights for the desired loan amount,” Mr Allan said.
He added that this is very clear for all clients whom wish to enter into a loan agreement with NF. “National Finance also maintains a strict responsible lending policy where in the application process, the applicant is assessed and must have enough net salary to not only maintain themselves each fortnight, but also all of their dependants as well as their spouse if they are not employed.
“The term unsecured loan means, that unlike the major banks who hold a two thirds pledge over the applicants SINPF (Superannuation savings) we do not. However all of our loan products are repaid by way of salary
deduction,” Mr Trent explained.
The other main difference with National Finance in comparison to the commercial banks is their processing time, why wait up to three weeks or a month when in need of urgent funds – National Finance has the fastest
processing time for loan applications in the country, he said.
“Further to this, we are renowned for doing promotional activities & giveaways, just recently over the Christmas period, (4) lucky applicants won a cash prize of $10,000 each. We have several more promotions and
giveaways planned again for 2022.
“Rather than fishing for attention on Social Media, I would encourage any concerned parties to contact the HIR office on 29777 OR contact me directly at [email protected],” the NF Boss said.