Busting the Top Myths About Online Lending and Personal Loans in Sri Lanka

Taking out a personal loan online can be a confusing process, especially with all the misinformation and rumors floating around. As one of Sri Lanka’s leading digital lenders, Loanplus.lk is here to bust some of the biggest myths about online borrowing.

Buckle up as we take you on a mythbusting journey!

Myth 1: Online Loans are a Scam

Source: experian.com

This is perhaps the most pervasive myth surrounding the online lending industry. Many Sri Lankans are skeptical about the legitimacy of digital lenders, fearing they might be falling into a trap.

But here’s the reality: Reputable online lenders like Loanplus.lk are fully licensed and regulated by the Central Bank of Sri Lanka. They use state-of-the-art encryption to protect your personal and financial information, ensuring a safe and secure borrowing experience.

Myth 2: The Interest Rates are Outrageous

While some predatory lenders might try to lure you with unrealistically low rates only to hit you with hidden fees later, this is not the case with trustworthy online platforms. Lenders like Loanplus provide fully transparent pricing with no hidden costs or surprises.

Their interest rates are competitive and often lower than traditional banks thanks to their lean digital model. You can easily check and compare rates on their website before applying.

Myth 3: The Approval Process is Instant

Ding ding ding! While the online application is indeed very fast, responsible lenders still need to verify your information and evaluate your creditworthiness.

At Loanplus, they use advanced algorithms and data analytics to make this process as swift as possible. But they don’t just blindly approve everyone – protecting borrowers from debt traps is a core principle.

Myth 4: You Need Collateral for an Online Loan

Source: experian.com

One of the biggest advantages of digital lending is the ability to obtain unsecured personal loans without putting up any collateral like property or vehicles.

Lenders like Loanplus allow you to borrow up to LKR 80,000 based solely on your income, credit profile, and repayment capacity. No security deposits or mortgages required!

Myth 5: Only the Unemployed Use Online Loans

This outdated stereotype couldn’t be further from the truth in today’s digital era. Online lending is an incredibly convenient option for:

  • Self-employed individuals and gig workers
  • Salaried private/public sector employees
  • Business owners in need of working capital
  • Families facing temporary cash crunches
  • Anyone who values a fast, paperless loan experience

From students to senior citizens, all walks of life are embracing the benefits of digital credit.

Myth 6: The Loan Tenure is Inflexible

Ah, one of the beauties of online lending is the high degree of flexibility and customization! At Loanplus, you can choose loan tenures from:

  1. 3 months for short-term needs
  2. 6 months
  3. 9 months
  4. 12 months for longer commitments
  5. Up to 24 months for debt consolidation

You decide what works best for your unique situation and repayment capabilities. No one-size-fits-all approach here!

The Future is Digital – Embrace it!

Source: experian.com

As you can see, many of the common myths about online lending in Sri Lanka simply don’t hold water. Digital lenders like Loanplus are making credit more accessible, affordable and customer-friendly than ever before.

If you’re in need of fast personal financing, why not check out their secure online platform at Loanplus.lk? Their friendly support team is just a click away to answer any other questions.

The future of lending is digital – aren’t you ready to embrace it?


Q: Is Loanplus.lk a legitimate lender? A: Yes, Loanplus.lk is a fully licensed and regulated online lender operating legally in Sri Lanka.

Q: What are the eligibility criteria for an online loan? A: Most digital lenders require you to be a Sri Lankan citizen over 18 with a regular income source. Specific criteria may vary.

Q: How fast can I get an online loan approved? A: While not instant, the approval process at Loanplus is very quick, often within 24 hours after submitting documents.

Q: Do I need collateral for a Loanplus personal loan? A: No, Loanplus offers unsecured personal loans up to LKR 500,000 with no collateral requirements.

Q: What loan tenures are available? A: Loanplus provides flexible tenures from 3 months to 24 months to suit your needs.

Kantar Anita
Kantar Anita

I am Anita Kantar, a seasoned content editor at websta.me. As the content editor, I ensure that each piece of content aligns seamlessly with the company's overarching goals. Outside of my dynamic role at work, I am finding joy and fulfillment in a variety of activities that enrich my life and broaden my horizons. I enjoy immersing myself in literature and spending quality time with my loved ones. Also, with a passion for lifestyle, travel, and culinary arts, I bring you a unique blend of creativity and expertise to my work.