NFL clears loan payoff concerns – Solomon Star News
THE National Finance Ltd (NFL) is urging its clients across the country to work closely with them should they have loan-repayment-related issues, rather than turning to social media.
Trent Allan, regional manager of National Finance Solomon Islands, called after a person named Gabie Knoxie posted on the YumiTokTok forum this week about the company’s loan repayment rate being very expensive.
Mr. Knoxie asked if National Finance is a legal business and has a business license to operate as a financial institution which is here under the mandate of CBSI?
He raised this question after customers suffered from the lending rates they were charged. The loan interest was more than 100% repayment.
Knoxie said the company’s creation was aimed at the poor and needy indigenous people of this country. You are here to make money instead of helping people.
He therefore calls on the competent authorities to deal with this issue, in particular CBSI and trade.
In response, the NF Regional Manager in the Solomon Islands explained that National Finance was first established in the Solomon Islands in 2017, after a long-standing project in Papua New Guinea that continues to this day.
‘We are and have been licensed as a financial service provider since the company was founded and offer unsecured personal loans to employees of SIG, the public sector and registered business partners.’
“Our interest rate is a fixed fortnightly rate of 2.4% for the majority of commercial houses, but this can vary depending on the risk involved with smaller businesses.
“That is, the longer the loan term, the higher the total interest amount can be, or the shorter the loan term, the lower the interest amount. This is every customer’s choice when selecting the number of fortnights for the loan amount they want,” said Mr. Allan.
He added that this is very clear for all customers who want to enter into a loan agreement with NF. “National Finance also has a strict responsible lending policy that requires the applicant to be assessed during the application process and have enough net income to support not only themselves, but also all of their dependents every two weeks, as well as their spouse , if they are not employed .
“The term unsecured loan means that unlike the big banks who hold a two-thirds pledge over applicants’ SINPF (Superannuation Savings), we don’t. However, all of our credit products are repaid through salary
Deduction,” explained Mr. Trent.
The other main difference with National Finance compared to the commercial banks is their processing time, why wait up to three weeks or a month if money is urgently needed – National Finance is the fastest
Processing time for loan applications in the country, he said.
“In addition, we are known for running promotional activities and giveaways, just recently over the holiday season (4) lucky entrants won a cash prize of $10,000 each. We have several more promotions and
Giveaways planned again for 2022.
“Rather than seeking attention on social media, I encourage all affected parties to contact the HIR office at 29777 OR contact me directly at [email protected]said the NF boss.