Getting a loan when you need money can be helpful. But first, let us see if you are eligible and understand how it works. The loan process has a few steps.

• Step one: Fill out an online application stating your personal details, loan requirement, income etc.


• Step two: The lender reviews the information you have provided, plus information from other sources, to decide on your application, including how much they are willing to lend to you.


• Step three: If your loan application is approved in principle, the lender makes you an offer, showing the loan amount, interest rate, monthly repayment etc. You can accept or decline the lender’s offer.
  If your loan application is declined, do not worry! You can access other lenders on MoniCenta who may be happy to offer you a loan.


• Secured Loan: Borrower is required to provide some collateral to secure the interest of the lender if the borrower fails to repay the loan. The collateral could be a car, shares house, etc. These loans are typically for large amounts. The interest rates would normally be lower than unsecured loans.


• Step four: If you accept the lender’s offer, your loan is usually disbursed to you in a few minutes.
  If you decline the lender’s offer, your application is closed. You can always apply for loans on MoniCenta.

Remember, read the loan agreement carefully and ask questions before accepting. Conclusion: Here at MoniCenta, the loan process is designed to be concluded in a matter of minutes through our swift response systems. Borrowers are advised to provide correct information to improve their chances of being approved for loans.