Compare the best options on the market and choose the one which best adapts to your day to day needs.
Further Below: Our Guide To Loans in Jordan, Everything you need to know.
Jordan Commercial Bank
- Get a loan starting from JOD 3000
- Offers a loan tenure of up to 120 months
- Stable and attractive interest rates
- Allows salary transfer from other banks
- Loan purpose meets all society’s needs
- Applicants with stable income are considered
- Issues credit cards with no fee attached
- Charges only 1% commission fee in the first year
- Offers top loan conditions
- Fast payout
Arab Jordan Investment Bank (AJIB)
- Get a loan of up to JOD 75,000
- Offers descending interest rates
- Longer repayment terms of up to 1o years
- Offers both secured and unsecured loans
- Guaranteed life insurance through the repayment period
- Unlimited loan purpose
- Offers loans to applicants with fixed income
- Fast and simple online application
- Seamless eligibility criteria
BLOM Bank (Kardi loan)
- Offers a maximum loan amount of JOD 40,000
- Flexible repayment period of up to 10 years
- Reducing balance interest rates of 9.5%
- 50% of monthly income loan burden ratio
- Collateral required for security
- Offers loans for various purposes
- Hassle free application process
- Creditworthiness is a factor of consideration
- Fast concessions
Loans in Jordan, All You Need To Know:
At FUNDGECKO, We assist you in obtaining a loan that best meets your requirements. By giving you all the information you require (including the requirements to meet and the loan terms) before entering into a financial product contract, we assist in making the loan decision and application process seamless.
- With online mini loans, you can get JD 3,000 at the first application
- Online mini loans are often small in size and high in interest rates
- Online mini loans are repaid after a short time and in a single payment
- Online mini loans are mostly applied for during an economic emergency
- Long term loans have low rates and are big
- Long term loans are repaid after a long time
- Long term loans have a longer application process and more stringent eligibility criteria than online mini-credits
What are loans and how do they work?
A loan is a sum of money that we borrow from a bank or other organization intending to repay it later for a variety of reasons, including making large purchases, supporting a project, paying for tuition and other expenses, and so on. Depending on the company, the loan type, and the payback time, loans come with interest and other costs. Long-term loans are typically large loans with favorable loan terms, but small loans typically have short repayment terms and high interest rates. Whether or not the applicant satisfies all requirements, a lender is never required to make loans.
Only when a loan is used to help you improve your financial situation can it be considered good debt. It’s never intended to put you in debt.
Jordan has had an average lending rate since 2000 of 8.24%, according to World Bank statistics. Similar to this, Jordan rejects roughly 50% of all loan applications. All loans that are rejected for any reason are reported to credit bureaus like CBJ and IFC, where the cause for the rejection is evaluated.
Although the organization might not tell you why they rejected your application, this could harm your credit history with the regulatory authority. Therefore, it is wise to be aware of what to adhere to throughout the application process. Contact our FUNDGECKO team if you have any questions about it.
What we should know before taking out a loan in Jordan
- The stability of Jordan’s financial markets allows for favorable lending rates for consumer loans.
- If you have a bad credit history and submit a loan application to several Jordanian organizations, they will likely reject it.
- Due to the extremely low interest rates, the demand for consumer loans in Jordan’s lending sector has increased recently.
- Jordan’s lending market is becoming more favorable for borrowers as a result of the rapid expansion of lending organizations that compete with banks to offer better lending terms.
- Consumer credit regulations in Jordan are imposed by the government, however, non-bank lenders frequently have their own set of requirements for applicants. Therefore, it’s crucial to be certain of the contract’s terms before applying for a loan.
- Before obtaining a loan from a credit organization, do your research into that institution’s background and reputation.
- To provide lending services, every form of a credit institution is required to hold a government license.
When is it advisable to apply for loans?
You can quickly escape a dire financial situation with a little loan. Mini loans are what we frequently choose if we require a short financial remedy due to their speed. The borrower will, however, have more bad than beneficial impacts if they are not careful in how they use this form of credit. Knowing the best and worst cases for this credit pays out considerably as a result.
YES, it is advisable to apply for mini-loans if/if not:
- It’s a single-time expense
- Your need cannot wait
- You’re able to assume payment comfortably
- Consolidating debts
- You do not solicit regularly
- You know how much you’ll pay eventually
- You’re informed of how the credit works
- You have a recurrent need
- Your need can be postponed to a future date
- You’re not sure of your ability to repay the loan
- You might develop a dependency on this credit
- You don’t know how much you’ll pay back
- You’re not informed of how this credit works
You need to be fully prepared before taking out a loan that could endanger your capacity to make ends meet. You will evaluate your circumstances regarding the loan terms using the aforementioned criteria to decide whether or not the credit is the best fit for you.
How much money can I get with mini-credits?
Mini-credits are utilized when a temporary financial repair is required and are frequently small in size. Additionally, they have exorbitant interest rates and short repayment terms. However, if we show some dedication to the organization, the loan limitations might increase and the circumstances might get better. This is heavily influenced by the borrower.
Up to JD 3,000
Up to JD 35,000
Mini-credits have fewer requirements for qualifying than other loan types, therefore the lender might not take the risk of approving large loans on the first application. After several on-time payments, the lender will try to establish some amount of trust with the loanee.
Continued timely loan payments without any issues may persuade the lender to extend larger loans, lengthen the payback duration, and lower interest rates.
Requirements to access loans in Jordan
Depending on the organization and the type of loan, certain conditions must be met in Jordan. Online mini-credits, for example, have fewer conditions than long-term loans.
Knowing exactly what you need is crucial before signing a loan contract because an organization won’t tell you why they rejected your applications. This will lessen the possibility of negative credit history being reported to credit bureaus.
Below are some of the most common requirements:
- Posses a legal age. Some organizations won’t fund you if you’re under the age of 18, but they will fund someone who is at least 21. This is mainly because many people who are 18 yet qualify as juveniles.
- Your level of creditworthiness: Jordanian organizations, like those in other nations, will only be willing to fund you if you have a solid and trustable credit history.
- Residence. You can obtain a loan with either a long-term or short-term Jordanian residency visa, regardless of your country. However, some organizations will demand that owners of temporary residency permits have had them for at least six months to a year.
- Some lenders will require that you have held a bank account with one of the banks within the country
- Income: Before being approved for a loan, you must additionally provide documentation of a consistent monthly income of at least JD 700. Without a steady source of income, some organizations will finance you.
Documents to be submitted when requesting a loan
The documents that these businesses will ask for are typically straightforward and may be supplied by email, by scanning them, emailing a photo, or uploading them directly to the web form. The following paperwork is required before we may apply for a small loan:
- Copy of your passport, ID card, or any valid form of identity
- The last three salary statements
- Employment certificate
- Copy of residence permit
- Bank account statements
Depending on its operating conditions and your situation, an organization could ask for more documentation. Due to how quick and simple the online loan application process is, many organizations are choosing to reduce paperwork by having their clients fill it out.
How to take out loans online step by step?
Steps to contract a mini loan
- Choose the amount and repayment term
- Fill in the form
- Send the documentation
- Read and sign the contract
The loanee can receive funding in as little as 25 minutes through online mini-credits. Lenders swiftly handle the money and transmit it to the lender because the application procedure is entirely online. It’s a good thing that there are fewer eligibility requirements and the application process is hassle-free. The borrower won’t have to send their paychecks to some organizations.
Let’s examine the four most typical steps you’ll probably do while obtaining an online mini-credit:
- Through the entity’s web platform, the borrower asks for their preferred loan amount and the repayment deadline. You must decide how much money you need and how long you have to finish the payment process.
- Fill in all the blank fields honestly and accurately, making sure to include your full name, photo identification, date of birth, mobile number, address, and email, among other details.
- To evaluate our financial profile, the lender will review our data using an internet system and keep an eye out for anything that conflicts with our bank account. This is the phase that has the biggest impact on whether or not our loan application gets approved.
- You will receive the contract details through email after the lender approves your application. You must read them, make note of any important information, and then sign the document.
To fully understand the contract’s provisions, make sure to take notice of the contract’s fine print at the final step.
A loan should be used properly because it is intended to be good debt. To prevent being overly indebted, only take out loans when you need them, can afford to pay them back, and have no other options.
Always be aware of the terms of the loan agreement to prevent unexpected future payments.
About this page, our methodology
About this page: We take great pride in assisting you in obtaining the greatest financial solution that is appropriate for your financial condition. Through these, we gather the best information on consumer loans and compare the available offers so that you can choose the most appealing offer at the time
Source: The information regarding the main characteristics of loans in Jordan and their current regulation comes from Government portals, World Bank statistics, and the Jordan Consumer Credit Act, among other reference portals.
Methodology: The data relating to the conditions of these products (amount, term, interest, etc.) have been obtained through online research and consultation of the official statistics of the aforementioned reference sources.
About Us: FUNDGECKO is a website that evaluates products online with a focus on personal finance and home economics. In addition to assisting customers in comparing the financial products on the market, we also give comprehensive information that will speed up decision-making and enable consumers to choose the best deal.
Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products