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 Personal Loans in Jordan, Everything you need to know.
1. 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
2. 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
3. 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
Personal Loans in Jordan, All You Need To Know:
FUNDGECKO is here to take you to the ideal consumer credit that’s consistent with your needs and quirks, assisting you in making an easy and quick financial selection. Our responsibility is to inform you of everything you should know before obtaining consumer credit.
The current market for personal loans
FUNDGECKO gives you a continous update of the most relevant news regarding consumer credits. Take a quick read of what affects credits this month.
- The current lending rated in Jordan are shooting higher from 8.77% in June to 9.04% in August. This is due to the hiking inflation rates with unsteady money supply in the economy.
- Besides Jordans recovery from the covid-19 pandemic, the Ukraine-Russian war is deeming up the economic viability of the country. The global economic fragility is being accelerated by war and sectors such as tourism and financial sectors are much affected.
- Jordan is in a sharp downtuirn economically with rising prices on consumer products imported from Ukraine. Unemployment is also at its acceleration point of 25 %. Government subsidies to the Jordanians has increased public debt rates by the country. Hower the International Monetary Fund has chipped in to restore fiscal stability.
- Lending rates are also advancing due to high living cost. Lending sectors are forced to increase lending rates to maintain its break-even point in business. This affects borrowers who wish to borrow loans as threu fall into huge financial debts it attempts of sustaining lives. However, the government has promised to step into financial markets and offer support to stabilize lending rates.
Although Jordan is still a good option for personal loans due to its stable banking and financial systems, the situation may change as a result of the ongoing Russian-Ukrainian invasion. However, the government is working to protect lenders from the damaging impacts of the conflict.
How to compare between online loan offers?
Before choosing a course of action, it is important to weigh all of the elements that could effect your loan. Consequently, you’ll need to compare more than two offers as you compare them using the pertinent criteria, such as interest rates, link costs, fees, and repayment terms, among others.
This parameters differ from one lending organization to the other and failure to conduct thorough comparisons might lead you to un effective selection. Therefore, we advice you to
By copying this table and performing different simulations according to the project we want to finance and the offer made by each entity, we will be able to know which one will be the best simply by comparing the total cost. This will guide you in the selection of an alternative that best meets your financial needs.
How to use FUNDGECKO to get personal loans
FUNDGECKO strives to simplify the user’s job by outsourcing the most pertinent information about loans, including those loans’ features, operational terms, and conditions. At the end of the day, the user will have the greatest information needed and know how to obtain the best loan anytime they require it.
Our site requires the user to follow the following steps:
- Compare between the different loan offers you’re interested in for free.
- Go through the small print of the contractual terms to learn about its conditions and terms of operation.
- In case you develop any questions or doubts along the way, FUNDGECKO will step in as soon as you reach out so that you may have confidence in choosing a consumer credit of your preference. Click on “Contract” to get to the entity’s website and our experts will walk you through the whole application process.
- Our clients always want to come back and share their experiences with us. Hence, we’ve provided a comment section where the user is free to share with newbie users about our services.
Why do you look for personal loans?
You might consider getting a personal loan for a variety of reasons. Among other things, a personal loan is your best option if you want to make a significant purchase, buy a smartphone, buy a car, remodel your kitchen, take a trip, and finish a project.
In addition, a personal loan may be used for the things listed below:
- Consolidating existing debts
- Finance huge purchases
- Finance your wedding
- Finance your studies
- Finance vacation or trip
- Furnish or renovate your home
- Finance your projects
- Purchase home appliances and electronics
- Car or house purchase
- Finance your health and beauty
Note: Personal loans are comprehensive, so you might choose a loan that is tailored to your needs depending on what you plan to use it for. For instance, because personal loans have high interest rates, a student loan is preferable to one taken out to pay your tuition. Therefore, speak with your lender to determine whether there are any better lending options.
How to apply for a personal loan?
The short, simple application process for personal loans is one of the reasons why they are so popular. Some organizations will demand the borrower to physically apply to their offices, even if you may have the ability to do so online. Some of the most typical actions to take when using personal loans are listed below :
- examining loan proposals. Working with only one organization will not be an option given the number of personal loan lenders in Jordan. Before choosing a choice, get information on the terms of the loan from at least three different personal loan providers.
- Before applying to the lender, whether in person or online, be sure to complete it with the most accurate and genuine information possible about yourself as well as the terms of the personal loan (purpose, amount, and period).
- Pre-approval notifications are sent out immediately for online applications, and two days later for paper applications.
- Send the relevant paperwork to the organization in person or online using one of the many available ways.
- If the organization accepts your application, you will receive pre-contractual information, which you must read to understand the terms and conditions of the contract, including the sum, period, interest, and commissions.
- If we like the deal, we’ll sign the contract (in the office or by digital signature). Ensure you understand the loan terms before signing the contract.
- Obtain the funds. It may be paid to us right away or for a maximum of 48 hours, depending on the lender.
Requirements for personal loans in Jordan
According to Jordanian Law, there are several standards you must fulfill before your loan application is granted. Some of the most typical needs are listed below:
- Be of legal age – Most leaders in Jordan require 18 years. However, some lenders also have a maximum age cap ranging from 21-23 years.
- Jordanian residence. Some lenders will also grant you funds if your residence is within the canton in which the entity serves due to fear of doubtful debts.
- You have stable employment. Borrowers are not eligible for loans during their probation in Jordan.
- Have a healthy level of debt. Owing a lot of money for other credits will reduce our chances of getting financing again. Our level of debt should be in line with our income to avoid strains during repayment.
- Creditworthiness. Lenders will re-check your past credit records with former lenders to evaluate your transparency level
We must exercise responsibility and refrain from taking out personal loans if we cannot handle their repayment. In that regard, it is advised to set aside no more than 35–40% of your income for paying your loan payments. To determine the overall cost of the credit and determine if we could or could not return it, we can utilize a personal loan simulator.
Documentation for applying for a personal loan
- Copy of your identity card or any other valid proof of identity.
- Proof of address. Utility bill.
- A bank statement that includes your income and expenses for the past few months.
- Proof of income. Depending on the entity, you might need the last three payslips or salary transfer letter.
- The last income tax return (especially if we ask for large amounts).
- Have a proposal form wherein you’ve detailed the loan purpose.
You can avoid a lot of paperwork by applying for a personal loan from a bank where we have an active account and where your receipts and income are reported.
Who grants personal loans in Jordan?
Unlike in the previous two decades, banks no longer have a monopoly on lending thanks to the entry of alternative financial institutions into the contemporary Jordanian financial sector.
In this part, we’ll list every lender we could discover and describe how their loans work:
Entities that grant personal loans:
- Bank entities
- Credit Financial Institutions (CFE)
- Private Lenders
- P2P Lending Platforms
Obtain financing through banks
- A wide variety of financial products
- Long repayment periods
- Huge loan limit
- Friendly interest rates
- Fewer eligibility criteria than other loan providers
- Slow hiring at times
- More expensive than other providers due to commissions
- Seniority is greatly considered
- More related products
Credit Financial Institutions (CFE)
- Loan purpose is not limited
- Low interest rates
- Cheap because fewer commissions are involved
- Fast application process
- Stringent eligibility criteria
- May greatly affect the applicant’s credit history
Getting loans online with private companies
- Offers loans to new applicants
- Fast application process
- Few eligibility criteria
- Expensive due to high interest rates
- May greatly affect your credit history
Financing through P2P platforms
- Fast application process
- Top loan conditions
- Expensive with high interest rates
- Long processing time
- Not available to applicants with a negative credit score
FAQ: Frequently Asked Questions
What is a personal loan?
When borrowers are facing a financial emergency, they turn to personal loans as consumer credit. The borrower receives a specific quantity of money from the lender, which must be paid back after the predetermined time. Due to interest, charges, and other expenses, the amount to be refunded is always greater than the principal amount we receive. The lender may require us to make payments in full at once or in installments, depending on the terms of the agreement.
Naturally small and with high interest rates are personal loans. Additionally, their repayment terms are brief. As a result, they are typically used for modest financial emergencies like paying off debt, paying for medical expenses, or finishing a project.
Why don’t you give me personal loans?
There are a few causes for the denial of your loan application. The lender is not required to give you the money. Therefore, if you make even one error, you’ll be automatically denied the loan. Your application will be turned down if you have a poor credit history with any Jordanian credit bureau. The eligibility requirements we outlined above, such as those related to your residence, goal, job position, and age, may also not apply to you.
What is the binding offer of personal credit?
The lender will always make you a legally binding offer before you agree to apply for credit, including the terms and circumstances of the loan agreement. You will have 14 calendar days to review it and weigh your alternatives.
Can personal loans be paid in advance?
It’s possible that you’ll want to pay back a credit before the deadline, and Jordanian law allows for that. The full amount, which includes the principal amount, interest, fees, commissions, and any other costs, will need to be paid by the applicants. You must, however, give the lender advance notice before making the payments. Some organizations will impose an early payback penalty.
What if I take out a loan online and then regret it?
Consumers may cancel their loan application under Jordanian law within a safe 14 days of obtaining the payments. Penalties apply if more than 14 days have passed.
What happens if I don’t pay back a personal loan?
Since taking out a loan represents an obligation, it is unlawful to fail to repay the money. Not only will this register your name with the credit bureaus’ record of debts, but it will also harm your credit history. Additionally, this will prevent you from obtaining loans in the future.
When to Apply for a Fast Loan
You require immediate financial assistance, presumably as a result of an emergency. Fast loans are tiny in amount, have a high interest rate, and have a brief repayment period. Only when a purpose is urgent and cannot wait until your next paycheck is it applied for a loan. Therefore, it’s a good idea to borrow sensibly and pay back a loan before taking out another.
Only if you can comfortably and on time assume repayment obligations will a loan be beneficial. Make sure to carefully study the contractual conditions that the company sends you to prevent any unexpected payments in the future.
Be careful when borrowing money.
About this page and 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.