Instant Personal Loan
Whether it's for a sudden expense, education, travel, or an opportunity you can't afford to miss. We introduce Reflect's instant personal loans! No lengthy paperwork, and no frustrating wait. A process designed to put cash in your pocket when you need it.
Why Reflect's Instant Personal Loan?
In less than 10 steps, and within 15 minutes, you can obtain an amount between 300-6,000 JOD, and pay back during a period of 3-60 months with an interest rate of 9%.
How to become eligible for a Personal Instant Loan?
✓ You must have a valid Jordanian ID.
✓ Your age should be between 18 and 65 at both the loan initiation and completion.
✓ You don’t have any existing loans with Arab Bank.
Age and Income Requirements:
✓ You must be between 18-65 years old.
✓ Salary must be 300 JOD or above.
Whether you transfer your salary to Reflect or not, you must have your salary registered to Social Security Corporation and you can apply as follows:
1. Salary-Based Loans
To be eligible for our personal instant loan, all you need to do is transfer your salary to your Reflect account for a minimum of 6 consecutive months, and have your salary transferred to social security.
a. We calculate salaries between the 15th to the 15th.
b. The maximum difference between salaries should be 35 days.
c. Loan Amount is given based on your DBR (Debt Burden Ratio)
| Salary | Maximum loan amount in JOD |
|---|---|
| JOD 300 - 999 | Up to JOD 3,000 |
| JOD 1,000+ | Up to JOD 6,000 |
2. Social Security Income:
If you receive Social Security Payments of at least 300 JOD per month, you’ll be eligible for a loan equivalent to your monthly salary, up to JOD 2,000.
A breakdown of our commissions:
- Granting Commission (one-time fee). 1% of the total loan amount
- Stamp Fees
- Early Settlement Commissions: No commission charges for early settlement. (First & only bank in Jordan)
- Past Due Penalties:
- 3 JOD if the overdue amount is less than 70 JOD.
- 8 JOD if the overdue amount is greater than or equal to 70 JOD.
- Re-scheduling Commissions: 5 JOD (Re-scheduling payments are not available in the first year).
- Deferment Fee: 10 JOD (Deferment is available in the first year).
- Life insurance: 0.5 JOD is debited monthly with each loan payment separately.
** Life insurance is mandatory for all borrowers.
** Governmental stamp duties are imposed on some banking transactions in accordance with the instructions of Ministry of Finance.
How does the collection process work?
- First installment will be due in 30 days from the date of loan disbursement.
- On the due date, we’ll automatically debit the payment amount (partial payments are accepted).
- Subsequent payments will be debited every 30 days.
- Every 30 days, an installment is debited directly from your account.
Delinquency:
- Interest accrues on the closing balance for each late day.
- The equivalent amount of the loan installment value and all interest and commissions will be deducted from your Primary Account or Savings Spaces.
