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:
✓ For ages 18-26, the minimum salary requirement is JOD 200.
✓ If you’re 27 or older, your minimum monthly salary should be JOD 300.
Whether you receive your salary to your Reflect account and have it registered to the social security, or in case you do not transfer your salary to Reflect, provided that you have it transferred to social security you can apply for a personal instant loan as follows:
* Users are only eligible for one loan at a time. (must pay back initial loan to get a new one)
1. Salary-Based Loans
To be eligible for our personal instant loans, all you need to do is transfer your salary to your Reflect account for a minimum of 6 consecutive months and make sure to have it registered to the minimum of 6 consecutive months. It’s that easy!
a. We calculate salaries between the 15th to the 15th.
b. The maximum difference between salaries should be 35 days.
Salary | Maximum loan amount in JOD |
---|---|
JOD 200 - 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).
- 6. Deferment Fee: 10 JOD (Deferment is available in the first year).
- 7. Life insurance: 0.5 JOD is debited monthly with eachloan 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.