NFL allays concerns over loan repayment – ​​Solomon Star News

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THE National Finance Ltd (NFL) is calling on customers across the country to work closely with them if they have loan repayment issues rather than going to social media.

Solomon Islands Regional Director of National Finance, Trent Allan, made the call after someone by the name of Gabie Knoxie posted on the YumiTokTok forum this week that the company’s loan repayment rate was very high.

Mr. Knoxie wondered if “National Finance” is a legal business and has a business license to operate as a CBSI mandated financial institution here?

He raised the issue after customers suffered interest on loans charged to them. His loan interest was over 100% repayment.

Knoxie said the creation of the company targets the poor and needy indigenous people of this land. They are there to make money rather than to help people.

He therefore calls on the responsible authorities to address this problem, in particular the CBSI and Commerce.

In response, NF Regional Manager in Solomon Islands explained that National Finance was first established in Solomon Islands in 2017 after a long-standing business in PNG which is ongoing until today.

“We have been and are licensed to provide financial services since the inception of the business and offer unsecured personal loans to SIG employees, government officials as well as registered business partners.”

“Our interest rate is a fixed rate of 2.4% fortnightly for the majority of trading houses, but this may vary depending on the risk associated with small businesses.

“This means that the longer the term of the loan, the higher the total amount of interest can be, or the shorter the term of the loan, the lower the amount of interest will be. It is the choice of each client when selecting the number of fortnights for the desired loan amount,” Mr Allan said.

He added that this is very clear to all customers who wish to enter into a loan agreement with NF. “National Finance also maintains a strict responsible lending policy where in the application process the applicant is assessed and must have sufficient take home pay not only to support themselves fortnightly but also for all dependents. his charge as well as for his spouse if he is not employed. .

“The term unsecured lending means that unlike the big banks who hold a two-thirds pledge on SINPF (retirement savings) applicants, we don’t. However, all of our loan products are repaid in the form of salary
deduction,” Mr. Trent explained.

The other main difference with National Finance compared to commercial banks is their processing time, why wait up to three weeks or a month when you need funds urgently – National Finance has the fastest
loan application processing time in the country, he said.

“On top of that we are renowned for our promotional activities and giveaways, most recently over the Christmas period, (4) lucky contestants won a cash prize of $10,000 each. We have several other promotions and
gifts planned again for 2022.

“Rather than fishing for attention on social media, I encourage all concerned parties to contact the HIR office on 29777 OR contact me directly on [email protected]“said the NF boss.

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