Everyone needs an emergency loan and nowadays, many people resort to what is called ‘Dinau moni’ from informal businesses.
Malina Finance, a subsidiary company to VITIS Industries, have created the new loan service that can be accessed online, with the aim of helping people get by until the next work fortnight.
The requirements are that one must firstly be currently employed to be eligible for this package.
The product ranges from 100 to 1000 kina, and there are four different categories in this loan.
First time loan is the one that you will need to apply for, and it is for a K100. You have 7 days to repay it. Once you complete that loan, you then qualify for the advanced loan, which is K250.
Applicants have to apply for the K250 loan three times, and if they complete the loan each time and within the set period, the applicant is eligible for the Consumer Loan. The amount then, increases to K500, with a 14-day repayment schedule.
Successful completion of this loan repayment qualifies for the Golden loan, which is K1000, and this amount requires 30 days to repay.