After you complete and submit your online application together with all required supporting documents, our due diligence starts. When you apply for a loan, we consider a number of factors, such as your credit score, credit history, income and monthly outgoings (including but not limited to: rent or mortgage payment, bills, entertainment, etc.). We are more likely to consider your recent account history with their credit system as an overriding factor against other past credit setbacks related to other lenders. There will still be significant scrutiny of applicants before any funds are actually advanced.
In order to protect the customer, the lender and the wider economy against the risk of future financial difficulty, Sikamaster Loans is obliged to ensure that all loans are sustainable and affordable.
We verify and validate your provided information and supporting documents with statutory bodies and/or databases. It is a crime to submit false documentation for securing a loan, and we reserve the right to report all fraudsters to law enforcement authorities and will ensure to prosecute such offences to its logical conclusion, with enough legal cash reserves at our disposal - scapegoating. Learn more.
Loan underwriting is the process that we undertake to analyse all of the information provided by each loan applicant and their credit file to assess whether or not that applicant meets our minimum loan criteria. As part of that process all data is verified, analysed and summarised to paint a picture of each applicant.
Our experienced underwriting team review each case to assess the likelihood of borrowers making their required payments based on both the current affordability of the loan and their financial past. This means that we only approve loan applications where we can demonstrate that loan repayments are affordable, based on the applicant’s income and outgoings, for the term of the loan, and that the applicant has a strong record of managing credit in the past. Learn more.
If you are required to provide a collateral for your type of loan, we do an appraisal to estimate the market value ('future resellability'), to know the maximum loan amount you qualify for. Debt service ratio (DSR) for no collateral salary and personal loans are set a maximum of 45%.
Maximum Loan-to-Value (LTV) for all collateral loans are typically set at 80%. Can be 100% with additional security. Learn more.
If your information confirms who you say you are with credible data sources, we now consider whether you qualify to borrow from us, after considering loan purpose, credit records, repayment capacity. Learn more.
If loan is approved, we send funds to your bank accounts within 15 minutes. We only disburse loan funds to borrower's and/clients bank account and not via any other medium. Without a valid bank accounts in the exact name of the borrower or client with any of the 23 BoG-regulated banks, you cannot use our services.