FAQs
Clear and transparent answers to all your questions about Loan financing
About Loan:
What is Loan?
Loan is a closed joint stock company operating in the field of micro consumer financing using technology – subject to the supervision and oversight of the Saudi Central Bank. It was established in 2022 in the Kingdom of Saudi Arabia and provides small loan services to individual consumers in the Kingdom with instant approval without the need to submit documents or visit branches.
Are the services provided by Loan compliant with Sharia regulations?
Yes, our services are compliant with Sharia regulations (Tawarruq financing).
Applying for Financing:
How do I know if I am eligible to obtain financing?
After completing the registration process through the Loan application and then starting the financing request, your eligibility will be calculated instantly.
Is it possible to submit a new financing request while having an existing one?
No, you must fully settle your current financing before you can apply for a new one.
In case of default, what are the legal procedures?
Loan has the right to file a default report with the Saudi Credit Bureau (SIMAH) as well as with the courts and relevant authorities. Therefore, please ensure timely repayment to avoid any future credit or legal consequences.
How do I apply for financing?
Download the Loan application on iOS or Android and complete the registration process. Based on your eligibility, you will be able to request financing.
Is there a maximum financing limit?
The maximum financing amount depends on the customer’s classification and eligibility. Please register in the Loan application, follow the steps, and you will be able to check your eligibility.
What is the interest rate?
Interest rates vary depending on the customer’s classification and eligibility. You can view the approximate financing calculator available on the website and application before submitting a new financing request to check the profit rate and any other related fees.
Why am I not eligible for financing?
Customer eligibility depends on many factors such as income level, credit rating with SIMAH, debt burden ratio, and other factors. When you submit a financing request, you will be notified in case of rejection. For more details, please contact our customer service representative through live chat.
The eligible financing amount is less than requested.
The maximum financing amount is determined based on Loan’s internal credit assessment mechanism. The credit evaluation is non-adjustable, and the maximum eligible financing amount at this stage is based on your profile (such as income level, SIMAH credit rating, debt burden ratio, etc.
How are fees calculated?
According to the financing agreement, we apply a unified service fee that is included in the total financing amount due. Early repayment of financing will help you avoid any additional fees.
Can financing be canceled after signing the contract?
Financing can be canceled within ten days of the request date, provided that the financing amount has not been transferred to any local bank account. In this case, the customer must pay the administrative fees incurred by Loan for approving the financing request in compliance with the Consumer Protection Principles issued by the Saudi Central Bank.
Registration and Login:
I see an error message indicating that my ID number is already registered in your system?
This means there is an existing confirmed registration using the same ID number and the verification process has been completed with Absher.
Why do I see an error message after entering my mobile number?
Please ensure that you are using your primary Saudi mobile number that is registered with Absher and linked to your national ID/residency.
I did not receive the one-time password (OTP) to complete the registration/login process.
Please ensure that you can access the mobile number you registered with Loan. The OTP is required to proceed to the next step.
I did not receive the OTP from Absher.
The OTP for Absher is managed directly by the Absher platform and sent to your primary registered mobile number. Please ensure that you can access and use this mobile phone, otherwise, you will not be able to apply for financing or continue repayment.
I forgot my password, how can I reset it?
You can reset your password by clicking on “Forgot Password” on the login page and following the steps. Please ensure you have access to the registered mobile number with Loan.
I received an SMS containing an OTP from Loan, although I did not apply for financing?
This may be a fraud attempt. Therefore, we will temporarily block the account registered with your mobile number and national ID to conduct further investigations. Please contact our customer service representative via live chat accordingly.
Transfers to and from Loan:
Can the financing amount be transferred to local bank accounts?
Yes, you can transfer the amount to any bank account within the Kingdom using the transfer option in the application.
My bank does not appear in the list of banks?
You can only transfer to local bank accounts within the Kingdom. If the bank you are dealing with is located in the Kingdom but not listed, please contact us.
How long does it take to transfer the amount to a local bank account?
Transfer requests to a bank account are usually processed from Sunday to Thursday between 9:00 AM and 3:00 PM. Otherwise, the amount will be deposited into your account on the next business day after 9:00 AM.
The amount has not been deposited into my bank account?
Please provide our customer service representative via live chat with the transaction reference number or a screenshot of the transfer process, and we will respond to you shortly.
Transfers to and from Loan:
I transferred an amount from my bank account, yet the weekly interest was added before the amount reached my Loan account?
Please provide us with the transaction reference number via live chat (screenshot or SMS notification). We will verify the request and take the appropriate action accordingly.
What are the methods of repayment?
You can repay your financing online using a credit card, debit card, Mada card, through transfer from a local bank account, or through direct debit. Your Loan wallet account number will appear in the application (when you click on “Pay using Quick Transfer”.
Are fees deducted in the case of early repayment?
You can save if you repay before the installment due date. For more details, additional information is available via the Loan application.