How does one qualify for a Bayport Loan?
The primary requirement is that one must be in formal employment and a payroll agreement should be signed between Bayport Financial Services and the prospect’s employer.
Why don’t you give loans to people that are not in formal Employment?
Because Bayport loans are payroll based.
Why do you stamp on pay slips when clients get loans?
This is a control measure to ensure that any other provider wishing to provide credit facilities to the client takes that information into account as they conduct credit checks prior to the new loan appearing on the subsequent pay slips.
Why do you need pre-approval forms when there is an affordability criteria that you use to determine how much one can afford?
The ‘Loan Pre-approval Form’ provides additional controls from the employer’s perspective and re-confirms one’s employment status.
Why do need clients bank cards, statements and utility bills?
This enhances the Know Your Customer (KYC) requirements and provides a more detailed understanding of who our customers are.
Why do you need 3 pay slips when they probably have the same information?
This is because three pay slips may not necessarily have the same information. Additionally pay slips for a longer time horizon provides more information regarding one’s payroll-based obligations useful for making credit vetting decisions.
If one has a running loan, are they able to access another loan.
Yes one is able to refinance the existing with a new loan.
What is the maximum loan one can get?
The maximum loan amount depends on one’s net income. The higher you earn the higher the loan amount.
After how many months are the clients eligible to get top — ups and how much can they get?
This depends upon one’s income and existing obligations. Visit the nearest Bayport branch to know the exact affordability.
Is it possible for one to access a loan from a branch different from his home town?
Yes as there are no restrictions on where a loan can be accessed from.
What is Bayport Kwachamover?
It is a local money transfer product offered by Bayport Financial Services.
Is the Bayport Kwachamover available to non-loan clients?
Yes it is.