Mobilink subsidiary company Mobilink microfinance bank as well as known as jazzcash started micro loans service in Pakistan.
Jazzcash mobile wallet digital payment system started their new service called ReadyCash Service in mobile wallet accounts.
Micro Loans in Pakistan
Initially easypaisa introduces micro loan services through their mobile wallet weekly and monthly loans service after that Tez financial services and now jazzcash is also providing micro loans Currently upto 5000 rupees.
How to become eligible for jazzcash ReadyCash
If you are a jazzcash mobile account holder then you have a easy eligibility criteria to get access this service in your mobile wallet.
Please note that this service is on pilot version so the account holders can only avail upto 5000 rupees loans limit. This means that if you want to get loan from jazzcash readycash service then you also need to unlock the higher amount with the continuously getting loans and maintaining the better financial statement.
Jazzcash has not yet implemented the loan utilising service in their Android and IOS application.
Therefore you can only access this service if you are a customer of Mobilink/Jazz sim card. You can use the Readycash service through your mobile phone dialler option.
It is important that you only can avail get Readycash loans service after getting the confirmation message from jazzcash Mobilink microfinance bank loan service eligible customers. This means that if you want to become eligible of jazzcash ready cash service loan you must maintain your financial statement according to their terms and conditions and eligibility criteria.
This is not exactly mentioned on any section of jazzcash ReadyCash service terms and conditions, clearly that what is the exactly financial statement maintaining criteria for eligibility of readycash service.
You can only avail this offer if you will receive the confirmation or appropriate customer or Borrower of the JazzCash Ready cash service authorized customer confirmation message.
JazzCash Loan Fee/Interest
Currently you will be charged 5% of the loan amount charges upon weekly repayment. This is call by Jazz cash Mobilink microfinance bank as a loan service charges or a fee but its currently running in Pakistan it is noted as interest and in Islam it’s haram so it’s not appropriate for Muslims to get loan from this kind of loan providing Policy Service.
For example maximum if you will apply for 5000 rupees loan amount for a week and when you will go for the payment you will be charged as amount 5% of interest which is in total you need to pay amount of 5,250 PKR.
Now if you will apply 5000 rupees of loan amount for whole month as a total you will be apply for four weeks this will be charged amount of 1000 rupees upon getting loan of 5000 rupees in total.
According to the policies and loan repayment charges it is far higher than the market rates. This means that you will be charged 20% of loan amount for a single month. It is not suggestive to get loan from that kind of policy services, unless you have an urgent or very important condition to fulfill the financial requirements. Initially you can’t access the full 5000 limit of loan amount you need to unlock the amount through gradual Relationship of maintaining the legitimacy and repayment borrower financial statement.
What happen if the borrower fail to pay the loan on time or not want repayment.
The repayment process is little bit flexible but not much you need to pay the loan during the acceptable time period. If you have apply for a specific amount of loan you need to pay in a week or weeks period. Let’s say you have apply for 5000 amount of loan for a four weeks period but you failed to pay loan after 4 weeks duration then you will be charge 5% of loan amount weekly until you will not pay the total amount. If you will pay the partial amount of your loan amount then you will be charged 5% of the remaining outstanding balance on the weekly basis.
Please note that the 5% is estimated value aggregated by research. Jazzcash has already made terms and condition you should read before applying for loan on their jazzcash website.
In a worse case scenario if you will not repayment or intentionally or unintentionally will not able to pay the loan back to Mobilink microfinance jazzcash mobile wallet in a 90 days period you will be reported to State Bank of Pakistan as a black list defaulter from Pakistani loan facilities. This will exceptionally affect your future applications for loans to Pakistani banks.
How to Apply for Jazzcash ReadyCash Service.
You can apply for readycash service for your mobile phone USSD code dialler. Follow the following steps to apply for readycash service.
- Dial *786#
- Enter 4 For ReadCash Selection
- Enter 1 For select Apply
- Enter Selection Number the Desired Loan Amount You Want.
- Enter MPIN For Confirmation and Also Agree the Terms & Conditions.
You will soon receive the loan application approving confirmation proceed sms in your inbox.
If your loan application will approve, you will receive your desired selected amount of money in your mobile wallet. You can transfer and withdraw it shortly.
In case your application will reject or not approved by the jazzcash microfinance Bank then you can apply for another loan application after sometime if you will rejected again that mean you are not eligible for loan service. The Mobilink microfinance bank has mention in their terms and conditions that we are not liable to tell the reason why we are rejecting your loan application.
You can do the same process according to how to apply Jazz cash Readycash loan application similarly you can repay your amount of loan with the total charges and loan tenure.
Remember that if you can’t repay the loan of Jazzcash on time you will be charge overdues of extra charges on weekly basis if you have selected for one week of period and can’t or failed to pay loan after the loan period then you will be extended for one more week for repayment with the overdue charges after that if you will even unable to pay loan then the legal investigation or legal action could be taken by the jazzcash microfinance Bank.