Personal Loan
Cash for weddings, renovations or life's big moments, repaid monthly.
Loans and finance
Five due dates. One payment.
Combine your credit card balances and loans into one Lanternvale Debt Consolidation Loan at 8.49% p.a., and see exactly when you will be debt-free.
Applications are not possible: this is a fictional test website.
Key benefits
One monthly instalment
Replace several payments and due dates with a single, fixed instalment.
Lower cost than card debt
8.49% p.a. instead of card rates that can reach 24% APR or more.
We pay your lenders
We settle your other cards and loans directly, so the money goes where it should.
A clear end date
Know the month your debt ends, up to 8 years from today.
Who it's for
For people who pay every month but never seem to get ahead.
- Customers carrying balances on two or more credit cards
- Borrowers with a car loan and card debt at different banks
- Families whose instalments now take too much of their salary
- Anyone who has missed a payment because of too many due dates
Features
- Consolidate up to JOD 75,000
- Rate 8.49% p.a. on a reducing balance
- Tenor up to 8 years
- Direct settlement of other lenders
- Free session with a money coach
- Option to close settled cards to avoid new debt
Is consolidation right for you?
Consolidation works best when it lowers your rate and you stop adding new debt. Stretching the term lowers each payment but can increase the total you pay. Our money coach will show you both numbers before you decide.
Rates and figures
| Before | After | |
|---|---|---|
| Debts | 3 credit cards at 24% APR + 1 personal loan | 1 Lanternvale loan at 8.49% p.a. |
| Total owed | JOD 18,000 | JOD 18,000 |
| Monthly payments | About JOD 640 across 4 due dates | About JOD 460 on 1 due date |
| Monthly saving | About JOD 180 |
Illustrative example with fictional figures. Your saving depends on your debts and the term you choose. A longer term can mean paying more in total.
Fees and charges
| Administration fee | 1% of the loan amount (maximum JOD 300) |
|---|---|
| Early settlement | 1% of the outstanding balance |
| Late payment | JOD 10 per missed instalment |
| Money coach session | Free |
Eligibility
- Aged 21 to 60 at the end of the loan
- Minimum monthly salary JOD 500
- Salary transferred to Lanternvale
- No payments more than 60 days overdue in the last 12 months
Documents you need
- National ID or passport with residence permit
- Salary certificate
- Latest statements for each card and loan to be consolidated
- Settlement letters from other lenders
How to apply
- List your debts and check the calculator
- Apply with your latest statements
- We confirm your offer and settle your other lenders
- Start one monthly payment
Frequently asked questions
Which debts can I consolidate?
Credit cards, personal loans and car loans from other banks and finance companies, up to JOD 75,000.
Will I pay less in total?
Usually yes if your current rates are higher, but a much longer term can raise the total cost. We show you both figures.
Do I have to close my old cards?
It is not required, but we recommend closing or lowering the limit on settled cards.
Does this affect my credit record?
Settling several debts and paying one loan on time can help your record over time.
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Lanternvale Bank is fictional. Figures are examples for software testing only. Finance is subject to credit approval and, if it were real, to local banking regulation.