Loans from $5,000 to $100,000
from the comfort of your home
Permanently employed and paid through a bank? InstaLoan is the fastest most convenient way to access cash, and the application is 100% online. You could be approved in just one business day.
Apply in minutes. Money within days1.
What would you like to do?
Fast. Easy. Safe.
Call us crazy, but we think you shouldn’t have to go through a long, drawn-out loan process when you need quick cash, so we designed a smart online experience to get you paid fast. With InstaLoan, you never have to visit a bank in person. How’s that for convenience?
How it works?
Submit your personal, financial, and employment info using the simple form. Then upload a few documents like your job letter and payslip.
Verify your info
We get to know you. We verify your identity, income, expenses and take a look at your credit history to determine your InstaLoan terms.
Get your money
Once approved, you’ll review and accept your loan and we’ll transfer the funds to your bank account. 100% online. It’s that easy.
Stop stressing about unplanned expenses.
We get it, life is full of surprises. Whether you need to pay a bill, handle an emergency, or go on a family getaway, grab your phone and get an InstaLoan.
Once you’re approved, you can get cash in as little as one day. It’s as easy as ordering a pizza, except you build valuable credit history.
A loan that always has your back.
Stop depending on others not knowing if they’ll come through for you.
Questions? We’ve got answers.
Here’s the skinny on InstaLoan
What is InstaLoan?
Are there other fees?
What documents do I need to provide?
- One piece of national ID (passport, driver's licence or national ID card)
- Selfie (uh huh, we’ll need to see what you look like)
- Bank Statement (Two recent bank statements which show your name, your address, bank, branch (only if you’re with Scotiabank) and bank account number as well as account activity including salary payments and other credits)
- Payslip (two recent payslips)
- Job letter (A letter on your employer’s letterhead with details about your job title, employment tenure and salary)
Who’s behind InstaLoan?
Do I need to provide collateral?
Are there any penalties for early repayment?
What’s the interest rate?
How do I qualify for an InstaLoan?
- You are between the ages of 20 and 65
- You earn a net salary of at least TT$3,000 a month
- You have a regular source of income which is paid into a local TT$ bank account
- You’ve been continuously employed for at least 2 years
- You have a good credit history
- You can afford to repay the loan
- You are a current resident in Trinidad and Tobago and have lived here for at least 3 years
How do I refer someone?
How is the cost of my loan calculated?
- Amount of Credit: How much you request to borrow.
- Interest: What the Lender(s) will earn for lending you their money. Interest is charged on the amount borrowed and the Carilend Fee.
- Carilend Fee: This is what you pay Carilend. The fee is spread over the life of your loan and included in your monthly instalment. It covers:
- Arranging and managing your loan (currently TT$850)
- The Reserve Fund Contribution which helps protect our Lenders (Varies as a percentage of loan amount depending on your credit score/Risk Grade)
What are some other useful terms I should know?
APR (Annual Percentage Rate): The total cost of your loan as an annual percentage. This is useful to compare loans.
Loan Servicing Share of Interest: The amount we deduct from the interest you pay in every Monthly Instalment to cover the costs of managing your loan (currently set at 30% of the amount of each interest payment).
Late Repayment/Failed Direct Debit Fee: The fee payable for each time a loan payment is missed or paid late and/or a direct debit request is declined by your bank.
Interest on Late Payments: The interest paid on loan payments that have been missed or paid late.