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What happens if I do not repay the loan on the due date?
You will be charged a penalty interest rate of 37% per annum for each day the loan remains unpaid, a lien will be placed on your account, and you will not be able to access another Pay Advance Plus Loan until the facility is fully repaid and 6 months have passed since full repayment.
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How do I repay this loan?
The total outstanding amount, including the loan amount and processing fee, will be automatically deducted from your salary account on the due date you selected. The due date must be within 30 days of acceptance.
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How soon can I borrow again after fully repaying my previous Pay Advance Plus Loan?
Immediately, once there are no overdue payments on any of your NCB facilities.
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Can I repay early?
Yes. Early repayment is allowed, and there is no penalty. You must visit a branch to do so.
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How long will the assessment take after I submit the required documents?
Up to 5 business days.
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What documents do I need to provide with my application?
You will need a salary assignment letter approved and signed by your employer, plus your most current payslips. Weekly paid customers upload 12 latest payslips, fortnightly paid customers upload 6, and monthly paid customers upload 3.
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Who can apply for a Pay Advance Plus Loan?
An NCB customer with an active JMD savings or chequing account, no overdue NCB loans or credit card payments in the past 6 months, employment with a company from which NCB accepts salary assignments, and consent for NCB to pull their credit report at no cost.
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How do I know if I am pre-approved?
You will receive an email with an offer code and instructions to visit the NCB website to accept the offer.
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How does NCB pre-approve customers for the Pay Advance Plus Loan?
You may be eligible if you are a Jamaican resident, your salary has been paid to your NCB account for at least the past 6 months, your account is not jointly held, you have had no overdue NCB loans or credit card payments in the past 6 months, and your average account inflows less current…