Frequently asked questions about loans
- If I make the request, how long do they contact me?
Our advisors work to give immediate response and pre-approval. Within a maximum period of 2 working hours after making your request, a credit counselor will contact you.
- Does it matter if I am a foreigner?
No matter. Foreigners can apply with a valid passport.
- I am an independent worker. Can I apply for a loan?
Clear! We grant loans to independent workers, public employees, merchants and private employees.
- Do they review the credit history?
We do not judge you, your credit history does not matter. Although we can review it; but only for confirmation of your personal data.
- Can I pay my loan debt or pay it off before the end of time?
Yes, you just need to be up to date. With each subscription you can decide to lower the time or lower the fee. In the case of settlement, a penalty is applied for loans settled before half the time, equivalent to the interest that is lacking to meet half of the time.
- How will I get information about the status of my loan application?
Once you complete the application you will receive an application number; to get updated information you can call your advisor or contact customer service.
- How can I make payments on my loan?
You can make your payment through the following channels:
In cash or check directly at our offices
– Request that a courier be sent to you at home
When making payments by deposit or transfer please put only your name and inform your credit counselor.
- Can I add my spouse’s income to get a larger amount of credit?
Yes, in the application you will have the option to add your spouse’s income. This will increase the maximum amount of available credit.
Loans with vehicle and heavy vehicle warranty
- How much money do they lend me for my vehicle?
Our loans range from RD $ 25,000 to RD $ 1,000,000. Depending on the year of the vehicle, up to 85% of its value can be financed, subject to appraisal, you just have to fill out the application form and an advisor will contact you shortly.
- What is the loan rate?
Our rates start from 1.5% per month, FIXED for ALL the time of the loan. The rate varies according to the year, make, model of the vehicle and its conditions.
- What is appraisal?
The appraisal is the study performed on the vehicle to assess the conditions in which it is found: physical, mechanical, electronic, etc. and give it real value in the market, according to those conditions. At Panacédito we have expert appraisers who will evaluate your vehicle so that your loan can be approved more easily and quickly.
- From what year do the vehicles apply?
All types of vehicles are considered regardless of the year.
- Are there any restrictions on the vehicles?
No. We work with all brands and types of vehicles, including luxury or sports vehicles; The amount to be provided will always depend on the year, model, brand of the vehicle and the conditions in which it is located and the applicant’s payment capacity.
- What requirements must I fulfill as a client?
The only requirements are: to be of legal age and have the original license plate of a vehicle.
- What documents should I bring to apply?
You do not need any document to apply. Documents such as the identity card or the copy of the registration, among others; they could be requested during the process. However, for the disbursement it is essential to present the identity card and the original license plate of the vehicle.
- Do cars with legal insurance apply?
Yes. Vehicles with legal insurance apply. Currently vehicles that apply for full insurance are maximum 10 years before the current year depending on each insurer.
- Can I apply if I have the act of selling my vehicle, but I have not yet made the transfer?
Yes, you can apply and be approved; but to be disbursed, you must carry out the transfer of the registration in your name. In this case, the company can collaborate with the transfer procedure and the expenses of the same and the amount of the transfer will be deducted from the loan.
- How do I receive the loan money?
The disbursement of the loan is by means of immediate transfer as soon as we have the original registration.
- If I still do not have the vehicle because it is to buy it, can I apply?
Yes, in that case the vehicle that is under warranty is the same that you want to buy. We make a letter of commitment to the seller in which we promise to disburse the approved amount as soon as we have the registration in your name. We can help you with the transfer. The costs of the transfer can be deducted from your loan.
- If I do not have a vehicle and I do not want to buy one, can I apply?
In the case of not having your own vehicle and not wanting to buy one, if you have a friend or family member who has a vehicle that can be placed under warranty, you can apply; in this case they would sign both: you as the applicant and the other person for being the owner of the vehicle since you must authorize the warranty.
Loans with real estate guarantee
- Do they lend with all types of properties?
At the moment, we only provide a guarantee of houses, apartments, buildings or commercial premises, located in the city of Santo Domingo. No land or farms.
- How long can I take the loan?
A bridge loan is designed for the short term and generally no more than 12 months; however, it is not uncommon for some loans to last up to two years. During those 12 months, only interest is paid and in the end the entire capital is paid. You can also make direct payments to capital to lower the monthly fee.
- How much money can I borrow?
We can lend you up to 50% of the appraised value or RD $ 2,000,000.
- What is the minimum amount they lend?
RD $ 500,000.00.
- What interest rate would you pay?
The interest will depend on the loan-to-value ratio of the guarantee, as well as its quality; but typically it ranges from 3% per month.
- How long do you approve me?
Once you send your application, we will call you immediately and coordinate the appraisal of your property, for that day or the next. You will have our answer within 2 business hours after we receive the appraisal of the property.
- How long do I receive my money?
Each case is different; however, if the requirements are complete, you would be receiving the funds within 48 hours.
- What are the charges for issuing the loan?
10% with a minimum of RD $ 75,000.
- Are you going to surprise me with additional charges?
- Can I pay them before expiration?
Yes, only a penalty applies for loans paid before the mid-term.
- Do I apply if I have the title financed?
As it is a short-term bridge loan, we need the original final title in the name of the applicant, free of mortgages. We do not work with second-rate mortgages.
- If I have a recent appraisal can work with her or should I make a new one?
Yes, you can send your recent appraisal to be evaluated by the credit department along with the application.
- I do not have a title, can I apply?
To apply, you can apply without the title, but for the disbursement we require the original final title in the name of the applicant or that the holder signs together with the applicant. We do not work with headbands or sale acts for disbursement.