What measures are in place to encourage repayment?

  • Salary Deduction Orders.
  • Sharing of loan balances with the licensed Credit Bureaus. It is important that customers maintain a good credit history to avoid unfavorable loan experiences in the future from any other financial institutions in Jamaica (this includes hire purchase arrangements, etc.)
  • Encouraging beneficiaries to make payments towards their loans while in moratorium (in school years), where possible. This will reduce the interest cost and ultimately the monthly amount when the repayment period commences.

Less than the cost of a patty a day, goes a long way in reducing your loan balance faster.

  • Incentivize customers whose accounts are current or no more than 30 days in arrears consistently for at least one year. These customers get a reduction of 2% in the interest rate.
  • Increased collaboration with key stakeholders such as the Tax Administration Jamaica (TAJ) for employment information.
  • Partnership with relevant Public and Private Sector stakeholders with a view to strengthen the SLB’s ability to collect.