Need instant short-term loan right away? JazzCash brings to you ReadyCash by Bank Alfalah, a loan service that will process and issue you a loan in a few seconds for up to PKR 30,000
ReadyCash by Bank Alfalah is a convenient, small ticket sized loan product offered to existing JazzCash Mobile Account holders. With this service, customers no longer need to go through heavy documentation or processes to get a loan. With just a few taps on your mobile phone, you can get an instant loan in your wallet and fulfill your needs right away!
Customers can avail ReadyCash by Alfalah for a duration of eight weeks; with the option to pay back early as well. Further, customer can also repay their loan in either full or partial amount, as per their convenience. The loan offers optimized pricing starting from 8% per week. However, repeat customers can benefit from reduced pricing through positive repayment behavior.
Eligible customer can get only a single loan at a time ranging from PKR 500 to PKR 30,000. The loan amount, however, is subjective and range can vary over time based on customer’s Mobile Account and JazzCash App usage and credit scoring. Currently, the service is available for a limited number of customers only – who will be informed about their eligibility through SMS and digital channels.
ReadyCash by Bank Alfalah is a small ticket sized loan product with a short tenor which will be offered to existing JazzCash wallet accountholders. Eligible customers can get a loan ranging from PKR 500 to PKR 30,000. The maximum tenor of this loan is 8-weeks. The loan amount, however, is subjective and range can vary over time based on customer’s DBR and repayment behavior
Who is eligible for ReadyCash by Bank Alfalah?
Only existing JazzCash Mobile Account holders are eligible for ReadyCash by Bank Alfalah. Eligibility is calculated based on customer’s Mobile Account and JazzCash App usage and credit scoring. The following criteria are considered:
Salaried individual or self-employed
Regular user of JazzCash app
Sufficient balance maintained in JazzCash Mobile Wallet Account
Frequent transactions via JazzCash
How to avail ReadyCash by Bank Alfalah facility?
Existing JazzCash wallet-holders can avail ReadyCash by Bank Alfalah by logging into their JazzCash App, clicking on “ReadyCash by Bank Alfalah” in the “Banking and Finance” section and filling in their details. Once the details are submitted, the loan if approved, will be disbursed into your wallet account within 24 hours.
Navigation: JazzCash App > Banking & Finance > Login > Add Money > ReadyCash by Bank Alfalah
What is the minimum and maximum amount of loan that can be availed through ReadyCash by Bank Alfalah?
Loan amount ranging from PKR 500-30,000 can be availed, depending upon customer’s eligibility. The eligible limit can be increased through a good repayment behavior in previous loan cycle and by increasing wallet account balance and JazzCash App usage.
Can one person avail multiple loans at a single time?
No, only one loan can be availed at any given time. However, another loan can be availed after complete repayment of the existing loan.
How can one increase their ReadyCash by Bank Alfalah loan limit?
Timely repayment of earlier loans
Increase average balance in their JazzCash wallets
Frequent transactions through JazzCash Wallet and Jazz Cash App
What are the charges for availing ReadyCash by Bank Alfalah?
ReadyCash by Bank Alfalah is a markup free loan product. Customers will only have to pay a processing fee with each repayment. The processing fee keeps increasing on a week on week basis. Starting from 8% during week 1 and going up to a maximum of 25% in the 8th week.
How can I view the transactions I have performed using ReadyCash by Bank Alfalah?
All transactions performed can be viewed in the Transaction History section of the JazzCash App.
What is the repayment structure?
Customer can repay the loan at any time during their 8 week loan cycle. After the 8th week however, Bank has the authority to auto-debit the outstanding amount from customer’s wallet account.
How can I repay the loan?
Customer can repay the loan at any time during their 8 week loan cycle by logging into the JazzCash App and going to the ReadyCash by Bank Alfalah menu. Loan can also be repaid by transferring money into the 16 digit loan account number shared with the customer through SMS and email at the time of loan disbursement.
Can I repay the loan partially?
During the 8 weeks period, loan can be repaid partially or in full amount at any time, as per customer discretion.
What happens if I fail to repay my loan within the Due Date?
If the customer does not repay their loan within 8 weeks, Bank Alfalah will have the authority to deduct the outstanding amount from
customer’s Mobile Wallet Account. In case of insufficient balance, the customer will have a grace period of 30 days to repay the loan, after which the credit rating of the debtor will take a negative hit and will be reported to the Credit Bureaus. This negative credit history will persist in the Credit Bureau record for a minimum of 2 years. Customer will also become ineligible for further availing this product.
Are any repayment extensions allowed?
No extensions will be allowed after 8 weeks.
Can I cancel the loan?
This is a one-time loan, once availed customer can fully repay the loan along with all applicable fees at any time to fulfil their obligation.
How can I get an NOC against this facility?
Customer can get a digital NOC against their last fully repaid loan, at any time, by logging into the JazzCash App and going to the ReadyCash by Bank Alfalah menu.