What is Term Finance?

Term Finance is a web-based credit institution operating in the Caribbean region.

We know that there are times when you need quick access to credit and traditional means may not be conveniently available to you. We've designed our model to be swift, convenient and completely web-based. We can have funds to you in less than 24 hours.

Who does Term Finance lend to?

Term Finance lends to individuals employed by organisations with which we have partnered. We also lend to small-medium size businesses that fit our credit approval criteria.

Why must my employer partner with Term Finance before I can borrow?

Partnering with your employer enables us to verify your identity and the accuracy of your application without you having to visit our offices. That’s what makes our application process completely web-based and so swift!

Partnering with your employer also ensures that your monthly payments are deducted from your salary and directly assigned to us. That’s what makes the repayment process so convenient and hassle free for you!

What interest rate and fees does Term Finance charge?

Our interactive loan calculator clearly displays the interest charge before you begin the application process. To use the calculator now visit our 'Personal' page.

Is it safe to use My Term Finance's online application system?

Term Finance follows and adheres to the same standards that apply to the banking industry. We host our secure servers with a reputable host in the US and we encrypt all personal and sensitive data.

What types of loan products does Term Finance offer?

  • Personal Salary Advancement: enables an individual to advance up to half of their net monthly salary and pay it back on their next month’s payday.
  • Personal Short Term Loan: enables an individual to borrow up to the full value of their net monthly salary and pay it back over a 6 month period.
  • Business Cash-Flow Loan: enables a business to borrow up to $100,000 and repay it over a 6 month period.

Can I borrow if my employer has not yet partnered with Term Finance?

At this time, we only lend to individuals who are employed by organisations that have partnered with us. If your organisation has not partnered with us, send us an email to info@mytermfinance.com expressing your interest and we’ll try our best to facilitate you.

What if my business wants to borrow but we have not been 'referred' nor 'invited' to Term Finance?

Complete an application using our website. We’ll get in touch to take you through our credit approval process. It might take a bit longer than if you were referred but we’ll do our best to make your experience as convenient as possible.

What if my loan starts mid-way through a month, do I get charged the full interest and fees for that month?

No you don’t. We’ll prorate the monthly interest and fees for the portion of the month that you have borrowed.

What are the requirements to apply for a SME Loan?

Term Finance SME TT Limited is focused on the growth and success of established SMEs in Trinidad and Tobago. In order to qualify for a loan, businesses must have been registered and operating for at least 1 year and have an active bank account.

What are the steps in the SME Loan application process?

The application process is quick and easy. Simply click the apply now button and complete the required questions in under 15 minutes. Once completed, the Term Finance SME team will review the information and assign you online login information. Here, you will be able to upload required supplementary documentation and check the status of your loan.

What documentation is required as part of the SME Loan application process?

We understand that each SME is unique and as such, on occasion the requirements for each business may differ slightly. Generally, the following documentation is required as part of the application process:
  • Copy of Customer Identification (Drivers permit, National ID, Passport)
  • Articles of Incorporation
  • Notice of Directors/Owners of the company
  • 12 Months of Bank Statements
  • Financial Statements
  • TransUnion Report of the applicant

How long does it take to get a decision on my SME Loan?

Term Finance SME understands that speed is crucial to the success of your usiness. Once we have received a completed loan application and the required documents, decisions are typically made within 3 days.

How fast will my business be able to access the money?

Once approved for a loan, Term Finance SME will usually have the funds credited to your account within 24 hours of the signing of all the loan documentation.

How much can my business borrow?

Term Finance SME offers loans ranging from $10,000 to $250,000.

What are the fees associated with taking a SME loan?

With Term Finance SME there are no hidden fees. We charge a fixed rate of interest on all loans and nothing else.

How do I repay my SME loan?

At the signing of the loan documentation, we require the borrower to issue post-dated cheques or establish a standing payment order on their bank account for the duration of the loan. Each month we simply deposit your post-dated cheque or receive the standing order payment without any additional demands on your time.