Frequently asked questions

WiLoan is a mobile-first micro-lending company offering qualified individuals access to quick and convenient loans. Loan amounts range from TT$5,000 to TT$50,000, subject to employment tenure and salary.

Employees

To qualify for a salary deduction WiLoan, applicants must:

• Be employed with an eligible employer approved by WiLoan
• Repay primarily through salary deduction (this applies to new and refinanced loans)
• Earn a stable salary that meets our lending criteria
• Be able to provide the necessary documentation for loan processing
• Have the ability to repay the Loan

Businesses

To qualify for a WiLoan, business applicants must:

• Be registered with the Companies Registry of Trinidad and Tobago and provide related documentation
• Be able to provide historical and projected financial information as required
• Demonstrate the ability to repay the loan
• Provide a formal Company Profile

WiLoan focuses more on your current income and ability to repay rather than traditional credit scores. We consider various factors in our approval process, making our loans accessible to those who might not qualify with traditional lenders.

No, you do not need to be a Trinidad & Tobago national to apply for a loan. However, your employer must be authorized to operate in Trinidad & Tobago and be able to process salary deductions, where applicable.

WiLoan offers several loan products, including Salary Deduction & Payday Loans, Conventional Loans, Business Loans, and Government Employee Loans. Existing customers may also access a top-up through the WiLoan Privilege Option, or request refinancing.

Loan amounts range from TT$5,000 to TT$50,000 for personal loans and up to TT$100,000 for business loans. Using AI-driven analysis, loan eligibility is determined based on factors such as income, repayment capacity, and employment details. Feel free to use our loan calculator to get an estimate of how much you might qualify for.

Interest rates vary depending on factors such as the loan product, loan amount, repayment term (up to 12 months), and the applicant's risk profile.

The Privilege Option allows eligible customers to access a top-up on their existing loan after meeting the required repayment threshold. It provides access to additional funds up to your original approved loan limit.

You may become eligible after meeting the required repayment threshold (currently a minimum of 20%) on your existing loan. WiLoan will confirm eligibility and the available amount before you proceed.

For illustration, if your original approved loan was TT$10,000 and you have reduced your principal balance to TT$8,000, an approved TT$2,000 top-up would bring your principal balance back to TT$10,000. The top-up restores borrowing within your original limit.

The Privilege Option provides a top-up within your existing loan facility, up to its original approved limit. Refinancing involves taking out a new loan that settles and replaces your existing loan. The new loan may provide additional funds, depending on the amount you qualify for and the amount needed to settle your existing balance.

Under the Privilege Option, your top-up is limited to the amount available within your original approved loan limit. If you need a higher loan amount, refinancing may be an option, subject to WiLoan’s assessment and approval.

Yes, meeting the repayment threshold allows you to be considered for a top-up.

If you quickly need additional funds within your original approved limit, the Privilege Option may suit your needs.

If you want to replace your existing loan with a new facility, potentially for a higher amount or a different repayment period, refinancing may be more suitable. Our team can help you understand the options available to you.

Yes. Existing WiLoan customers may request refinancing to settle their current loan and access additional funds. Approval depends on your repayment history, current income, existing financial commitments, employment details and ability to comfortably manage the new repayments.

Refinancing replaces your existing WiLoan loan with a new loan. Part of the new loan settles the outstanding balance on your current loan, and the remaining amount is provided to you as additional funds.

Log in to your WiLoan account, view your existing loan and select the Refinancing option. Follow the prompts to submit your request. Our team will review your application and contact you if any additional information or documents are required. All refinancing requests are subject to assessment and approval.

To begin your request, you will need:

• A recent payslip dated within the last month.
• An updated job letter, where applicable.

Note: We may request additional documents or confirmation of your employment to update your information and complete our review. If approved, you will also need to sign a new loan agreement and an updated salary deduction form.

When you select the Refinancing option in your account through the app or web browser, you will see the maximum new loan amount available to you, subject to final assessment and approval. This amount includes the balance needed to settle your existing loan. The remaining amount is the additional money which is credited to you. For example, if your maximum new loan amount is TT$15,000 and your existing settlement balance is TT$5,000, then TT$10,000 will be disbursed to your account.

After refinancing your loan, you must wait at least 12 months (from the disbursement date) before applying for refinancing again. Each request is subject to a review of your eligibility, repayment history and affordability. Approval is not automatic.

No. Each refinancing request requires a fresh assessment. We review your current financial circumstances and repayment history to determine whether the proposed loan is affordable. We may approve your request, offer a different amount or repayment arrangement, or decline the request.

Your existing loan is settled as part of the refinancing arrangement. The settlement amount includes the outstanding principal and interest. Your new loan then replaces the existing loan, with repayments based on the new agreement.

These may change depending on the approved loan amount and terms you request. WiLoan will provide your new interest rate, repayment period and monthly instalment for you to review before signing the loan agreement.

Yes. An updated salary deduction form is required to reflect your new repayment arrangement. Our team will guide you through completing and returning the required documents.

Refinancing approvals usually take two (2) business days once we receive all required, up-to-date documents. Our team will keep you informed if additional information is needed or if there are any delays.

Yes. Continue making your scheduled repayments until WiLoan confirms that your existing loan has been settled and advises you of the new repayment arrangement.

You can apply on this website or through the COLOUR App:

1. Start online at wi-loan.com/apply, or download the COLOUR App
2. Complete the application and calculate your loan
3. Upload the required documents
4. Submit your application for review

Note that we have a dedicated Customer Experience team available to assist you through this process. Feel free to contact us at (868) 226-4078 (Monday – Friday, 8:00 AM – 4:00 PM) or support@wi-loan.com (email anytime).

The required documents are as follows:

• Job letter: Dated within the last three months.
• Payslip: Your most recent payslip, dated within the last month.
• Identification: A valid, unexpired government-issued ID.
• Proof of address: Meeting WiLoan’s approved document and recency requirements.

A decision is provided within two (2) business days of receiving your completed application and all required documents. Once approved, funds can be disbursed to your account on the same day or the next business day.

Loan repayments can be made through salary deduction (if applicable), direct debit from your bank account, or bank transfer. The primary repayment method will be established during the loan agreement process.

Yes, WiLoan allows early loan repayments without penalties.

If you expect difficulty with a payment or a change in your circumstances, we encourage you to reach out to us right away. Late payments may impact your creditworthiness and could hinder your ability to secure loans in the future. We collaborate with customers to discover solutions when financial challenges occur.

The repayment period for a loan ranges from a minimum of 2 months to a maximum of 12 months, depending on your specific loan terms.

Start on this website at Apply now, or download the COLOUR App from your app store. Both paths use the same application process.

1. Download the COLOUR App from App Store or Google Play Store
2. Create and verify your account with your personal information
3. Navigate to the marketplace and select WiLoan
4. Choose the loan product that fits your needs
5. Complete the application form
6. Upload the required documents
7. Submit your application and wait for approval

Yes, we have a comprehensive video tutorial available on our website that shows you exactly how to navigate the COLOUR App and submit your loan application. You can view it in our "Video Tutorial" section.

Before starting your application, please prepare:

• Job letter: Dated within the last three months.
• Payslip: Your most recent payslip, dated within the last month.
• Identification: A valid, unexpired government-issued ID.
• Proof of address: Meeting WiLoan’s approved document and recency requirements.

Having these documents ready will make the application process faster and smoother.