HOW DO I GET AN ADVANCE LOAN?
Applying for a loan with the Bahamas Development Bank is a simple process once all the required documents have been presented to your Customer Service Credit Officer.
- An Advance Loan is a short term loan (1 – 18 months) that is made available to existing customers of the Bank. It is usually unsecured but can be secured by assets already pledged to the Bank.
- You must be an existing client to qualify for an Advance.
- Simply contact your Officer and provide the necessary supporting documents, if applicable. The Bank will review the status of your current loan with the Bank.
- A written request is required. You may also be asked to providecurrent financial records, as well as other documents to support your request.
- An advance loan usually takes less than 48 hours to process.
- Currently, the minimum fee is $50.00. For loans over $100,000, you are charge 1.25% of the Advance amount. For loans under $100,000, and fee reduces to 1.00%.