How our personal loan with rewards helps you save money

Taking out a loan is a big financial commitment, but with our personal loan with rewards, responsible borrowing comes with a benefit — cashback on your monthly payments. That means with each on-time loan instalment, you're not just reducing your loan's overall cost but also earning extra cash that you can put to good use.

Want to learn more about our personal loan with rewards before diving into the details below? Read the article here.

How does the cashback on this loan work?

When you take out the personal loan with rewards, you earn cashback on your monthly payments. This cashback is calculated as an annual percentage of your outstanding loan amount and is deposited into a dedicated loan vault in our mobile banking app, where you can easily track and withdraw it when needed.

The amount of cashback you earn depends on 2 factors:

1. How much is left on your loan balance
2. A discount percentage that increases over time

For example, if you take out a 30,000 JOD loan with an 8-year term, your cashback starts small but grows every 6 months as the discount percentage increases. In the first month, you will earn around 6 JOD in cashback. After 6 months, this will increase to 12 JOD per month. By the end of the first year, you will be getting 17 JOD per month. After 2 years, the cashback reaches its peak, and over the full loan term, you will accumulate a total of 1,033 JOD. This means you’ll save the equivalent of 2.4 times your monthly payment, making it easier to pay off your loan over time.

Why not make your cashback work for you rather than using it on impulse buys or everyday expenses? Here are some ways to make the most of it:

Boost your savings

Looking to reach a short-term or long-term financial goal? Your cashback could help you get there faster. Whether it's building an emergency fund, saving for a vacation, or putting money aside for a car down payment, letting your cashback grow in your savings account can bring you closer to your target.

Invest in your future

Small amounts add up over time, especially when invested wisely. Consider putting your cashback into a virtual gold or silver account, buying physical gold and silver, or investing in whole or fractional stocks through our app to help your money grow.

Make an extra loan payment

Want to lower your loan balance? Use your cashback to make an extra payment toward your loan, reducing your remaining balance and saving you money on interest. This is a great way to lower your debt without stretching your monthly budget.

Cover unexpected expenses

We know that sometimes, life happens. Your car needs maintenance, a home appliance breaks, your cat needs to see the vet because they're refusing to eat after an intense battle with the vacuum cleaner, or a medical bill pops up. Instead of dipping into your main income, you could use your cashback to cover these surprise expenses stress-free.

Keep it for later

Not sure what to do with your cashback? No problem! Since your cashback is stored in your loan vault, you can let it grow and withdraw it whenever you need it. Whether you want to use it for a big purchase or keep it as a financial cushion, the choice is yours.

With our personal loan with rewards, every on-time payment brings you closer to your financial goals while giving you extra cash along the way. The best part? You decide how to use it. Whether you choose to save, invest, pay down your loan, or treat yourself, your cashback is yours to make the most of.

Ready to apply? Click here.