Each calendar day beginning with the day the loan is made interest is calculated on the unpaid loan balance. This daily interest is accumulated separately from the unpaid loan balance. Daily interest is not calculated for the day that the loan is paid in full. Payments are applied first to any accumulated late fee, then to accrued interest with any remainder applied to principal unpaid. The calculation for daily interest is: Principal � Interest Rate � Number of Days � 365.
The primary purpose of making a microloan is to accelerate development of the country, and to improve the wellbeing of the people living in the rural areas of the Marshall Islands. The projects to be financed include, but are not limited to agriculture, food processing, commerce, fishing, manufacturing, transportation, handicraft, tourism and services.
Another type of personal borrowing method, which utilizes the Mobile Banking system for more convenience. Simply follow the instructions shown on your user guide and we'll take it from there.
Features
You can borrow up to $2,000.00
Maximum term of 2 years
Options to refinance
Loan Payments can also be made through your mobile phone
Requirements
Customer must have subscribed to the BOMI Mobile Banking system
This is a special type of a consumer loan that is offered to bank customers with a consistent and good credit history. If the borrower meets all of the requirements for this type of loan, it can take as few as 30 minutes for the bank to approve the loan and deposit the loan proceeds into the customer's account.
Requirements
Maximum of six month term
Payment by allotment unless the loan is fully secured with stock or a time certificate of deposit
No credit checks provided that the credit history with the bank is current
Employment verification
1 guarantor required
***All lendings are subject to BOMI's normal credit approval criteria. For more information call us at (692)-625-3636.***