FAQs
What Is Credit Advance Loan?
The credit advance (loan) offers Smart prepaid, Flex Jr, Choice, and Select customers the ability to receive prepaid credit ahead of time, which they can repay upon their next credit recharge.
Who Is Eligible For Credit Advance?
Qualifications for Prepaid, Flex Jr, Choice, and Select customers are:
• Must be a Smart user for at least 2 months.
• Do not have an outstanding unpaid loan
• Have made a minimum monthly recharge of $1
How Can Eligible Users Request For A Loan?
A customer has the option to request a loan from one of three available choices:
• Send text message to code ‘2255’ and enter ‘loan’ in the body of the message.
• Dial *100#, Select (4- SOS), Select (1-Credit Loan), Select (1-To Confirm).
• Using the Smart Belize app (which can be downloaded from the Play Store or App Store).
How Much Can A Customer Borrow?
A Smart mobile customer will be given four options based on their monthly upload.
When Does The Advance Credit Loan Expire?
The credit loan expiration is as follows:
Credit loaned | Expiration |
$4.00 | 15 days |
$5.00 | 15 days |
$10.00 | 30 days |
$15.00 | 30 days |
How A Customer Can Qualify For The Highest Credit Advance Loan?
The table below displays how a customer can qualify for a higher credit advance.
Credit loaned | Customer Lifecycle | Minimum monthly recharge (Previous Month) |
$4.00 | At least 2 months as a Smart User | None |
$5.00 | At least 3 months as a Smart User | $7-$14 |
$10.00 | At least 6 months as a Smart User | $15-$24 |
$15.00 | At least 6 months as a Smart User | $25-above |
What Criteria Will Be Used To Determine A Customer's Qualification Value?
The advance value for each customer will differ based on their profile, including factors such as their lifecycle, monthly recharge, and a credit balance of 3 cents or less in their account.
Can A Customer Borrow More Than One Loan?
A customer cannot obtain another loan while they still have an outstanding loan that hasn’t been paid off.
What Is The Process For Repaying The Loan?
Once a customer has a loan, the credit will be deducted from every upload from their prepaid credit uploads accordingly until the loan is paid off.
Are There Any Extra Service Fees Associated With Repayment?
Each time the service is utilized by the customer, a service fee + GST will be incurred.
Below Is An Example Of The Credit Advance Calculation
Loan Amount | Fee (7.5%) GST (12.5%) | Total amount paid by customer | Credit loan allocated to Prepaid Primary Balance |
$4.00 | 0.10 | $4.10 | $4.00 |
$5.00 | 0.42 | $5.42 | $5.00 |
$10.00 | 0.84 | $10.84 | $10.00 |
$15.00 | 1.27 | $16.27 | $15.00 |
Do Customers Need Credit To Apply For A Loan?
No credit is necessary for a customer to apply for the advance.
Does Credit Advance Qualify For Double Or Triple Up?
No, advances does not qualify for that promotion.
How Can I Check My Loan Balance?
You can check if you have an outstanding loan balance by one of the available choices.
• Send text message to code ‘2255’ and enter ‘Bal’ in the body of the message.
• Dial *100#, Select (4- SOS) then Select (2-Loan Balance).
