Frequently Asked Questions (FAQs)

General Q uestions 

   

 Q: What is LALCO Connect? 

 A: LALCO Connect is a mobile application that allows you to manage your loans, make payments, and apply for new loans conveniently from your phone. 

   

 Q: Is LALCO Connect free to use? 

 A: Yes, the app is free to download and use. 

   

 Q: Which devices are supported? 

 A: LALCO Connect works on Android (version 8.0+) and iOS (version 12.0+) devices. 

   

 Q: Is my information secure? 

 A: Yes, we use bank-level encryption and security measures to protect your data. 

   

 Account & Login 

   

 Q: How do I create an account? 

 A: Tap "New here? Register" on the login screen and follow the registration process. 

   

 Q: I forgot my password. What should I do? 

 A: Tap "Forgot password?" on the login screen and follow the reset instructions. 

   

 Q: Can I change my phone number? 

 A: Contact LALCO support to update your registered phone number. 

   

 Q: How do I change my password? 

 A: Go to Profile → Change Password, enter current password and new password. 

   

 Loans 

   

 Q: How do I check my loan balance? 

 A: Go to Home dashboard to see all loan summaries, or tap "Loans" for detailed information. 

 Q: What does "Total Remaining" mean? 

 A: This is the total outstanding balance across all your active loans. 

   

 Q: Where can I see my full payment schedule and next due date? 

 A: Open Home → Payment Schedule. Tap any Contract to see details and status. 

   

 Q: What are the different loan statuses? A: Active: Currently ongoing loans Pending: Applications awaiting approval Refinance: Restructured loans 

 Closed: Fully paid loans 

   

 Q: Can I have multiple loans at the same time? 

 A: Yes, subject to eligibility and approval by LALCO. 

   

   

 Payments 

   

 Q: How do I pay my EMI? A: 

 Tap "Pay EMI" from bottom navigation Select contract number 

 Upload payment receipt Fill in payment details Submit evidence 

   

 Q: What payment methods are accepted? A: Bank transfer, cash deposit at branches, mobile banking. Upload proof of payment in the app. 

   

 Q: How long does it take for payment to reflect? A: Payments typically reflect within 1-2 business days after submission of evidence. 

   

 Q: Can I pay early or pay more than the minimum? A: Yes! You can make early payments or pay more than the minimum EMI. Check for early payment discounts. 

   

 Q: I missed an EMI. What now? 

 A: Pay as soon as possible to avoid additional penalties. Check your payment schedule for updated penalty amounts. 

   

 Q: What if payment succeeded but the app still shows "Due"? 

 A: Wait 1-2 business days for processing. If still not updated, contact support with your payment reference number. 

   

 Q: What currencies can I use for payment? 

 A: USD, LAK, and THB (depending on your loan agreement). 

   

 Q: How do early payment discounts work? 

 A: Check Notifications and Promotions for current discount offers. Discounts are applied when you pay early or in full. 

   

 EMI Calculator 

   

 Q: What is the EMI Calculator? A: A tool to estimate your monthly payment amount based on loan amount, interest rate, and tenure. 

   

 Q: What's the difference between Normal and Bullet loans? A: Normal (reducing): Standard EMI with principal + interest Bullet (interest-only): Pay interest monthly, principal at end 

   

 Q: Can I apply for the loan after calculating? 

 A: Yes, use the calculator to estimate, then proceed to "Apply Loan" to submit application. 

 19.6 KYC (Know Your Customer) 

   

 Q: What is KYC? A: Know Your Customer verification - a legal requirement to confirm your identity. 

   

 Q: When do I need to update KYC? 

 A: 

 When first registering When documents expire