What do I need to Qualify for a Loan?
- You must be 18 years or older
- You must be employed for more than 3 months at your current employer
- Earn a minimum Basic salary of R 3000 per month
- Have a South African green bar-coded ID/ID Card
What documents are required to obtain a loan?
To apply for Short Term Loans up to R8000 you will need:
- Copy of ID
- Copies of 3 months salary statements
- Copies of 3 months bank statements
- Copy of ID – to be certified by the SAP as a true copy of the original
- Copies of 3 months salary statements – to be certified by the employer or certified by the SAP as a true copy of the original
- Copies of 3 months bank statements – to be certified by the bank as true copies
If I am Blacklisted, or Low Credit Score, can I still apply for a loan?
Yes. Don’t refrain from applying for a bad credit loan just because you are blacklisted – you may still qualify! Our Lenders are more lenient than the banks.
Can I apply for a Loan if I am under debt review, sequestration or any Debt re-arrangement program?
No. Our Lenders are regulated by the NCR and it is against the Law.
What about interest?
The interest rate will be fixed for the full period of the credit agreement.
Any loan granted in terms of a credit agreement entered into by you will be repayable to the credit provider together with the fees, charges and interest reflected on the Quotation given to you.
What about the cost of credit?
The credit provider will be entitled to charge and capitalise any charges permissible by the NCA to the maximum extent permitted by the NCA including, without limitation, service fees, credit life premiums default administration charges and collection costs.
Are there any other hidden fees and/or rates?
Our service providers always tell you upfront what the cost of your loan will be. There are no catches or extra costs to worry about, providing you stick to your side of the deal. Our short term service providers have an annual interest rate of 32.10% to 60% APR, They also show you an example of the cost of an average loan to show you a clear breakdown of interest and fees. Included in this is their R57 per month service fee that helps cover the cost of the administration of your account and an initiation fee which all fall in line with the NCA. All of this is shown upfront so you can judge the cost of a loan before you accept your quotation. Fees include 14% VAT
What if I am unable to settle the loan?
Failure to settle your loan could lead to your details being recorded with various Credit Bureaus. Furthermore, external collections partners may be used to recover the outstanding debt. Always be sure that you can afford to repay your loan before applying.