Loan SA offers a free loan finding service through our network with South African lenders. We serve all clients - including those with a bad credit record. If you find yourself in need of cash, then we are here to help you out.
We have developed the fastest way to apply for a loan. Our loan process only takes 3 minutes to complete. What makes us unique is our service package that has a wide range of services for you. We even assist clients that have a poor credit rating, garnishee and defaults. There is no need to submit any documents as the entire process is done online. One of our key products that is included in your membership is our legal assist services, you will receive unlimited telephonic legal services, contract assist services. You can use your Loan SA loan for whatever you like: Home improvements, Debt consolidation, School fees, Business, Family emergency, Medical, Wedding or even a vacation
Have a question? It's easy to get in touch with us!28-30 Siphosethu Road, Durban, 4300 087 654 1966 firstname.lastname@example.org
The following information refers to the loan referral service of Loan SA, which is a complimentary benefit to your service package that you have purchased.
ANNUAL PERCENTAGE RATES
(unsecured credit transactions) Initiation fees: R150 per agreement plus 10% of the amount of the agreement in excess of R1000 but never to exceed R1000 Interest rates :RR X 2.2 + 20% per year.Maximum APR = (RR x 1.7) + 15% per year
Minimum period offered by registered credit providers: 6 (Six) Months
Maximum Period offered by registered credit providers : 60 (Sixty) Months
Maximum Annual Percentage Rate (APR): 27% (Repo Rate + 21%)
IMPLICATIONS OF NON PAYMENT
It is important however that you repay the loan on the agreed date. On the repayment date the lender will try to collect the full amount from your bank account. If this is unsuccessful due to you not having sufficient funds in your account, the lender will make subsequent attempts to collect all or part of the money. If you are likely to experience any issues with repayment it is important to contact the lender as soon as possible.If no resolution has been found the next step is to pass your account to a debt collection agency where additional fees may be encountered.
Lenders permits a second loan only after three successful payments.
ILLUSTRATIVE EXAMPLE ON A 36 MONTH LOAN
Loan amount: R50 000
Term: 36 month
Services Fee: R1000
APR (10.71%): R8681
Total Instalment: R1630
Total Amount Payable: R59 716