Loans for Everyone: Terms and Conditions

If you are facing temporary financial difficulties and no one among your acquaintances can help you, one option is to turn to a bank for a loan or to a microfinance organization. In the first case, there are several challenges related to providing numerous documents, and the approval conditions are quite strict. Not everyone can obtain a loan from a bank, as it requires official income verification and a good credit history, which is not always available to those seeking financial assistance.

If you need a small amount of money that you can repay in a short period, it’s best to consider microfinance organizations, which are not as stringent. This is an ideal option if you need money urgently, as the application process for a loan takes no more than 10 minutes of your time, and the transfer to your card is also quick—at most 15 minutes after approval.

All processes are conducted online, so you don’t have to spend time traveling to the organization, and there is no need for official income statements. To obtain a microloan, you only need your passport.

Such convenient services offer loans to everyone who can manage the repayment of a microcredit but cannot verify their income. Approval is granted to pensioners, students, freelancers, mothers on maternity leave, and many others. To take out a loan, it is not necessary to have a good credit history—in fact, thanks to microfinance organizations, one can create it from scratch or improve it if it is not impeccable. Those who are applying to microfinance organizations for the first time can take advantage of a favorable offer: the first loan is issued at 0%. Such an offer can be found in several organizations.

The loan conditions are quite simple: you must be a citizen of South Africa and be between 18 and 65 years old. You will also need a passport, a mobile phone with an active number, as well as a personal bank card or account.

Be careful and honest when applying for a loan—fill out the application form without errors or deceit; otherwise, the microfinance organization may consider this an attempt at fraud. As a result, the application will be rejected, and you will receive a denial.

Typically, microfinance organizations offer loans of up to 10,000 rand, but larger amounts are also possible. Repaying the loan is just as easy as obtaining it: you need to pay off the debt within a term that usually ranges from 7 to 180 calendar days. These parameters depend on the amount borrowed.