frequently asked questions · 40 answers
faqs
Everything you need to know about loans, applications, repayments and more.
We've compiled the 40 most common questions our clients ask. If you don't find your answer here, our support team is always ready to help.
🔹 general loan questions
1. What types of loans do you offer?
We offer emergency loans, debt consolidation, overdraft facilities, revolving credit, payday loans, bridging finance, secured loans, online loans, and business loans. Each product is tailored to different needs.
2. How much can I borrow?
Loan amounts range from R500 (payday loan) up to R2,000,000 (business or secured loan), depending on your income, credit profile, and collateral.
3. What are the interest rates?
Rates vary by product: from 0.9% p.m. for secured loans to 5% p.m. for payday loans ( capped by the NCA). Your specific rate is provided in your loan offer.
4. How long can I repay the loan?
Terms range from 1 week (payday loan) to 120 months (secured loans). You can choose a term that suits your budget.
5. Is there a penalty for early repayment?
No, we encourage early repayment. You only pay interest up to the settlement date – no penalties.
6. Can I apply if I'm self-employed?
Absolutely. Self-employed clients can apply with 3–6 months bank statements as proof of income.
7. Do you charge application fees?
No application fees. All costs (initiation, service fees) are disclosed in your loan agreement and only charged if you accept the loan.
8. How fast will I receive the money?
Once approved and signed, funds are EFT'd same-day – often within 2 hours during business days.
9. Is my information secure?
Yes, we use 256-bit SSL encryption and are PCI compliant. We never share your data without consent.
10. Can I apply with bad credit?
Yes, we consider your current income and affordability, not just your credit score. Many clients with past defaults are approved.
🔹 application & approval
11. What documents do I need?
Generally: your ID, proof of income (latest payslip or bank statements), and bank statement for debit order. Business loans require registration docs.
12. How long does approval take?
Most online applications are approved within 2 hours. Some may take 24 hours if additional verification is needed.
13. Can I apply on my phone?
Yes, our website is fully mobile-friendly. You can complete the entire application on a smartphone.
14. Do you do a credit check?
Yes, we perform a credit check as part of responsible lending. This does not affect your score severely if you have a healthy profile.
15. What if I'm on debt review?
We generally cannot approve new credit while you're under debt review, unless the loan is to consolidate and exit review with consent.
16. Can I apply if I'm a SASSA grant recipient?
Yes, we offer small loans (up to R2,000) for SASSA grant recipients with regular grant payments.
17. Do I need a bank account?
Yes, an active bank account in your name is required for EFT payout and debit order repayments.
18. What is the minimum age?
You must be 18 years or older.
19. Can I apply with a temporary ID?
Yes, a valid temporary ID is accepted, along with your green barcoded ID or smart ID card.
20. Do you accept foreign nationals?
We accept permanent residents with a valid South African ID. Non-residents may apply with proof of residence and work permit, subject to additional criteria.
🔹 repayment & fees
21. How do I repay the loan?
Repayment is via monthly debit order from your bank account on a date you choose (usually payday).
22. Can I change my repayment date?
Yes, you can request a change via our portal or by contacting us. Changes may take effect the next month.
23. What if I miss a payment?
Contact us immediately. We may offer a rearranged payment plan. Late payments may attract fees and affect your credit score.
24. Are there initiation fees?
Yes, initiation fees are regulated by the NCA and depend on the loan amount. They are clearly shown in your quote.
25. What is a monthly service fee?
A small monthly fee to cover account administration. It's also regulated by the NCA and disclosed upfront.
26. Can I skip a month if I'm struggling?
We don't offer "skip months", but we can discuss a payment holiday or restructuring if you're facing financial difficulty – contact us before missing a payment.
27. Do you charge for early settlement?
No, there is no penalty. You pay interest only up to the settlement date.
28. How is interest calculated?
Interest is calculated daily on the outstanding balance (simple interest). Our system is transparent.
29. What is the total cost of credit?
The total repayment amount (including interest and fees) is shown in your loan agreement before you sign.
30. Can I get a refund if I change my mind?
Yes, under the Cooling-Off Rule, you have 5 business days to cancel without cost, provided you haven't drawn funds.
🔹 product-specific questions
31. What's the difference between an overdraft and revolving credit?
An overdraft is linked to your transactional account; revolving credit is a separate line. Both are reusable, but overdraft interest may be slightly higher.
32. Can I pay off my overdraft anytime?
Yes, you can reduce or clear the balance anytime. Interest only applies when you're overdrawn.
33. Is a payday loan only for one month?
Typically yes, but we offer terms up to 8 weeks. It's designed to be repaid on your next payday.
34. What assets can I use for a secured loan?
Vehicles (paid-up), property (with equity), or cash investments like fixed deposits.
35. How does bridging finance work?
We lend against a confirmed future payment (e.g., property sale, inheritance). You repay when you receive that payment.
36. Can I use a business loan for start-up costs?
Yes, we consider start-ups with a solid business plan and some initial trading history or strong owner contribution.
37. Do you offer loans for informal businesses?
Yes, if you have 6+ months of bank statements showing consistent turnover, you can apply as a sole proprietor.
38. What is the maximum for an online loan?
Up to R250,000 for online loans, depending on your credit profile and income.
39. Can I consolidate debt with a secured loan?
Absolutely. Using a secured loan for consolidation often gives you a lower interest rate and frees up cash flow.
40. Are there loans for pensioners?
Yes, pensioners with a regular pension income can apply for smaller loans (up to R20,000).
That's 40 questions answered! Still have a question? Our support team is here for you.
FAQs page