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How does Cherry Loan Application work? | Calculate Instalments

Finding a loan that best fits your needs can be a little tricky. Luckily there are companies like Cherry Loan that help you choose the most appropriate option for you in South Africa. In this article we will show you how you can apply with Cherry Loan, and all the info you need to request the loan that will help you achieve your goals.

How to Know if Cherry Loans is Legit?

Cherry Loans is a company that uses high technology to search for the best loans in South Africa. That is, it is not a credit lending provider; it will link you to a financial company that abides by the rules enforced by the NCR.  

How does Cherry Loan Work?

Cherry Loan is an internet based platform that searches for the best loans in the credit market. You will have to fill in a simple and straight forward application with the kind of loan you are looking for, and Cherry Loan’s system will start the search and if it finds one that suits your needs, even if it's a big loan, you will be sent loan offers from different loan providers. All you have to do next is check them out and choose the one you believe it is better for you.  

How to Start the loan Application with Cherry Loans?

The application you will fill in at Cherry Loan is only for the purpose of finding the different alternatives available in South Africa. According to your needs and financial information, Cherry Loans will show you the best options for the data you provided. The actual loan application will start when you choose a loan provider.

When you choose one of the loans suggested by Cherry Loans, you will be informed how to complete the loan application with the lender. This means that Cherry Loans is not the company providing you with the money of the loan; it is only the intermediary that helps you find the product.

Cherry Loans service is completely free. You will not be asked to pay anything to this company. The installments will be paid to the credit lending provider you choose.

Since Cherry loan is the “middle man”, they will ask you the following requirements before moving on to the lender:

  • Being more than 18 years of age
  • Having a regular income of more than R5 000
  • Being a resident of South Africa
  • Owning a bank account where you receive your salary

Cherry Loans will perform a credit check and an affordability check on you before showing you the options available. However, the credit lending company that you choose will also perform that credit check to see if they approve the loan or not.

2 Characteristics of Cherry Cash Loans

With Cherry Cash Loans you can find three different types of loans: Payday Loans, Personal Loans and Long-Term Loans.

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A payday loan is a cash loan that you ask for when you need to cover an expense caused by an unexpected event. For instance, if you get sick and need to buy medication and you have absolutely no money left, you ask for a payday loan and pay it back in full when you receive your salary. At Cherry Loans, this cash loans have two main characteristics:

  1. You can ask up to R8 000
  2. You can repay the loan in a single payment or up to six months

Personal loans that you can find at Cherry Loans are unsecured; you will not need to provide any kind of asset guaranteeing the loan. You will be able to request a maximum of R20 000 and the repayment period is from 6 months to 24 months.

Lastly, long-term loans are loans that involve larger amounts of money. At Cherry Loans you can find loans from R20 000 to R200 000. They are called long-term loans since you have more time to pay them off. The ones you will find at this company have repayment terms that range from 12 to 60 months.

What kind of Reviews can be Found about Cherry Loans?

We were not able to find reviews about Cherry Loans online. This might be due to the fact that this is a fairly new company. Here is when we invite our community to share their experiences and insights with us. If you requested a loan through Cherry Loans and you would like to share with us if you are satisfied with their service, please use our form below to tell us about it. There are many readers who will thank you for that.

In the case you don’t know about this company and you wished to know other people’s opinions, you might try to ask the people you know if they have requested a loan with Cherry Loans. Maybe one of your relatives, friends or even a neighbor has something to tell you about it that can help you out.

What are Cherry Loans Contact Details?

Cherry Loans is a company completely operated through the Internet. They do not offer contact details such as phone numbers, and they do not have physical offices you can visit. If you have a question that you would like to ask them you should complete their contact form and wait for them to get back at you.

Their inquiries department works from Monday to Friday from 8 am to 5 pm. On Saturday  has diferent time, from 9 am to 1 pm. They will not be able to assist you on Sundays. However, if you want to request a loan, you can do so at any time of the day, any day of the week.   

Cherry Loans is an online loan broker that will help you find the best loans in South Africa. This means that Cherry Loans is not a lender; they only provide a free-of-use platform to find deals. Here you discovered what loans you can ask for, what the requirements are and how to contact this company. Also, you found out that this company only works with credit lending providers that are registered with the NCR for your economic safety. 

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Questions and answers

Good afternoon, I sent a loan application form and have received no feedback besides that I am approved. Is there anything else I should be doing?

Cherry Loans is not a lending company itself, on the contrary, it is an online loan broker or platform which will help you out to find the most convenient loans in South Africa. The time the approval takes will depend on the company that you have chosen. If you have received a confirmation that your application has been successful, then you just need to wait for the money to be deposited in the bank account you first provided. 

What's the interest rate on loans, say, R200,000?

The interest rate for a personal loan with the financial company Cherry Loans will depend on some factors. For example, it will be determined by the type of loan requested: a payday loan, a personal loan and a long term loan. Also, the rate will be conditioned by the repayment period. However, you can expect an interest rate ranging from 5% upwards. 

Can I ask for a loan if I just have started working?

This will depend on the criteria of the lender. However, most credit lending companies request you that you have a permanent job and that you’ve worked there for at least three to six months. This will be made clear to you when you receive your loan offer by the company you choose.

How will I receive my money?

After you choose a lender from the ones recommended by Cherry Loans, you start your application with them. If your application is approved by the lender you will have to provide them information about your bank account (the one where you receive your salary) and the money will be transferred to that bank account.

Can I use a long term loan to consolidate some loans I have taken out?

Of course, you can. What you do with the money you borrow is completely up to you. Some people use it to buy staff, other use it to send their kids to school, and some others, like you, decide to use the money to consolidate their other loans so as to be left with only one loan.

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