Loans in East London | What do you need to be approved?
Are you looking for loans in East London? You got to the right place. In this article we will help you with this search by showing you the different options you have. We will talk about different types of lenders and different types of loans. A little will be said about how to get these loans and which are the most reliable companies where you can find them.
Is it safe to Request loans from Private Money Lenders in East London, South Africa?
For a lender to be a safe solution to ask for money has to comply with a set of rules and norms. Our recommendation is that you only trust in credit lending companies that are registered with the National Credit Regulator. These companies adhere to the norms enforced by this agency that belongs to the State.
This is important since if you take out a loan with a lender that is not registered with the NCR, if something happens you might not have anyone to complain to.
2 Best Online Cash Loans in East London, South Africa
When you need instant cash loans, one of the best ways is taking them through online lenders. These companies offer online applications and all the documents you need to provide them with can be submitted through their platforms. This process makes the loan application much simpler and faster and in this way the lender can be able to make a quick decision about your loan.
In East London you can access to two of the best online loans of the credit market of South Africa. The first one is Letsatsi Finance and Loans. To be able to qualify for their loans, you need to have a permanent job and earn R3 500 or more. Also, you need to be a South African resident and be 18 to 61 years of age.
The other company we definitely think you should try is Wonga. This online platform allows you to borrow up to R4 000 if you borrow for the first time and when you become a client you will be able to borrow up to R8 000.
What are Payday Loans and how to get one in East London?
Payday loans are excellent to help you solve unplanned situations at the end of the month when you are running out of money. Although we like to think that we have control over everything, life proves us wrong time and time again. These unexpected situations can be a medical emergency, for example. Your child gets sick and you need to buy him or her medication. The problem is that you won’t be able to access your salary for a few days. With a payday loan you buy the medication and repay the loan when your employee pays you your salary.
You don’t need to go to payday shops to request these loans in East London; you can do it from your house. How? You can ask a payday loan at Konga, for instance. This company is a reliable lender that lends up to R5 000. All you will have to do is fill out an online form with your personal and financial information (ID and bank statements).
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1 Perfect Bank to get Consolidation Loans in East London
Having more than two loans at the same time can turn your life into a nightmare. It is really hard to keep truck of many responsibilities at a single time and you might find yourself engaged in unhealthy financial practices. A solution for this issue is consolidating your loans. What does this mean? It means that you take out one loan to pay off all the other loans that you have. In this way, you combine the loans into a single more easily to manage loan with only one bank.
African Bank has an excellent financial product that allows you to consolidate up to 5 loans for a total amount of R250 000. The consolidation loan they offer can be repaid in terms that range from 12 to 72 months. With this loan you can even take a break on your installments if one month you’re having trouble to make ends meet.
How to Find the Best Loan Companies for Bridging Loans in East London?
When it comes to bridging loans in South Africa, one of the companies that come first to mind is Marlin Credit Services. This is a company that specializes in bridging loans and that has built an excellent reputation over the years.
They offer pension bridging loans, property bridging loans among other bridging facilities. They have branches nationwide and, fortunately, one of them can be found in East London. Their loans start at R2 000. However, the amount you can access to will depend on the lump sum you are about to receive (a 10% of this lump sum).
What Documents you Need to Provide FNB for a Business Loan in East London?
There are times when your business gets stuck and needs to grow. But in order to grow you need finance. FNB can be the key for the success of your company with their excellent business loans. With their loans you might not need to provide security for loans of less than R400 000 and the repayment terms can be from 3 months to 5 years.
If you are not a client of FNB, you will need to submit the following documents:
- Bank statements for the last 6 months
- Financial statements
- Financial projections
- Business plan
- If your application is approved, you will have to open a Business Account
It is our hope that after reading these lines you have gained a greater idea about the loans you can find in East London. We tried to give you objective information about the credit providers that play by the rules and that run their business legally. We talked about online loans, payday loans, consolidation loans and business loans. We've discussed their main characteristics, requirements and best lenders to get them. Should you have any question, please use our form below. We are happy to help you.
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Questions and answers
Can I apply for an Instant loan if I’m unemployed?
No, you need you earn at least R 250.
Is there an African Bank branch in East London?
Can I borrow R 5,000?