Is it Possible to get Loans from OXL? Requirements
We’ve received many questions from our readers with regard to the loans advertised on OLX. In the following lines, we aim at explaining the details you need to know and the types of loans that can be found through this online platform. We will also talk about general requirements to qualify for these loans and other issues.
Does OLX offer Loans Online?
This was a repeated question from our readers. Since the number of people who made this question was astonishing, we decided to write an article about it. OLX is not a credit lending provider; you will not be able to request OLX any kind of loan. This online site is an advertising platform. This means that people from all over the country can use their page to sell or request products or services.
So, all the loan advertising you will find in OLX are posted by individuals who have no affiliation to OLX. You need to understand this, since if you have any kind of trouble with the loan you request through this platform, you will not be able to make a complaint to OLX. You will need to direct the complaint to the company or individual to whom you requested the loan. For this reason, in the following lines we will give you tips to find out which offers can be trusted and which offers should be avoided.
What is the Most Required Loan at OLX?
Since OLX is an advertising platform, you will not only find loan offers; you will also find people requiring loans. These types of posts would be useful for you if you are a credit loan provider or if you work for a lending company, for instance. Also, this means that you as an individual can post an ad stating that you need a loan and wait for a company or an individual to reach out to you with an offer.
The most common type of loans required at OLX are personal loans for R100 000 and the people who ask for these loans usually do not meet the requirements set by traditional banks. One of the reasons might be that these people do not have a permanent job and have no way of providing proof of income. There are also many people who request smaller loans to solve specific problems such as a medical emergency.
What are the Requirements for Personal Loans Advertised at OLX?
In OLX you can find companies advertising their loan offers. The requirements to apply for these loans will vary from company to company. However, in order to talk about a specific example, let us talk about a credit lending provider that posted an offer on OLX. This company is called Empire Finance and has its office in Johannesburg.
The loans provided by this lender range from R100 to R4 000. The requirements you should meet are the following:
You should be a South African resident. Your ID or Passport will be requested.
You will need to have a permanent employment and to provide Empire Finance with you payslip.
Also, you will have to show this company your latest three bank statements.
We’ve chosen this company since it is registered with the National Credit Regulator and it is a member of the MFSA. Also, they offer contact details and have physical offices where you can reach them.
Can you Find Home Loans at OLX?
Actually, there are not many offers for home loans advertised through this platform. In fact the closes loans related to home loans are the ones that use your property as security for obtaining a loan. Moreover, the companies that advertise these loans are not registered with the National Credit Regulator and there is no way to trace them down and find out where they are located and to assess if they are legitimate credit providers or not.
All the information they give is a contact person and a phone number. We would like to warn you against these types of offers since they might sound tempting, but there is no way to corroborate their information. The risk with these offers is that there is no governmental organization or institution saying this is a legit provider, “trust them”. And if you go ahead and request a loan and something unexpected happens, you will have no one to turn to. You will be absolutely on your own.
1 Company Found at OLX that Offers Business Loan
A company called Loan Finance Online advertises on OLX its business loans. This lender states that you can ask for a loan with them for high amounts of money with no paperwork or hidden costs. Again, we could not find this company on the records of the National Credit Regulator; for this reason, we would recommend you to stay away from this offer. Also, they do not mention any address; we believe this is so since they might have no office at all.
Is it Safe to Contact Private Money Lenders on OLX?
Our overall impression is that many of the companies that offer their services at OLX have doubtful reputation. The same thing happens with private money lenders. How can you know for sure that they run their business in a legitimate way?
We would never recommend you a lender we can’t trust or a credit lending provider whose data is hard to find. This is just too risky for you. Our most sincere piece of advice is that you check our articles to find reliable and legitimate credit providers in South Africa. In our articles you will see that if you cannot prove your income since you are currently unemployed, there are other ways of obtaining finance safely, such as loans against valuables, for instance.
OLX is an excellent platform for advertising goods and services; however, this company is not a credit provider. We’ve repeated this concept many times along this article because we need you to understand that OLX is not the lender. This platform is just the medium used by companies or people to post their loans offers. We were able to find a company that you could trust in since it complies with the regulations enforced by the NCR. Nevertheless, on general terms, the offers we found do not look safe at all. We recommended you to browse our web to find the many articles we have about excellent financial companies in South Africa.
Map South Africa
Questions and answers
If I have a complaint about a loan I requested through OLX, should I contact OLX?
If you want to make a complaint you should contact the person or company to which you requested the loan. OLX has nothing to do with the products or services advertised on its platform. They cannot and will not interfere between you and this company, and they cannot respond for this company.
Can I request a payday loan at Empire Finance?
Empire Finance offers payday loans for you to solve whatever urgency need you might have. You can repay the loan when you receive your salary
Are there good consolidation loans at OLX?
We could not find any advertising regarding consolidation loans on OLX. We recommend you to go to the bottom of our web page and click on Loans per Type. There you will find all the articles we have posted about different types of loans, and you will be able to find some articles on consolidation loans where we recommend reliable providers.
I found this article useful, I thought I could trust all the loans advertised here since I believed OLX was the lender!
I love OLX, but you’re right one has to be very careful when it comes to loans since you don’t know the person who is advertising.
Empire Finance is a good option, I asked for a payday loan once.