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Do you need to borrow some extra money and you’re not sure who can lend you? Are you concerned about having to pay high instalments? Do not despair as these are typical concerns loan applicants have when beginning to ask for a personal loan. This article will be about 1Life, a company providing South Africans with personal loans, and what does it take to get their loan approval.
Does 1Life offer Loans?
You might know 1Life for their insurance products and might now be wondering if you can apply for a loan with them. Well, the answer is yes. They have managed to cover different types of necessities we face here in South Africa. Distinguishing how important it is to get economic support to reach a goal, 1Life’s decided to include different personal loans in the services to offer. Let’s delve into it together to see if they are a good option.
How many requirements do I have to meet to get an approval on 1Life loans’ application?
Before you decide to apply for a loan at 1Life, it’s key you check if you have chances of being approved. Of course, 1Life will decide it only after checking your payment affordability, but there are some factors you can check on your own first. If you go over the next list, you will save time when applying for the loan:
1) Presenting an Identity Document issued by the South African Government is the most basic requirement.
2) Being old enough is also essential.
3) Having a permanent job to certify you can face monthly instalments.
4) Receiving around 2000 rands or more from your job.
Again, after these 4 points, 1Life must check your credit references to make sure you are clean and ready to go for a loan.
How can I use a loan calculator to find out about 1Life loan payments?
Although many people know using a loan calculator is a great benefit, not all of them know how to take the most of it. Simply, a loan simulator provides the future loan applicant with an estimated cost for the loan he or she is about to request. For instance, you will ask 1Life R100000, but you’re not sure about the repayment term. Well, if you use the loan calculator, you can compare your options. If you go for a short term, 36 months, monthly payments might be R4691. But if you prefer a longer term, 60 months for instance, monthly payments might reduce to R3631.
All the same, it’s imperative you know 1Life will adjust your term options according to the sum of money you ask. Consequently, for a high loan quote, you might not get such a short term to choose from.
Can 1Life give me a consolidation loan?
Consolidation loans are thought to get loans payments manageable. If it happens to you that all of a sudden you’ve realized you have taken many loans and you’re getting tired of trying to get them organized, a consolidation loan can be your guardian angel. At 1Life, you won’t find this kind of loan exactly, although you have the opportunity to take a personal loan to cancel your existing loan instalments. How? Well, you ask for a loan high enough to cover for all your loan balances together. Then, once it’s granted, you use it to cancel the credits. Finally, you will only have to pay for this existing 1Life loan making payments much easy. Bear in mind, as it will be issued as a simple personal loan, you might not enjoy from such a comfortable process like you would with a consolidation loan. Ultimately, it depends on the amount of loans you need to consolidate and for how much.
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Is loan insurance included when taking a personal 1Life loan?
A loan is a contract you sign with the lender in which you commit yourself to return the funds you were given. In case something happens to you, that contract stays running: the company that issued the loan will look for your heirs to claim for the remaining instalments. To cover this situation 1Life will include a Personal Protection Plan in your loan contract. Through this plan, the company will take care of covering the balance left in your personal loan account and so, your successors will stay free of debts.
Even though it might seem an irrelevant detail, you need to think forward and take one step ahead to understand it will avoid your children having to solve an important problem in the event of an unfortunate situation. Being prepared for whatever eventuality life throws at you is a clever decision.
What reviews do 1Life personal loans get?
This article is about to come to an end, but there’s something you need to know to make a right decision. It’s time I go through some reviews from 1Life’clients so as to facilitate you your final decision:
I can tell you that the loan quote found at 1Life is pretty reasonable for personal loans, as the top loan can get to R250000.
Also, their clients enjoy from a quick application thanks to 1Life fast decision when studying a loan petition.
1Life repayment terms are flexible and, the alternative ranges from a year up to 5.
Interest rate is agreed upon the applicants’ credit check, so responsible payers will be prized.
1Life Loans Contact Details
If this information has been enough for you to get a loan at 1Life, you might be wondering how to contact them. If you are thinking about having a phone conversation, you must dial 03860-10-53-40. If you’re the kind of person who likes writing instead, their email address is firstname.lastname@example.org. All the same, if you want a fast answer, you can tell us your query, and we’ll take care of giving you the fastest response.
To cover every detail of personal loans in South Africa, it’s recommended you go through as many loan provider’s offers as you can. Fortunately, we have taken a step forward on this topic and have prepared a complete package of information to help you. Now you know how 1Life personal loans work, you might go on finding out about Atlas Loans, for example, and analyse your alternatives.
Questions and answers
How to qualify if maybe one is more committed financially?
In order to qualify for a personal loan with 1Life, it is important to have a good credit behaviour. In other words, that you show a positive credit history. The company will carry out a credit check on you. The higher your score, the better your credit risk and the more money you will be able to obtain. One way to improve your financial situation is to pay back all the money you owe.
How do I calculate credit check?
In order to know if you have a high credit score to obtain a personal loan with 1Life, you should take into account some factors. All lenders will ask clients permission to run a credit check on them. This is to make sure they have means to afford the monthly fees. A good credit behaviour entails paying on time and not being in arrears.
I want to make a 30,000 rand loan, what would the general monthly repayment be on it?
If you wish to borrow about 30,000 rand with 1Life, you should know that there is an initiation fee, which can be around 1207 rand and a monthly service fee of 69 rand. Then, you should take into account the annual interest rate, 25.75%. This will be defined according to your credit profile and income. For instance, for a repayment period of 24 months, you will be paying about 1,613.21 rand per month.
I want to apply for a loan.
With the financial company 1LIFE, customers who work can apply for personal loans up to R 150.000. Besides, they are entitled to receive insurance in case of death, loss of income, or disability. It is quite simple to obtain the loan as there is an online application to fill out and the deposit takes only 24 hours. To know if you can qualify for the program, you should have a monthly income of R 2.000 with clear references.
If I can borrow R10,000 for 1 year, how much is the interest I'm going to pay?
When you ask for a loan at 1Life for R10,000 for a 1-year term, you will be asked information about your financial and economic situation. With this information, 1 Life will be able to determine the interest rate for your loan. Let's imagine 1LIfe can offer you a 15% interest rate. In such a case, you would have to pay R958.
How much is the instalment of R5000 loan for 1 year?
If you decide to apply for a loan with 1 Life for an amount of R5000 for a whole year period, then your installment per month would be of R623. Bear in mind that this value is not one hundred per cent accurate and that there may be changes due to the market's condition.
How much is the installment if I take a personal loan of R50,000 for a period of 5 years?
If you decide to apply for a personal loan of R50,000 for a period of 5 years, then your installment per month would be of R1856. The company allows clients to pick the loan amount they need but not the term. In this case, since the amount is of R50,000, you are given a term of 60 months.
What is the maximum loan amount available?
The maximum loan offered is R150 000
Is the consolidation loan a 1Life product?
No, the consolidation loan is a Direct Axis product
What is the interest rate?
The interest rate is one of the most convenient in the market and it will be disclosed to you when you call for the service