Representative example: a R50 000 loan at an interest rate of 24.5% per annum plus a once-off initiation fee of R1 207.50 (added to the loan amount in this example) and a monthly admin fee of R69.00, over 72 months would have a total cost of R 103 155.57.
The maximum annual interest rate including fees is 27.5%. Repayment terms can range from 1 - 72 months.
MyLoan is an online loan broker and not a lender. Our service is free and we work with NCR licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicants’ credit score and other factors at the lenders’ discretion.
Why Are Mashonisas On WhatsApp?
Mashonisa lenders often use WhatsApp to communicate with their clients because it's a convenient and accessible platform for quick and easy communication. Many people in disadvantaged communities may not have access to formal banking services or may not be able to visit a physical lender, so WhatsApp provides a way for them to access financial assistance from the comfort of their own homes.
Using WhatsApp also allows Mashonisa loans and loan sharks to maintain a level of anonymity, which can be crucial in communities where there is a stigma associated with borrowing money. By communicating through WhatsApp, borrowers can maintain a level of privacy and avoid the judgment of others in their community.
However, it's important to note that borrowing money from a Mashonisa lender through WhatsApp can be risky, as these lenders are often unregulated and may engage in predatory lending practices. If you need to borrow money, it's generally better to seek out a reputable financial institution that is subject to regulation and oversight.
Is It Safe To Give My Whatsapp Number To A Mashonisa?
Giving your WhatsApp number or any other personal information to a Mashonisa loan shark is generally not recommended. This is because Mashonisa on Whatsapp are often unregulated and operate outside the formal banking system, which means that there is little oversight or protection for borrowers.
If you decide to borrow money from a Mashonisa lender, it's important to protect your privacy and personal information. For example, you should avoid sharing sensitive information, such as your social security number or bank account details, and be cautious about providing your phone number or other contact information.
It's also important to carefully review the terms and conditions of any loan agreement before signing and to ensure that you fully understand the repayment terms and any fees or penalties that may apply.
Ultimately, borrowing from a Mashonisa loan shark can be risky, and it's generally better to seek out a reputable financial institution subject to regulation and oversight.
Here Is Why MyLoan Is A Better Option
You can only take out a loan for a specific reason. When you take out a mortgage loan, for example, you can only use the funds to purchase a home. Loans provided by our partners work for various purposes, including debt consolidation and medical bill payments. Loans through MyLoan can also be very flexible when it comes to interest rates, repayment terms, and loan amounts.
Several Options To Choose From
Thanks to MyLoan, South Africans now have a wealth of lending alternatives at their fingertips. The application and approval processes are both short, allowing you to acquire an online loan when you need it without waiting long. In addition, several lenders are dedicated to making borrowing as simple as possible in South Africa, with simple applications requiring no paperwork.
With MyLoan, You May Even Apply With Bad Credit
Having a good credit history can help you get approved for a loan. Having bad credit can make it harder to obtain a loan. You may still apply for a loan through MyLoan even if you have a steady source of income.
Get Pre-Qualification Loans
Prequalification is a type of inquiry that allows you to discover more about a lender's requirements without affecting your credit score. Furthermore, understanding what kind of loan you qualify for will give you much-needed peace of mind. It will also help you determine what price range to look within, and which lenders are able to help you. MyLoan partners with 15+ credit providers, so we can help you to sort out those who are interested in serving your profile.
Depending on the turnaround time, you can receive the loan the same day or the next day after approval. This is a lifesaver if you have a financial emergency.MyLoan is a leading loan comparison website that aims to make the lives of many Pretoria residents and South African nationals easier. MyLoan lending services are simple to use and free. All of our partner lenders are licensed and offer loans that comply with the National Credit Act (NCA).