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FREQUENTLY ASKED QUESTIONS
Have a question or concerns regarding loans or finance? We will do our best to help you get the answers and keep reading for a full list of frequently asked questions below. If you cannot find the answer you are looking for on this page then please email contact[AT]loansloansloans.co.za with your question and we will do our best to help. Remember that we offer a wide range of loans and finance and you can browse all available options using the menu at the top of the page.
IS IT SAFE TO APPLY ONLINE?Many people have concerns regarding entering their personal information online, however we only deal with registered finance companies and your details are safe. You may receive emails from the company in the future, though this will generally relate to loans or other finance offers and you can unsubscribe at any time.
ARE THERE ANY FEES PAYABLE TO APPLY?None, and you should never be asked by any company to pay upfront fees to get your loan approved. Generally this is regarded as a common online 'scam' as vulnerable people with poor credit struggling to get a loan are promised loans from lenders, who then request a 'processing fee' before the loan is paid. Do not proceed with any arrangement similar to this, rather use a trusted lending company or request the credit provider (NCRCP) number of the company you are dealing with and do a check with the NCR (National Credit Regulator) before proceeding.
WHAT DOES NCR STAND FOR?
NCR stands for National Credit Regulator and is responsible for the registration of credit providers, credit bureau and debt counsellors, monitoring and investigation of any complaints against credit providers by consumers in South Africa. The National Credit Regulator seeks to enforce the NCA (National Credit Act) and ensure responsible lending practices, find out more at www.ncr.org.za
WHAT DOES MFSA STAND FOR?MFSA stands for MicroFinance South Africa and is representative of the majority of registered microfinance lenders in the country. Payday loans companies like Boodle are members of MFSA and the organisation tries to maintain and improve this segment of the finance sector.
CAN I APPLY IF I AM NOT AN RSA CITIZEN?Unfortunately all loans and finance that we offer on the website are for people in possession of a valid South African identity document. It will be difficult to find any kind of legal loan if you are not a citizen of the country so please do not risk using a loan shark or other untrustworthy sources.
CAN I GET A LOAN UNDER DEBT REVIEW?It is not legal to get a loan whilst under debt review unless you first cancel the debt review process. We do offer secured loans with no credit checks against assets that are fully paid however please speak to your debt counsellor before pursuing any kind of finance whilst under debt review.
WHAT IS DEBT REVIEW?Debt review (also referred to as debt counselling) is a legal process designed to help you reduce your monthly repayments, legally protect you and help you budget better. A debt counsellor will also negotiate with your creditors on your behalf and you will be able to keep any assets you have such as car or house. If you are no longer able to manage your debts on a monthly basis, are in fear of legal action or losing your assets then consider applying for debt review as it will help you repair your credit and become debt free again. If you would like more information on debt counselling / debt review please visit www.ncr.org.za
WILL THERE BE A CREDIT CHECK WHEN I APPLY?Yes, in most cases there will be a credit check when you apply, we do however offer a range of loan options if you have bad credit or are blacklisted. All loan providers on the unsecured personal loans page will accept applications if you are blacklisted or have a bad credit rating and you can apply free online. Alternatively if you are in need of a loan with absolutely no credit checks, proof of income required or banks involved then you can take out a loan against any assets of value you may have on our secured loans page.
HOW LONG WILL IT TAKE TO GET MY MONEY?
The approval and pay out time will vary for each loan company though if you want to make sure the process goes as quickly as possible apply during office hours. Also make sure all requested information is accurate and double-check before clicking the 'send' button on any online form. For personal loans you will generally need to have a proof of residence, proof of income, bank statement and copy of RSA identity available if requested. Payday loans can be applied for, approved and paid out without any documentation and during office hours it is possible to have your loan amount paid into your bank account within an hour.
DO I NEED TO HAVE A BANK ACCOUNT?Yes, you will need to have a bank account and it is preferable that you bank with one of the major banks, FNB, Nebank, Standard, Absa or Capitec. Should you bank with other banks such as Postbank or Bidvest this could cause issues and your loan application could be declined or delayed.
I HAVE A PROBLEM, WHO CAN I CONTACT?We do not offer any loans or finance ourselves, for this reason if you do have a concern or question regarding a specific loan or existing loan you may have please visit the Loan Company Contacts page. If you have any questions, comments or suggestions regarding this site or need some assistance with a loan or finance then please Contact Us and we will do our best to help.
IF I GET DECLINED CAN I APPLY AGAIN?Yes, if you are not successful on your first application you can usually reapply after 30 days and be considered again. Don't forget we offer a wide range of different loans and finance options with free application so if you don't get a loan the first time, browse for a more suitable option using the menu at the top of the page.
WHAT IS A PAYDAY LOAN?A payday loan is a small, short term loan that is usually repaid in a single repayment on or shortly after your next salary date and usually no documentation is required to apply and be approved. Though charged at a higher interest rate than a normal personal loan, payday loans are not intended for long term borrowing and you are not stuck in a loan contract that extends over many months. When the loan is repaid you can apply for another payday loan when you need one, helping you with access to funds quickly when you need them.
I AM UNEMPLOYED, WHERE CAN I GET A LOAN?If you are unemployed the only option we offer for loans is on the secured loans page and you will need to offer an asset of value as security. Goods that you can take out a loan against include art, antiques, luxury watches, valuable coins, jewellery, gold and diamonds and vehicles though other items will be considered.
WHAT ARE MY OPTIONS FOR BLACKLISTED CAR FINANCE?It will be very difficult to get car finance from a bank if you are blacklisted or have bad credit. Get Vehicle Finance offer independent finance from registered lenders for both new and used vehicle purchases as well as refinancing of vehicles. Another option is to apply for a loan at a company like CASHLOAN.co.za who accept blacklisted and bad credit applications and buy the vehicle yourself.
WHERE CAN I GET A CREDIT CARD IF BLACKLISTED?Unfortunately banks do not offer credit cards to people with existing credit problems though a credit card offers much more convenience and security than trying to do all transactions via EFT or using cash. Goldmoney offer a very popular option for a prepaid credit card that you can get in South Africa with no application or monthly fees and can be used wherever MasterCard is accepted in this country and around the world.
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