Loans up to R200 000

Loans up to R200 000
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There are tons of situations when people are in need of a certain amount of money to solve current problems. The amount is not that big to apply for a bank credit, but still enough to carry out the most important issues. It’s a perfect example of a situation when you can apply for loans up to R200 000. Read until the end, and we’ll tell you where to get a R200 000 loan even if you are under debt review.

Advantages of microloans

Firstly, let’s point out main advantages of applying for a R200 000 loan in South Africa:

  • Possibility to apply at any time. All companies have websites that are open around the clock. It is very convenient, in contrast to contacting the bank, where you must definitely come during working hours to receive money. Funds are transferred to the client’s electronic wallet or bank account.
  • A short list of documents. Usually, microfinance organizations do not require a large list of documents. As a rule, only a passport is needed to apply for a loan. Also, no income statement is required, which is very convenient for quick registration.
  • Efficiency. Usually, it takes a minimum of time to process an application – no more than 10-15 minutes. Funds are transferred to the client’s account after the loan is approved. At the same time, the percentage of approval is also quite high – about 98%, if we are talking about a small amount.
  • Availability. Banking institutions have strict requirements for their customers. Bad credit history or age restrictions can be an obstacle to getting a loan. As for MFIs, such organizations are more loyal to borrowers.

What’s to know at the start?

Before applying for a R200 000 loan, it’s wise to make sure that your current state of affairs is really that hard and unbearable. Apply for a microloan only in case of straightforward positive answer. If there are any doubts and there’s a chance for you to solve problems on your own – try to do it.

Assess your capabilities: even a R200 000 loan requires repayment and the one with interest rates. Be ensured that you would be able to make monthly payments without severe damage to your own and family budget.

So if you made up your mind and there are no doubts that you need a loan of R200 000 – let’s jump into our step-by-step manual.

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After submitting the application, wait for the answer about the loan.
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The Most Common Uses For a Loan
Major Purchases
Utility Expenses
Emergency Expense
Auto repair
New car
Debt consolidation
Home Renovations
Medical Expenses
Special Occasion
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Pick a place for a loan

The very first thing to decide – a place to lend money. In South Africa, for cases where you need not more than 200 000 R, there are 2 variants: apply for a bank credit, or to a microfinance institution (MFI).

Those debtors with good credit background, amount of time to get all the necessary documents may easily apply for a bank credit. Credits for such amounts are more likely to be approved if there are no serious troubles with repaying previous loans and credits.

Otherwise, if you’re running out of time to get money or you’re not completely sure about chances to get approved bank credit – your choice is to apply for a MFI microloan.

Average monthly repayments on a R200 000 loan in South Africa are definitely lower in MFI than in banks. Here you can get a R200 000 loan with no credit check, which can be a decisive factor. Also, in MFI, there are even R200 000 loans for blacklisted and those unable to get a bank credit.

The mission of MFI operating is to help small companies, which can’t easily rely on bank credits to develop their business. But ordinary people who are in trouble or simply need a small amount of money for a short period also can count on MFI services as an alternative to long-term bank credits. Almost any person can get consumer MFI loans (including R200 000 payday loans).

But it should be clearly realized that MFI loans offer higher interest rates, as the company also should have it’s earn. It can’t simply afford to offer short-time loans with low interest rates. So you can’t live with an MFI loan for a long time – it was not invented for this and will start “eating” your finances.

Contract signing

The R200 000 personal loan agreement form must indicate the full sum of the loan in percent per annum. Do not rush to sign the document right away. You always have time to think about the offer that has been made to you. Conditions can no longer change, so you can carefully read it. Take a break and check if all the conditions are clear and detailed indicated in the contract.

Even in case of urgent money need, try to avoid wrong decisions made in a hurry: evaluate the proposals from several companies. Even though R200 000 loans are given for a short time, you are to understand that 1% daily by the end of the month would turn into 30%. Consider whether you’re ready to overpay that much.

Study all the terms and conditions: from the beginning to the very end of agreement. Here you may find hidden conditions for including additional services (which you actually don’t need). Presence of such conditions may make a dramatic change in the amount you need to return.

Things to remember after taking a loan

Do not forget that microlending works for you only in case you took it for a short time. The faster you pay it off, the less money you have to pay from your budget.

When you pay off a debt, do not forget to keep the payment documents (check or cash receipt). Remember that the loan is considered to be repaid at the moment when the funds are credited to the account or cashier of the MFI (depending on whether it was a R200 000 cash loan, or the one with online money transfer). Ask the lender for a document, stating that you have completely repaid the loan (or even part of the loan debt).

Patricia Buthelezi
Patricia Buthelezi
I needed the money urgently, but there was no extra money for it, so I filled out an application for a loan online. As soon as I received the paycheck, I easily repaid the loan myself on the website.
Nokuthula van der Merwe
Nokuthula van der Merwe
Good service at Boodle. Of course, the conditions are not the simplest and if you do not pay, then there will be problems (1% per day !!), but if you take it clearly and return it on time, then everything will be fine
Bongani Gumede
Bongani Gumede
Absa is the best company for borrowing money. Everything is very clear, the first loan was issued without interest, the second and third at the standard rate.
Cassian Johnson
Cassian Johnson
Initially, I doubted whether I would be able to arrange everything correctly for obtaining a loan, but it turned out easier than I thought
Jacobus Majola
Jacobus Majola
Everything is fast, clear and simple (this applies to everything: receiving money, repaying a loan, a deferral and the interface as a whole) If necessary, there is an extension
Nokuthula van der Merwe
Nokuthula van der Merwe
This is not the first time I have taken a loan on this site - everything is clear. You don\'t have to run around friends and acquaintances.
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