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.