Loans up to R55000

Loans up to R55000
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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 R55000. Read until the end, and we’ll tell you where to get a R55000 loan even if you are under debt review.

Advantages of microloans

Firstly, let’s point out main advantages of applying for a R55000 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 R55000 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 R55000 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 R55000 – let’s jump into our step-by-step manual.

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Complete a simple online loan application using your phone, tablet or PC
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 55000 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 R55000 loan in South Africa are definitely lower in MFI than in banks. Here you can get a R55000 loan with no credit check, which can be a decisive factor. Also, in MFI, there are even R55000 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 R55000 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 R55000 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 R55000 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 R55000 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).

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
Phumzile Mbatha
Phumzile Mbatha
When I took out a loan for the first time, I was still a little afraid, as I was afraid of high interest rates. At first I took a small amount and returned it on time to make sure that all conditions are met. Now I come here quite often.
Tobias Devi
Tobias Devi
On this site, I chose the most convenient conditions for me from many companies.
Andrew Smith
Andrew Smith
This site helped me choose the most suitable loan company for my conditions
Nomsa Zondi
Nomsa Zondi
No additional commissions and additional services were charged. I am satisfied with the service that makes it so convenient to take out loans
Margaret Louw
Margaret Louw
Approval came within 24 hours and the money was transferred to me. Calculated by installments. Everything was in accordance with the terms
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