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Are you looking forward to moving in once you have the keys in your hand, but have you considered how you’ll be able to afford the remaining 80% of the cost? If not, don’t panic! There are plenty of low-interest home loans in South Africa that will make buying your first home as easy as possible. Here are 3 tips for getting a home loan in South Africa.

1. Get pre-approved

Before you begin looking at homes, it is wise to get pre-approved by a mortgage lender. This way, you will know how much money you can borrow and how much of an interest rate you can expect. Knowing these details can help you find homes that fit your budget and avoid wasting time on properties that are beyond your reach. 

Ask friends or colleagues who recently purchased houses if they used a specific lender; if so, ask them to recommend them.

2. Establish a good credit history

Good credit is one of many things lenders look at when deciding whether or not to grant you a home loan. Before starting your home search, make sure you’ve done everything you can to establish a good credit history. These include having at least two accounts that have been open for three months (credit cards and cell phone accounts work well). 

You should also try to keep your balance on these accounts as low as possible by making regular payments.

3. Shop around 

The more research you do before applying for your home loan, the more options you’ll have. Banks and other lenders are under pressure to give customers what they want. If you shop around first, you can get better interest rates or lower fees on your loans, so there’s no need to settle on one lender right away.

Just as it is important to make careful and informed decisions about your home purchase, it is important to carefully consider your various home financing options. Finding your dream home may be more challenging than you first thought!

Conclusion

Getting the house of your dreams will be more difficult than you might have initially thought! Check out our post 3 Tips for Getting a Home Loan in South Africa for helpful information regarding what makes a good credit score and how you can build a good credit score. It is also important to understand the reasons why banks are most likely to decline home loans.

Loans provide a way out in our financial darkest moments. This moment of financial darkness exists because of our unending needs. Some of these needs arise unexpectedly and need an immediate reaction from us to prevent a terrible outcome. Game loans are in the game of ensuring that we win over those needs money can solve. Game loan review, its requirements, interest rates, and other information are all-inclusive in this article.

About Game loans

Game loans are a product offered by Africa’s largest discount retailer. Game is a discount retailer of mainly general merchandise. They are also retailers of non-perishable groceries for home, leisure, and business use.

In 1970, they opened the first Game store in Durban, South Africa. Operating out of 150 stores in 12 African countries..

Game operates out of 150 stores in 12 African countries.

Game loans have come into the forefront of credit services to ensure that South African people have adequate cash flow.

What are the Game loans requirements?

There are requirements that you have to meet before you can get Game loans. The requirements are:

1. You must be 18 years or older.
2. Have a valid South African Identity Card or a driver’s licence.
3. You should be an employee and earn about R2000 or more per month.
4. Provide the proof of income documentation while applying for the Game loans.

What is the maximum amount you can borrow from Game loans?

Before getting a loan, you would want to know whether the loan package available can meet your needs. This will help you weigh your options appropriately. The maximum loan could get up to R250,000. 

How can I apply for Game loans?

There is an actual way to apply for a loan, and this usually differs from one financial institution to the other. The following are how you can apply for a loan:

1. SMS your:  Identity number, initials, Surname & Monthly salary to 47562 and they will call you back. Example: 5018320012945*RT*Jade*8000. Your SMS will cost R3. Thereafter, they will call you back to complete your application.
2. Prospetive customers can also apply online. You can do this with your smartphone, tablet or personal computer. Then you’ll fill in your details and follow the procedure as presented (paperless).

What are Game loans interest rates?

Before taking up loans, we have to be sure of the interest rates for the loans. This will help us know whether we can measure up with the payback. The interest rate is as low as 15% of the loan.

Are there any additional fees?

There could be additional fees on loans. Those fees could be because of the customer risk profile. And these fees could change from time to time.

How fast are the Game loans released?

The pressing needs that led us to take up loans might not give us enough time. Because of this, full awareness of how fast we can get the loan is essential. If you apply for Game loans, you will get your cash in 24 hours.

Repayment terms?

Just as there are terms for loans in every financial institution, Game loans are not in exception of it. The repayment terms are flexible. It is usually from 12 to 60 months.

Conclusion

When we do not have any alternative to cash, loans are the only option available to us. Hence, we are on the lookout for the most reliable and trusted loan options. With 24 hours to get a loan considering the adverse effects of the pressing need, we would want to solve. Game loans’ timeliness with the provision of finance is what we should not overlook.

In response to the Covid-19 pandemic, the government is launching a new New South Africa Covid Loan program aimed at helping South African businesses.

About New South Africa’s COVID Loan 

According to a press release issued by the presidency on Monday (14 March), the scheme will officially launch on 3 April and will allow small businesses to apply for ‘bounce-back’ loans from banks and other lenders.

According to Enoch Godongwana, the finance minister will be introducing two mechanisms as part of the scheme. First, small business loan guarantees of R15 billion will be available through participating banks and development finance institutions, he said.

“This will allow non-bank lenders to access the fund. In partnership with loan providers, the government will underwrite the first 20% of losses for small and medium-sized lenders. In partnership with loan providers, the government will underwrite the first 20% of losses for small and medium-sized lenders”.

“Also loosening the eligibility criteria, including the requirement for collateral, will go a long way in easing the application and approval process.” The mechanism will be up and running next month.

Secondly, the government plans to introduce a business equity-linked loan guarantee support mechanism by April.

We intend to increase the total support package to R20 billion through the bounce-back scheme. DFIs (development finance institutions) will facilitate this scheme’s equity support mechanism. “Qualifying non-bank small and medium finance providers will also have access to the fund,” Godongwana said.

Conclusion

A Budget Review document accompanying the speech reveals that government will, over the next three years, spend R721 billion. This is to promote faster and sustained inclusive economic growth to address unemployment, poverty and inequality plaguing the country.

For the average investor, trading on the stock market can be confusing. The same goes for most South Africans. For some, investing in the stock market is risky, but for others, it is the best way to build wealth quickly. Easyequities In South Africa is an investment platform in South Africa that facilitates trades about tax-free savings investments and equity investments as well as ETFs and other investments.

With investments starting at R0.01, it is the cheapest investment platform in South Africa. A variety of factors determine the minimum investment amount, however, each trade has its own minimum investment amount, which may push the required minimum investment amount above R0.01.

About Easy Easyequities In South Africa

Easy Equities is part of the JSE-listed Purple Group Limited and is headquartered in Braamfontein, Johannesburg. As an effort to create an investment platform that is affordable and easy to use for all South Africans, the company was founded in 2014. 

Easy Equities operates legally in South Africa and has a trading license number 22588 from the Financial Sector Conduct Authority (FSCA). First World Trader (Pty) Ltd is registered with the Financial Services Compensation Authority, which allows EasyEquities to trade as a financial service provider. 

What Is Easy Equities?

Easy Equities is a South African investment platform that allows its users to invest fractionally in bonds and shares. The stock market allows you to invest as little as R5 with various local and international markets. It aims to improve the financial situation of many South Africans.

The emergence of the internet and technological advancements have changed South African stock market investments. Purchasing fractional shares allows you to enjoy the economic benefits of owning whole shares without sacrificing your earnings. Investing in fractional shares gives you fractional rights as you purchase more shares until you possess the total number of shares. 

After you complete the fraction, the platform delivers the whole claim to you. Therefore, every Rand you invest counts, and you eventually have a chance to own full shares on the South African stock market.

How Easyequities In South Africa Work

Easy Equity is a straightforward platform with a user-friendly website that is friendly to both new and old users. The registration process is simple, and you only need to go to Easy Equities’ website, register with them, and then log in once your account has been approved. Registration is free, and there is no monthly fee for the account.

As a thank you for registering, you’ll receive an award of R 100 000 deposited in a ZAR account and $1000 deposited in a USD account for demo use. Afterward, you can locate familiar brands that you would like to invest in. You can also invest in Easy Equities demo with ETFs and bundles of selected shares. The demo is designed to familiarize you with how easy it is to invest in stock markets listed on the EasyEquities platform.

As soon as you understand how it works, you can start using real money to purchase. To begin, complete your profile and register for a live account. Easy equities offers three different accounts: ZAR, USD, and ZAR tax-free savings. If you activate your account, you can choose between a ZAR account or a USD account.

One of the best features of Easy Equities is that it has a ZAR tax free savings account, which is ideal for South Africans with low income. The platform automatically activates this account when you register on the platform. This tax-free investment method allows you to invest in baskets, ETFs, and bundles without being taxed on capital gains, interest, or dividends. 

Easy Equities Account Setup

Setting up an account with Easy Equities is easy. 

1. To register, click here. 
2. First, you will create an account with your basic details.
3. As soon as you activate your account, you must verify your identity and location. This is the only part of the easy equity application process that requires paperwork. 
4. Attach a copy of your ID and any utility bill or bank statement that shows your address.
5. Upload your ID copy and any utility bill or bank statement that has your address.
6. As soon as your account has been verified, you can deposit money by direct deposit, EFT, or credit card.

How to Use the ZAR Tax-Free Savings Account (TFSA)

The South African National Treasury allows you to invest in ETFs, Bundles and Baskets using yourTFSA for a lifetime investment limit of R500 000. It involves a simple process in which you first fund your TFSA account with your accessible equity account number. 

Having deposited, you can now browse for investments on the platform’s website. Select from the list of ETFs or Baskets and Bundles. Click on the “BUY” icon and enter the amount that you wish to invest!

How to Move TFSA From Current Provider to Easy Equities

Are you aware that you can transfer your TFSA from one provider to an Easy Equities account? That is one of the benefits of Easy Equities. However, before you start the process, you need to understand the two types of TFSA accounts available in the South African market. Each type affects the transfer process differently. There are two types of TFSA accounts:

1. Investment TFSAs

 Using this account, you can invest cash or funds in assets that include shares, bonds, and exchange-traded however, it is the easiest TFSA to transfer because of its liquidity.ed funds.

2. Bank TFSAs

 Your funds are held in accounts that earn interest while being held in cash form. The account does not include the purchase of Exchange-Traded Funds (ETFs). However, it is the easiest transferable TFSA because of its liquidity state.

 

Transfer Process

The TFSA transfer process is easy, and all you have to do is:

The first step is to create an Easy Equities account, then fill out section A, which contains investor information. You can also use this form to transfer your TFSA funds. To do so, just enter your TFSA account number into the box on the form. In case you have a bank account, TFSA transfers your funds in Rands, and if you have an investment TFSA, you can transfer units, shares, or cash.

If you want to transfer a partial amount or the entire amount, you can do so. Enter your EasyEquities User ID in the transfer to a part section of the form application. Once the transfer has been completed, be sure to notify your former broker and Easy Equities by emailing the application form to both.

It can take TFSA 2-4 weeks to complete a transfer from one broker to Easy Equities. It is important to note that TFSA accounts have a contribution limit, and the two parties will need this time to take care of all the details of the transfer of investments or money. Also, note that transfers do not take place at the end of the tax year because they can cause problems because of your annual and lifetime contribution limits.

 

Is EasyEquities safe and legit

It is certainly legal in this sense to invest with EasyEquities. In addition, there are other factors you may consider when viewing EasyEquities’ safety, such as EasyEquities’s listing on any exchange, providing two-step logins, disclosing transparently its financial results, etc.

Can you make money on Easyequities In South Africa

Practicing makes perfect, so you receive a demo account of R100,000 and a demo account of $10,000. Check out the brands you know and love on the Invest Now page. There are also baskets, bundles, and ETFs that let you buy a lot of preselected shares all at once.

Does EasyEquities have a stop loss

If you wish to sell at R10 before you put your stop loss at R00, you can now do so. When the Selling AT (BID) price of this share reaches R10, you will receive the dividend. 00 (or lower), the system will automatically sell your share, effectively stopping any further losses.

Advantages of Easyequities In South Africa

Some of the advantages of EasyEquities include:

1. Low Invests Cost

Easy equities allow you to invest as little as R5. Registration is free on the platform as well. Consequently, you can invest in stocks and ETFs using your Tax-Free Savings Account (TFSA). You are not limited to the number of shares you can purchase per month with this account.

2. Mobile-enabled

Using your smartphone, you can download the EasyEquities app or visit their website. As a result of the collaboration, Easy Equities and Telkom now allow you to transfer money using your WhatsApp or online payment wallets when purchasing shares.

3. Easy Sign Up

Easy equities accounts are easy to open. You need only provide brief information, such as your name, address, and ID number. Once your details get verified, the agent opens an account for you to deposit money and buy shares.

Other advantages include

1. Easy equities offer all its customers quality customer care services with personalized services
2. The agent allows you to deposit money into the EasyEquities account using your credit card, Eft, and direct deposit. 
3. The platform has a beautiful, easily navigable, and intuitive user experience. Easy Equities made it to help you invest in stock markets you love.
4. The platform’s website boasts of search functions that easily find what you are searching for. 
5. It allows you to transfer your funds from a different broker in a simple process. The platform accepts full or part transfers.

Disadvantages of Easyequities In South Africa

Despite its pros, EasyEquities also has its cons. They include:

1. Lacks Live Chat and Phone Access

It is not possible to contact Easy Equities customer service agents via live chat on the website. They also have an unresponsive phone number that is rarely answered.

2. Limit to Stock Analysis

On their website, users can only access stock analyses and essential chatting tools. Additionally, it has integrated TFSAs as well as stocks and ETFs into the site. Bank TFSAs are limited, which may lead investors to believe that they are not available.

3. Fractional Shares

Fractional shares purchased on the platform do not entitle you to vote on the stock market. Only when you purchase whole shares do you gain rights, and only then does the agent transfer your ownership of the shares.

Other advantages include

1. The platform is only available in English, which is a disadvantage for South Africans who do not understand English.
2. The platform provides a one-step login only, which is risky. It should at least include a two-step authentication for more security.

Final Thoughts

The EasyEquities platform makes it easy for new investors to access the stock market. While other platforms require large capital to open an account, Easy Equities allows South Africans to invest for as low as R10 – no other platform offers this feature.

Financial expenses become too much to handle. When you are in this kind of situation, the only option left for you would be to get a loan. Various forms of loans are available in financial institutions. There are types of loans such as; long-term and short-term loans. Some financial institutions would not give you a loan if your credit score is not good. The requirements, maximum and minimum loan amount, and other information about Cobol loans are all-inclusive in this article.

About Cobol loans

They established Cobol loans in 2006. They are the services that Cobol Finance provides in South Africa. Over 1000 customers trust Cobol for their safe financial help.

The instant loans that Cobol offer are best used for unforeseen expenses.

They abide by the regulations of the National Credit Regulator. Cobol loans lend money responsibly to their customers so that the customers won’t have a problem in paying back.

They are simple and stress-free. It is available online to South African citizens every day. The loans are quick and convenient for customers against times of financial difficulty.

What are the requirements for Cobol loans

For every form of loan, there are always requirements to meet to get access to the loans.

The following are the requirements for Cobol loans:

1. Be a South African citizen
2. Have a permanent employment
3. Earn at least R3000 per month
4. Be 18 years to  65 years
5. A good credit rating
6. Possess an active email account;
7. Present your phone number and debit card details
8. Proof of residence
9. Provide your 3 months payslips or bank statements

What is the maximum and minimum amount of loan I can get from Cobol loan

You should know whether a particular financial institution offers the amount of loan you want. Therefore, it is important to know the minimum and maximum loan amount you could get. However, for Cobol loans, the minimum amount of loan is R250. While the maximum amount of loan is R5,000 for their new clients and R8,000 for their returning clients.

How will I know if I’m qualified to apply for Cobol loans

You might not know if you are qualified to apply for the loans. However, in order to be sure of that, just:

1. Input your South African Identification number
2. Choose a password for your account
3. One of their friendly consultants will then call you and let you know if you qualify. They will also let you know how much you’re qualified to get.

How can I apply for Cobol loans

Now that you have seen whether you are qualified for Cobol loans. All you need to apply for Cobol loans is your smartphone, tablet, or personal computer. The application process for Cobol loans online is easy. Let’s see how you can apply for the loan.

The following is how you can apply online:

1. Select the amount of loan you want and the duration on our calculator
2. Immediately you have selected the amount of loan you want, then click “Go to Site.”
3. New clients have to sign up by entering their Identity number, then create a password.
4. Type in your phone number. You will then receive a one time pin that you will input on the site.
5. Thereafter, enter your name and address
6. Then input your employment information, including your employer, salary, and their number.
7. The site will then provide a quote via email. You can now accept or decline the quote. If you are okay with the loan offer, you can continue with the application.

Note: In a few minutes you will know whether you qualify for the credit of Cobol. Once you accept the offer, they will pay the money into your account on the same day.

Check out other related articles of online loans in South Africa

• Online Loans in South Africa – What you should know
• How to get online Loans In South Africa

What is the interest rate of Cobol loans

Borrowers should always know the interest rate on the loan they desire. Many borrowers compare the interest rates on loans among financial institutions. This helps them to know whether they will pay back the loans with no further issues. The interest rate on Cobol loans is 3% with an Annual Percentage Rate between 124% and 212% per annum.

Read more to learn how to use a personal loan calculator.

How fast can I get Cobol loans

Financial needs wouldn’t give you all the time you need to get things done. Therefore, the knowledge of how fast you can get a loan is really important. They have its approval within minutes and the same day (within 24hrs).

What are the repayment terms of Cobol loans

Borrowers and lenders always have an agreement on when and how the repayment will go. Cobol loans have a repayment term from 1 month to 6 months.

How do I keep track of my repayments

Some borrowers might have a problem accurately keeping track of the repayment of their loans. Loans from Cobol make it easier for such borrowers. Cobol Finance helps the borrowers know how much they have paid and how much they still owe. They do this by providing mini statements on a monthly basis and a full statement every 3 months. 

Are this loans safe

You might wonder whether it is safe to get a loan from Cobol Finance. Cobol Finance is a legal credit provider in South Africa. Therefore, you don’t have to worry about legality matters. They abide by the rules and regulations put in place by the National Credit Regulator.

What are the pros

1. Applications can be of the day
2. The online application guidelines for Cobol loans are easy to follow and they credit you immediately they approve you.

What are the cons?

1. You can only get Cobol loans if you are a permanent employee
2. No loan for you if you have a bad credit score.

Cobol loans contact details

Telephone:	021 421 8811
Email:	clientcare@cobol.co.za
Fax:	086 668 7572
Physical address:	Level 2 Block A, The Vineyards 1 Devon Valley Road Stellenbosch, 7600
Postal address:	PO Box 2961, Cape Town, 8001

Conclusions

Many borrowers won’t be borrowing if all is financially well with them. They take the risk of securing some of their loans with their houses, vehicles and other assets. One of the major reasons they take this risk is to solve unforeseen circumstances that come their way. Loans from Cobol are fast to get. All you need to secure a loan from Cobol Finance is just your smartphone, tablet, or personal computer.

The South African government is partnering with FNB on its bounce-back loan scheme. Aiming to grow the South African economy and create jobs, the scheme provides additional funding to qualifying businesses. Through the course of this article, we would be taking an in-depth dive into FNB bounce back loans in South Africa.

According to the bank, it has already begun processing applications and will improve its processes over the next few weeks to ensure that customers can access the loans seamlessly across all channels.

“We are offering a loan scheme that is not about emergency financial relief, but is about contributing to the growth, development, and resilience of the entire SME sector,” said Gordon Little, chief executive of FNB commercial.

Why FNB launches ‘bounce back’ loans in South Africa

As Little explains, the previous Covid-19 assistance loans were restrictive in terms of the qualifying criteria. Also, what businesses could use the funding for. This kind of bounce-back loan application process is much simpler. Applicants have no restrictions as to how they can use the funding.

There are only two restrictions; loans cannot be used to repay shareholder loans or settle debt, and entities and sole proprietors must be tax-registered. This allows companies to invest the funds into the aspects of their business that will support its future growth.

FNB said it will prioritize the provision of bounce-back loans. The plan is to make the scheme a default term lending solution, for business clients with an annual turnover of between R0 – R100 million.

According to Little, this decision was taken to demonstrate FNB’s commitment to leveraging Bounce Back loans as valuable tools for supporting SME growth. “FNB wants South African small businesses to know that we are all in when it comes to supporting and growing their businesses.”

Who can apply for the FNB bounce-back loan in South Africa?

1. Any business (with a maximum turnover of R100 million per year) that needs relief for any reason.
2. Businesses that are looking to expand and scale.
3. A business with a good credit history and no arrears or judgments.
4. FNB’s credit application and granting process include a risk assessment and a bank credit application.

What do you get? 

The loan options range from a minimum of R10,000 up to a maximum of R10 million. According to FNB, the scheme offers very generous interest rates. Repayment terms are flexible enough to encourage uptake and ensure businesses are not put under financial strain.

Here is what getting an FNB bounce-back loan entails

1. Fixed Loan Term – The Bounce Back Business Loan has an amortization period of 60 months;
2. Early Settlement – Customers can settle the loan early and pay no penalty fees;
3. Automatic Payments – Customers can pay using a debit order from their business account on a date convenient for them;
4. Interest Rate – The loan rate is Prime + 3%;
5. The loan options range from a minimum of R10,000 to a maximum of R10 million;
6. You can only have one active Bounce Back Loan at a time;
7. There can be no repayment of existing debt through the loan.

How do businesses access the scheme? 

Participating banks will be able to provide Bounce-Back Scheme loans (banks that have opted to use the Scheme for their customers). DFIs and nonbank SME loan providers will be able to access the Bounce-Back Scheme through participating banks. This includes due diligence in compliance with regulatory norms.

The involvement of DFIs and non-bank SME loan providers will be based on financing charges that are subject to the due diligence and regulatory criteria of participating banks.

Do Bounce Back loans have to be repaid?

The Bounce Back Loan Scheme offers fixed-term loans for a period of six years.What’s my repayment schedule? In the first year, businesses do not have to make payments, However, beyond that time, they must return the loan plus any interest.

How much do I pay back on a bounce-back loan?

There is a variable interest rate of prime plus 3% on the loans. It further said that successful applicants had 60 months to refund the capital with no penalties for paying it early. This loan will work in the same way as FNB’s current business loan but at a reduced interest rate.

Do I need a business bank account for a bounce-back loan?

At least some of the banks offering these loans don’t require you to have a business account with them. Though it can be difficult to get the loans if you don’t have a business account with the relevant bank. Bounce back loans do not affect your eligibility for other government personal support.

Conclusion

The new “bounce back” loan scheme – aimed at helping businesses recover from the pandemic – has finally come into effect. The bounce-back support scheme, as named by the Treasury, will provide additional funding to qualifying businesses to grow the country’s economy and facilitate job creation..

A self-employed individual can be a freelancer working on multiple different projects at once, but without being officially employed by a company, or a newly-founded business owner with no stable or fixed income. South Africa’s lenders typically ask their borrowers to provide them with payslips, proof of a regular monthly income, and evidence of residence. Due to this, it can be quite difficult and sometimes impossible to get Payday Loans For Self-Employed.

Since self-employed individuals do not have any guarantee of work and income, they may find it difficult to get a loan in general.

If they have bad credit, things can get even worse and more difficult.

How do we know this?

The majority of lenders rely on their borrowers to have a strong credit score or to be able to provide collateral that will be taken over by the lender if the borrower defaults on their loan. Most lenders select this route because it almost eliminates the danger of not being repaid by a borrower.

Payday loans are regarded for being one of the more straightforward types of loans to obtain, especially when compared to traditional loans or loans that need collateral, such as vehicle title loans. Payday loans typically outperform other types of loans in terms of advantages, making them a perfect financial option for many people.

Good credit ratings indicate that the borrower has a track record of repaying borrowed funds on time. Collateral on the other hand entirely eliminates the danger of not being reimbursed because the borrower’s collateral may be resold to recoup the cash granted to him. if he or she fails to repay the loan.

If you don’t meet the first two criteria, getting a loan from a traditional lender is out of the question because they don’t care if you have a steady income or not; instead, they look at your credit score (which should be good) or whether you have collateral to offer if you don’t have any credit history..

In either case, bad credit score holders may find it difficult to obtain funding from a traditional lender.

What can be counted as time-taking? CREDIT CHECKS!

As a way to save time and fund borrowers as quickly as possible, payday loan lenders do not conduct credit checks. This is because credit checks can take quite a while. Since payday loan lenders offer short-term loans without credit checks, even those with bad credit can receive funding from them.

We can conclude that payday loan lenders offer cash to everyone regardless of their credit rating.

How Does Collateral Work for Payday Loans For Self-Employed?

Processing collateral takes time, which is another reason why payday loan providers avoid it. They don’t ask for collateral for two reasons. Firstly, it takes time. Secondly, they don’t see the sense in going through all the trouble of processing collateral for a loan of a few hundred dollars or less.

So, What DO Payday Lenders Rely Upon Afterall?

In order to grant loans to their customers, most payday loan lenders rely on their clients’ income statements. Apart from a few fundamental requirements, such as residing in the state in which they are requesting for a loan and being at least 18 years old, payday loan lenders rely heavily on evidence of income.

There should be no difficulty in sponsoring someone as long as they can show through their income statement.

Where can you get a payday loan for self-employed people?

Below are some lenders who offer loans for self-employed people:

1. Capitec

Self-employed individuals who receive their salary directly from their business can borrow up to R250 000. Nonetheless, informally self-employed people like freelancers and sole traders might not be eligible to apply.

2. Standard Bank 

For self-employed individuals, Standard Bank offers vehicle and home loans. The owner of the business will need to provide financial statements, as well as a statement of assets and liabilities.

3. Wonga

Prospective applicants can borrow short-term funds of up to R4000 as a new customer and up to R8000 if you’re an existing customer.

4. Nedbank 

Nedbank self-employed loans range from R2000 to R300 000 if you have a monthly income of more than R3 500.

5. Absa

When you have a regular monthly income of R2000 or R1500 on your bank statements, you can qualify for a personal or smaller personal loan.

6. FNB 

 If you qualify, you can borrow up to R300 000.

Conclusion 

Self-employed loans can be used to cover a wide range of financial needs, including business costs and personal expenses. In addition, self-employed loans are good for emergency situations since some of them provide fast payouts.

 As a self-employed individual, you can typically find a loan product that works for you if you have trouble getting funding in the past.