Iemas loans help borrowers with financial backup when they need money to fulfill their financial commitments. Some of these loans have either a long term or short-term period of repayment. Just like a business loan to improve your stand in the market or a personal loan to cater to your personal needs. Iemas loans are one of the many loan options to consider. There are other things to know about Iemas loans. How to apply for Iemas loans, what you need to apply, the benefits are all included in this article.
About Iemas loans
Iemas Financial Services Co-operative Ltd is South Africa’s largest cooperative society. They established it in 1996, offering a range of financial services to its members. They do this to run the company with their members and share profits. Iemas advise and support their members to ensure that they get quality product services according to their needs.
What are the requirements for applying for Iemas loans?
As mentioned earlier, Iemas runs as a co-operative organization. This means you become a member as soon as you subscribe to any of their products. Asides from being a member, you cannot get loans without some requirements. Therefore, in order to validate your loan request, provide the following requirements:
- ID or a certified copy of your ID.
- Three latest pay-slips.
- One month’s bank statement.
- Proof of residential address.
- Affordability assessment.
It would be nice to also know that Iemas loans have 60 months maximum term of loans. And also an annual percentage rate which is up to 34,85%.
What is the minimum and maximum amount of loan that I can borrow?
We could need a certain amount of loan, but we might not know the minimum or maximum amount of money that is offered by Iemas. The minimum amount of money that can be loaned to Iemas loan is from R1,000. While the maximum amount of money to be borrowed is from R200,000 with maximum repayment period from 60 months to 72 months.
How to apply for Iemas loans
With over 20 years of experience and over 20 branches across South Africa, getting a loan from Iemas can be hassle free. They also have a robust online platform to cater to the needs of their customers.
- You can visit any Iemas office to get the loan.
- Fill out an application form which includes your personal details
- Select the loan package you prefer
- Submit your application
- You can also visit Iemas official website to apply for the loan. You will see their different loan packages. Then click “Apply.”
What loan products do Iemas offer?
Iemas offer loan packages to meet various engagements of the people. To get Iemas loans, you can consider the following loan packages:
- Personal Loans Consolidation Loans
- Education Loans
- Emergency Loans
- Home Loans
What is the interest rate of Iemas loans?
It is important to know the interest rates of a loan before getting it. This will help you know whether you can meet up with the full repayment of the loan and its interest. National Credit act regulates the Iemas Interest rate calculation. The interest rate of Iemas loans is from 23% to 60% per annum.
Features of Iemas loans:
Normally, you would prefer full information on the features of a given loan package before you can go for it. Iemas loans are really enticing because of the following features:
- Your qualifying loan amount is dependent on your individual profile, income, expenditure and credit profile.
- Unsecured and secured loan options are available.
- Members provide security for secured loans such as investments which are ceded, life policies with a cash or surrender value equal or more than the loan amount.
- The maximum repayment term is 60 months.
Can Iemas pay my debts?
Payment of debts through debt consolidation through Iemas is a means of paying debts. If your income has changed and you’re having trouble keeping up with your loan payments, talk to your creditor about your options. A consolidation loan is one such solution for managing debt before it’s too late. Iemas provides debt consolidation loans, which combine all of your loan accounts into a single account with a single interest rate, making it easier to pay off and manage your debt.
What you need to know about Iemas personal loans
Many people take out personal loans to assist them in reaching their goals and objectives, or just to lend a helping hand when they are in need. If you’ve never had a personal loan before and are considering applying, Iemas Financial Services, South Africa’s largest financial cooperative, provides a few facts concerning personal loans that you should know before applying:
Unsecured personal loans and secured personal loans are the two forms of personal loans available. The credit provider who lends you the money determines whether you qualify for the loan. They determine this based on your affordability and financial history with both forms of loans. Furthermore, a secured personal loan is backed by assets, so if you do not repay your personal loan, the creditor who loaned you the money may claim your assets.
You might wonder where you can get a personal loan. Remember that if your employer has a contract with Iemas, you have access to a wide range of low-cost financial products, including unsecured loans. Iemas have increased the maximum amount of unsecured personal loans from R80,000 to R200,000, as well as the payback time from 60 to 72 months, in order to keep their product offering competitive.
Does Iemas offer loans to blacklisted?
If a payment is missing for one month, a collections department may contact the client. But if a client misses payment for two months, the lender will send a letter of demand. The payment a client missed will appear on the client’s credit report. All loan amounts they have wiped off on any accounts will appear on the credit report. If the client does not make payments after they have sent the letter and no, they do not agree on any satisfactory payment arrangements. Then they will turn the account over to attorneys for legal action.
The first step in legal proceedings is to issue a summons, after that comes an application for a default judgment. In some situations, they will use a warrant of execution to seize commodities and/or property. At this point, they’ll blacklist a person showing that they have decided. Blacklisting has the effect of causing credit lenders to reject your loan application. Furthermore, being blacklisted has a negative impact on your credit score, which may prevent you from obtaining future credit.
How can you prevent yourself from being blacklisted?
You should try as much as possible not to be blacklisted. The first step is to notify your creditor as soon as you realize you won’t be able to make a credit or loan payment. When you notify them, they will then talk to you about other payment choices. If you work for an employer who has a contract with Iemas. You can apply for an Iemas personal loan, which they will withdraw from your monthly salary (depending on your affordability). This will help you stay on top of your debt responsibilities and keep a good credit score.
Benefits of having a loan with Iemas:
While looking out for loan options, making the right choice with benefits unlike other financial institutions, the following are the benefits of having a loan with Iemas:
- You won’t have to pay a penalty interest on your settlement amount.
- You save if your employer has a contract with Iemas to offer personal loans. They will withdraw your monthly instalment amount from your paycheck. This will help you not to pay any extra banking fees. There’s also no need to be nervous about skipping a payment. Isn’t it convenient?
- Iemas rewards await you when you use a product from Iemas, you become a member of the co-operative. This means that you get to share in the profits through their annual rewards payment.
Conclusion
They have made Iemas loans easily accessible to the South African public. The level of expertise, experience and transparency the professionals at Iemas Financial Services work with is very important to remember. Getting a loan when you need it is much safer when trusted experts, such as Iemas, handle it.