More often than ever, we get caught up in financial challenges. Loans should provide a substituting solution to these emergencies in whichever way they might occur. Some of these loans come in the form of a long or short term repayment period. Konga Loans offers a wide variety of financial products, making it one of South Africa’s leading financial platforms. Fast, easy loans are provided through their seamless online services.
We are pleased to provide you with this article about Konga Loans so you can gain a better understanding of what they can offer you. As an introduction, let’s talk about what Konga Loans are all about and who they are.
About Konga loans
“Konga” as we popularly know it is an online marketplace for a wide range of goods and services. Konga loans South Africa on the other hand is a subsidiary of the main system. They are a leading provider of online loan services in South Africa. Operating and serving with top-level artificial intelligence and state of the art technology, they’ve been able to make online loan applications super easy.
Additionally, they aim to help you achieve financial freedom through their loans, which are flexible to be used for many different expenses. Konga is fully registered with the National Credit Regulator as a reputable lender. Furthermore, their values include being trustworthy, and they stand for doing the right thing. Therefore, you can obtain your loan from Konga with peace of mind.
How does Konga 24 work?
Konga Loans is available 24/7 to meet all your financial needs. Technology used by the company allows for the application process to be done at any time of day. In summary, from the information we presented above, Konga offers short-term loans. These are relatively small amounts of money that need to be repaid within 35 days. The following describes how it works:
If you’re a new Konga customer
- Your first step should be to set up an account on Konga. You can do this by clicking the “Get loan” button. Once that is done, enter your full name, birthdate, phone number, and email address.
- Then, enter the details of your bank account. Please enter as much information as possible so you can get better terms and borrow more money.
- Finally, choose the amount you want to borrow and the number of days you will need to pay back. The money will be deposited into your bank account as soon as you accept the terms and conditions.
If you have already borrowed from Konga before (existing customer)
- Simply log in to your profile account.
- Select the loan amount and the repayment time. After accepting the terms and conditions, the money will be sent to your bank account.
What is the minimum/maximum amount of student loans offered by konga loans
With Konga loans, applicants can get loans between R 300 and R 5,400 depending on the tier assigned to you by the AI system. R300 is the least amount you can borrow, the maximum amount, however, depends on the tier assigned to you by the AI machine.
As a first-time borrower, you are however more likely to get a maximum loan of R 1,500.00. As a customer pays back their loan and borrows more frequently from Konga 24 loans, the amount they can borrow is more likely to increase. How much can you borrow with Konga loans.
How much can you borrow with Konga loans
Your exact amount depends on your income, credit history, and other factors, but you can choose from the following options:
- The minimum amount you can borrow is R300;
- The maximum amount you can borrow is R5400;
- Loan terms start from 4 days; and
- The maximum loan term is 35 days.
What are the requirements for applying for a Konga loan
To apply for a konga loan, all prospective applicants must satisfy the following criteria;
- receive a salary;
- be 18 years of age or older;
- possess a South African ID;
- operate a South African bank account.
Before applying for a loan, it is important to create a personal loan account on the konga24 website. This process is as easy as visiting the website and clicking the Registration button in the top right corner of the website and fill in the required details.
How to apply for a konga loan
Equipped with a high-level artificial intelligence and state of the art technology, konga loans have been able to optimize their loan application process to the nearest minimum. We break the application process down into the following easy steps;
- Visit their official website at https://www.konga24.co.za/https://www.konga24.co.za/
- Move the sliders on the homepage to the amount you require as well as the number of days you would like to repay the loan within
- Click on the Apply button and either log into your account if you are a registered customer or click register to complete the Konga registration process and register your profile.
- Fill in the required information and submit your application.
- The system will give you your Konga24 login once you have completed the registration process.
- In a few minutes, they will send your loan outcome to you.
- At this stage, all you need to do is send through your digital signature and they will transfer your funds to your bank account.
After application, your loan will be assessed and feedback sent to you within 5 minutes for first-time borrowers and within 1 minute for returning borrowers.
With konga loans, interest rates will not exceed 5% per annum. They operate with a simple principle which is “the lower your risk profile, the lower will be your interest rate. They give a discounted interest rate option to any returning borrower.
Using the calculator provided, if you borrow R3000 over 30 days, you have to pay back an estimated R3653.75. Interest and other charges are included in the repayment amount. If you choose a larger loan amount and a longer loan term, you will have to pay more. Konga, however, uses a tier system for new and existing customers. Depending on the level of credit they give you, your borrowing power is limited. Here’s how it works:
- Start: Choose a loan amount between R300 and R2000, depending on your current income.
- Silver: Choose a loan amount between R300 and R2100.
- Gold: Choose a loan amount between R300 and R3000.
- VIP: Choose a loan amount between R300 and R5000.
The interest rate on all tiers is 0.16% per day, and the loan term ranges from 4 to 35 days. Please note, however, that the above information is subject to confirmation.
In addition to the fact that the konga loans website is optimized with state of the art technology, they’ve also done a great job with their app. Konga loans took out time and necessary resources to efficiently equip their app to ease customer navigation and execution.
Available on play store and other app stores with a 5-star customer review and rating, the konga loan app is one of the most efficient loaning apps there is.
Konga loans repayment terms
Of course, collecting and using a loan from a loan company, will require repayment after/during the stipulated time in the loan contract. Repayment of konga loans is super simple.
Debit orders can be used to repay Konga loans. Your Konga account allows you to easily repay your loan when you are ready. As long as it is not less than three days after your debit order date. This is to avoid paying Konga loans the same amount twice.
It is also important to note that Konga loans must be repaid between 4 and 35 days. In a situation of late payment, they will charge you interest on the outstanding balance and a penalty late payment fee.
Furthermore, if there’s an occurrence of any unforeseen circumstances, you can always request for an extension. They will charge you an extra interest and penalty fee.
What are the advantages of Konga 24 loans
- Automated online loan applications that are fast and available 24/7. This means that you can apply for a loan at any time and from anywhere.
- If you’re a new borrower, Konga loan is the best option for a quick loans in South Africa as their registration and application process is swift and easy.
- In order to obtain a loan from Konga, you will only need to provide basic information. You won’t be asked too many questions.
- Compared to other companies, this one offers cheaper services. Konga, for example, does not charge you a fee if you borrow money and pay it back within the first 5 days if you’re a loyal customer.
- If you’re a new customer, you can receive money in your bank account within five minutes. If you already have a profile, it will take less than a minute.
- There are no penalty charges if you pay back your loan early.
- You will be rewarded for your loyalty by increasing the amount you can borrow and getting better rates and terms on your loans if you keep using their services.
As time is a highly valuable asset, it is important to work with platforms who understand and respect this fact. However, they have taken adequate measures in optimizing their platform for easy access to their loan product. Konga loans have done this by employing a state of technology both in their website and app.