FAQs
How do I apply for a loan online?
What are the requirements for a loan application?
To do an assessment on your affordability and credit score, you will need to produce the following documents:
- Original ID document
- 3 months’ bank statements
- Latest payslip (Only on your first loan)
What must I do for my loan application?
On the Apply Now page, go to Application. You must enter your ID number to start the application process. Follow through and complete all 12 steps for your loan application to be valid. Please note that all required information needs to be completed to move to the next step. An SMS OTP will be sent to your nominated cell phone number on the application. You need to insert the OTP number on your application and click submit.
Your application will be submitted to Online Department for approval/decline.
You will receive a SMS confirmation on the outcome of your application.
What is the One-Time-Pin (OTP) for?
The One-Time-Pin (OTP) is used to validate your contact details and so that we can send you updates on your loan application status.
Why am I not able to continue if I left some of my contact details out?
It is important to complete and fill in all your personal information, employment, and banking details correctly. The outcome of your loan application is based on the correct information given.
What is an affordability assessment?
An affordability assessment is a calculation of your income and expenses to see if you can afford the monthly loan repayments. You need to include all your monthly expenses when completing this.
How does the DebiCheck payment work?
DebiCheck is a secure debit order payment system which allows you to electronically approve your debit order details with your bank, using your mobile banking app or at an ATM. An approved DebiCheck debit order mandate is required to collect your monthly instalments from your bank account.
How long does it take to get the funds?
Once we receive your signed contracts and confirmation of your DebiCheck approval, your funds will be released directly into your eWallet account. You will receive a notification SMS from us when your money has been paid out to you.
How will I know if my application has been successful or declined?
You will receive an SMS informing you of the status of your application.
You can visit our website to check your loan status.
What if I am blacklisted and have judgements on my name?
You are welcome to apply for a loan. Our loan platform makes use of various criteria’s when evaluating a loan application. Your application will not progress further if your credit score is below our minimum range.
As everyone’s finances are unique, we recommend that you visit your nearest branch so that we can assess your affordability and credit score. Responsible lending for your financial well-being is our top priority.
Do I need to come into any of your branches or meet with a consultant?
Visiting our branches is not required if you are applying for an online loan.
If you require a longer term loan, this is only available when processed through visiting a branch.
How long will it take for my loan to be processed?
If all of the information we require to assess your loan application has been submitted correctly then your loan application can be dealt with immediately.
What is the process for a loan application?
Apply online or visit a Loanfin branch closest to you:
- Have all required documents ready.
- Our consultants will evaluate your loan application.
- Your employment will be confirmed.
- Your loan application will be either approved or declined.
- If approved, your loan amount will immediately be transferred to your eWallet account.
Do we have to pay an upfront fee to get a loan?
Loanfin will never request any upfront fees from any client or loan application.
Such incidents must immediately be reported to our customer care line on 031 467 3627 or submitted the via our webpage, and we’ll call you back.
I am under debt review, can I still apply?
Unfortunately, we cannot assist you with a loan.
Can I earn a commission for referring clients to Loanfin?
Yes, we do offer different commission options. Kindly contact your closest Loanfin branch or email sales@loanfin.co.za.
