Micro Loans in South Africa

Micro Loans in South Africa

micro loans

Micro Loans in South Africa – Are you struggling to make ends meet and don’t know where you can find some financial relief? The good news is that in South Africa there are a number of micro finance companies that specialise in the provision of short-term credit which you can use to pass through that financial huddle.

Ever since banks tightened their lending qualifying criteria there saw a gap created on the market where low income earners seeking finance where not able to qualify for them and as a result smaller lenders offering short-term loans started appearing on the market. Micro Loans in South Africa vary from short-term, middle-term to even long-term loans, and they start from as little as R100 to as much as R120 000.

There are many Micro Loans providers that you can make use of their services and these include companies such as IZWE, Finbond Mutual Bank, Letsatsi Financial Services, Kadima, Thuthukani Financial Services, Bayport Financial Services just to mention a few.

The benefits of these types of loans are that they have lower principal value and quite reasonable interest rates. Their objective as Micro loans is to help those struggling individuals achieve their dreams such as getting an education or starting a small business.

Application Requirements for Micro Loans in South Africa

To apply for these loans the applicant must be over the age of 18 years, must be a citizen of South Africa with an ID book, must be employed permanently, must have an active bank account where the money will be paid out into, must have their latest proof of residential address not older than 3 months.