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Useful Information

Steps to apply for a loan at onlineloan247.com?

Input your details into our form and onlineloan247.com will find lenders matching your needs. We'll redirect you to the lender’s site for the offer.

Is it free to use onlineloan247.com?

The service we offer at onlineloan247.com is entirely free. We earn through commissions from lenders if a loan is credited to your account.

How much can I borrow from onlineloan247.com?

Our lender partners at onlineloan247.com offer loans ranging from R500 to R30 000.

What do I need to apply for a loan online?

To be eligible for a loan at onlineloan247.com, you need to be a South African resident, 18-80 years old, have a valid bank account, and a consistent income source.

Can I get a loan with a poor credit score?

We work with lenders who consider your repayment ability and not just your credit history.

Can I settle my loan before the due date?

Absolutely, early repayment is advisable. The earlier you settle, the less you pay in interest.

What should I do if I can't afford my loan repayments?

If you're struggling with loan repayment, we advise you to contact your lender directly for possible options.

How do I make loan repayments?

Repayment periods and terms vary depending on the type of loan product you apply for. Your loan agreement will provide detailed information on when payments start, how often they occur, and the duration of the repayment period.

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Intermediary Responsibilities Policy

onlineloan247.com matches loan offers to customers, acting as an intermediary between them and licensed financial institutions. onlineloan247.com is not a financial institution, bank, or lender. It is not responsible in any way for loan agreements or terms. All calculations are approximate. Please check the lending institution’s website for the relevant terms and conditions.

Interest Rates and Repayment Periods

The loans offered on onlineloan247.com have a minimum repayment period of 120 days (four months) and a maximum of 180 days (six months). APRs range from 0% to 36%. Interest rates vary from lender to lender.

Collection Policy

onlineloan247.com does not collect payments. Your lender will contact you by regular mail, email, or phone to outline a repayment schedule. Please contact your lender to determine their collection process, as the terms may vary.

Consequences of Nonpayment

If you cannot repay on time, your lender may start the collection process as per the loan agreement. Your lender will often contact you to arrange an alternative repayment schedule. This could result in additional fees or interest. Lenders also have an option to file a lawsuit against you. Consider contacting your lender before missing a payment to find out what collection policy they have and discuss your repayment options.

Extension Policy

onlineloan247.com does not recommend renewing or extending loans, as this can lead to increased fees and interest, and trap you in a cycle of debt. However, if you cannot repay your loan on time, it's crucial to contact your lender to discuss your options. Each lender has different policies and procedures for loan extensions and renewals. Please be sure to fully understand your lender's policy on this matter before agreeing to the loan.

Extension Policy

onlineloan247.com does not advise renewing or extending loans, as this could lead to increased charges and interest, and trap you in a cycle of debt. However, if you cannot repay your loan on time, it's vital to contact your lender to discuss your options. Each lender has different policies and procedures for loan extensions and renewals. Please ensure that you fully understand your lender's policy on this matter before agreeing to the loan.
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