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FAQs

What's the application process at onlineloan247.com?

Want to apply? Determine your loan amount and fill a brief online form. We'll connect you with a suitable lender.

Is onlineloan247.com service free of charge?

Using onlineloan247.com comes at no cost to you. We make our money through commissions when a lender credits a loan to your account.

How much can I borrow from onlineloan247.com?

The loan amount you can apply for ranges from R500 to R30 000, depending on individual circumstances and lender terms.

What's required to secure a loan at onlineloan247.com?

To apply, you need to be a South African citizen, aged 18-80, with a bank account or debit card, a valid SASSA card or Tax ID Number, an income source, and personal email and phone number.

Can I still apply with a less than perfect credit history?

At onlineloan247.com, our lenders evaluate your future repayment ability, not just your past credit history.

Is early repayment possible?

Sure, you can repay your loan at any time, and you'll pay less in interest.

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

If you're unable to make your loan payments, reach out to your lender immediately. Timely communication can prevent negative consequences.

How can I repay my loan?

Only your lender can provide you with specific information regarding your loan, including repayment dates and times. Repayment periods may vary. Please contact your lender to inquire about your loan terms.

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Material Disclosure

onlineloan247.com is a platform that connects customers with potential lenders. While we strive to ensure that the information presented on our website is accurate and up to date, we do not guarantee this nor are we responsible for any decision taken based on the information. Each lender has its own lending criteria, which may or may not suit your current financial situation.

Repayment Periods and Interest Rates

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 Procedure

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

Non-payment of your loan could have severe consequences. Each lender has its own policies regarding late payments and non-payments, which may include additional fees or charges, legal actions, and negative impact on your credit score. We encourage borrowers to understand their lender's policies and to make payments on time.

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.

Policy on Loan Extension

Should you consider extending your loan, reach out to your lender before you miss a payment. Most lenders charge the same interest rate and fees for another month on the overall amount due. The loan may be automatically renewed or extended in the case of late or nonpayment. Additional interest and/or charges may be applied to your account. Please, think cautiously before extending your loan, as this could significantly increase the amount you pay.
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