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Frequently Asked Questions

How do I apply for a loan via onlineloan247.com?

Submit an online application with our straightforward form, and we'll help find a suitable lender for you.

Are there any charges for using onlineloan247.com?

Absolutely! onlineloan247.com services are 100% free.

What's the loan amount I can apply for?

You can request for a loan amount between R500 to R30 000 from our partnered lenders.

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

You need to be a South African citizen, over 18, with a bank account or debit card, a SASSA card or Tax ID, and a source of income.

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

Credit history is considered, but not the sole determining factor for your loan eligibility.

Am I allowed to repay my loan ahead of time?

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

What if I struggle to repay my loan?

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

How can I repay my loan?

Each lender has its own repayment process and will provide you with the necessary information to make your payments. Repayment methods may include direct transfer, creditor debit card, or depositing money into a specified bank account. It is important to follow your lender's instructions and make timely payments to avoid additional charges.

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Responsible Lending

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.

Maximum 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.

Debt Collection Policy

Most lenders will contact you through regular mail, email, or phone to change your payment terms. Failure to pay may result in interest accruals and/or increases and may affect your credit score. Continued failing to pay may result in the lender transferring your debt to a collection agency, which will lead to additional fees.

Nonpayment Implications

If you cannot pay on time, each lender has their own policies on fees/interest and how they handle debt collection. Some lenders may explore legal options in the event of continued nonpayment. Most lenders will contact you by regular mail, email, or phone to change your payment terms. Failure to pay may result in interest accruals and/or increases and may affect your credit score. Please read through the fees section on the lender’s website before proceeding to taking a loan.

Renewal 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

If you want to renew or extend your current loan, kindly contact your lender before your payment date. Even though some lenders may extend your loan with the same terms as the original loan, each lender has their own extension policy and may charge additional fees or interest. Sometimes, renewals may be processed automatically. Please consider the decision to extend your loan very carefully and seek independent financial advice if necessary.
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