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How Do I Get a Loan?

onlineloan247.com is a web platform that helps you get loans. Loans up to R 30000 are issued for a period of four months to citizens of the South Africa aged 18 or older. The loan amount depends on the terms set by your lender . We cannot guarantee that each institution will offer you a loan for the maximum amount with the longest repayment period.

The general requirements to the borrowers are:

  • Legal citizenship in the South Africa
  • 18–65 years of age
  • A valid SSS or TIN, and UMID card
  • Any form of income (verified or unverified)

Generally, it takes up to 30 minutes to apply and get an approval. All you need is specify how much you would like to borrow and for how long, fill out a basic form (name, ID, etc.), and send it through our service. We will give you a list of lenders who have a pre-approved loan for you. Next, you choose a loan and read through the terms and conditions. If you decide to agree to the terms, the lender will credit the funds to your account or credit card. You can complete your loan application at any time, there are no obligations to commit to anything.

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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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