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Fees and Commissions

Our website, onlineloan247.com, does not set any fees for using money. The service operates with full integrity. We do not charge any commissions. Our service is free of charge to use.

Your financial institution outlines the fees for late payments in your contract. Lenders in the South Africa set their own interest rates and penalties for failure to pay.

It is important to note that all financial relationships are between you and your lender, not onlineloan247.com. We are not a lender and never act as such. As a service, we only match borrowers and financial institutions by offering a selection of companies that provide cash loans up to R30000 for a period of 120 days.

The financial institution will determine its own policies regarding loan provision and payment. The user agrees to the terms online directly on the lender’s website. You may choose to accept or decline the terms offered in the loan agreement. Your agreement details the loan amount, currency, period of use for the funds, and your obligations.

onlineloan247.com cannot access your loan agreements. If you have questions regarding your loan agreement or repayment, contact your lender directly through the means of communications detailed on their website.

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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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