Free. Totally free. 247Loans services cost you, the consumer, absolutely nothing. As we are not a lender ourselves, we can supply our loan finding service to our users for absolutely nothing.
247Loans simply connects you to our panel of lenders, including African Bank, Bruma, RCS, Lime and Bayport. We have no influence or say over what loan offers you receive, the rates, and terms & conditions of those loans. Our lenders are all registered with the National Credit Regulator (NCR), as well as members of the MicroFinance South Africa (MFSA).
Once your loan is approved, the lender of your choice will explain the interest rate for the loan, as well as any fees they might charge during the loan term. Be sure to understand exactly what your monthly costs are before agreeing to the terms.
Once 247Loans has connected you to our panel of lenders, and you qualify for a loan, the lender of your choice will give you all the documentation you need for the loan. This will include all terms & conditions.
All fees and terms are decided by the lender. The 247Loans service simply connects you to a panel of accredited lending institutions, and after which we are no longer responsible for anything presented to, or agreed to, by you.
Before agreeing to any loan term, make sure you understand all the terms and conditions of the loan. If anything is unclear, do not sign the agreement and request more information from the lender.
All of our lenders are accredited, established financial lending institutions. Each lender will have their own late & non-payment system, ranging from a roll-over of credit to renewing your loan. Before agreeing any loan, make sure you understand the late & non-payment policy, including if there are any extra fees or costs that come with renewing your loan agreement.
Late & non-payments can negatively affect your credit score, meaning you may struggle to acquire more credit in the future.
Before agreeing your loan term with the lender, make sure you understand the implications and costs of renewal. If you struggle to keep up with your repayments, it may result in you needing to pay more money over time. This extra interest might also include additional late and renewal fees. If you need more information, or do not fully understand your loan agreement, ask the lender in question to explain it more thoroughly to you.
“Can’t recommend 247Loans enough. Easy application, great communication, and some great loan deals. And I didn’t even have to leave my home! Simply the best.”
Naomi Habib
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