Updated 24.12.2021

Everything You Need to Know About Lime Loans

Lime Loans is a loan company that provides the public with financial services in South Africa. The Lime Credit Group has been around since 2013 and has helped over 374, 000 clients since. Their objective is to help manage their client’s financial affairs efficiently.

Lime24 Loans are a great option for those looking to take out a quick loan. They assist their clients in maintaining a well-balanced financial position. Furthermore, the lenders operate in strict accordance with the regulations of the National Credit Act.

Why choose Lime Loans?

Firstly, the financial institute meets all the regulations set out by the NCR (National Credit Regulator). This means that they comply with all the laws and regulations set out by the country.

Secondly, the loan application process is very simple and easy. All customers have to do is provide their personal details. Furthermore, the company offers a quick turnaround time. Meaning, that clients will receive cash in their accounts as soon as they have been approved.

Lastly, Lime 24 is extremely affordable and offers very competitive interest rates. Additionally, clients can also receive an incentive if they pay back their instant loans on time. This incentive is usually by getting a discount on interest.

What types of loans do Lime Loans offer?

Lime Loans South Africa offer customers short-term lending solutions. These short-term flexible loans, also known as payday loans, range from R300-R5400. Additionally, customers get to choose the loan repayment term. They can repay the loan with a repayment period anywhere from 5 days to 7 weeks.

Payday loans can help a great deal if you’re going through a financially difficult month. Furthermore, it should be noted that these loans might have a higher interest rate. The interest rate and other particulars will be fully disclosed once the loan is approved.

Here’s a quick example: Samantha needs R1500 and will be able to repay the loan within 5 weeks. Her total repayment will be R1941, 65. This amount includes interest, an initial fee, and a service fee of R69 a month.  However, if Samantha chooses to pay back the loan with 5 days she will only need to pay R1823, 13.

Clients can use the free online loan repayment calculator on www.lime24.co.za. This will give them a clear understanding and an estimate to their loan repayment.

How to apply for a Lime Loan?

If you’re interested in applying for a personal loan, you will need the following information available:

  • Bank account details
  • 3 Months bank statements
  • South African I.D document
  • Registered South African cellphone number

Next, clients will need to create a profile on their website, www.lime24.co.za and complete the online application. Here, you will be asked to enter your personal details and bank details.

Thereafter, Lime24 will verify your profile and allow you to choose your loan amount. After qualifying, they will assign you a tariff rate based on your credit score. You will be asked to sign the loan agreement. Lime Loans will then deposit the money into your bank account.

It should be noted that all of the above information is vital to submit upon applying. These details allow Lime Loans to do the necessary checks in order to complete the loan approval. Furthermore, there might also be times where they might request other documents from clients.

When will the money reflect into a client’s account?  

First and foremost, it’s important to remember that every registered credit provider has to do the necessary checks. Once they have all of this in order, everything moves rather quickly.

A client can expect to receive the money as soon as the loan is approved. The funds will be reflected on the same day if the cash loan is paid on a working day before 2:00 p.m. Money paid on a weekend or public holiday will appear in the account on the following business day.  

How to repay a Lime Loan?

In order to repay your Lime loan you will need to follow the following steps:

  1. Visit https://cabinet.lime24.co.za/login
  2. You will then be asked to login to your profile
  3. Enter your mobile number and password
  4. Click the “login” button
  5. Thereafter, click on “Repay”

Lime loans also allow clients to repay their loans before the repayment date. Furthermore, paying before the repayment date allows clients to settle sooner.

Lime Loyalty program

As we’ve previously mentioned, Lime offers its clients an incentive for paying back their loans on time. In hindsight, this is something that no other financial institute does.

The Lime Loyalty Program has many perks it. They offer clients rate discounts of up to 50% off the interest rate. Clients are only eligible if repayments are done on time. If a client misses a payment they have up to 6 days to maintain their status level. Furthermore, all the conditions have to be met in order to be a part of the program.

Only loyal clients can get a discount on the interest rate. To further elaborate; let’s use Samantha as an example again. Samantha took out a loan for R1500 and paid it back on time. Lime Loans notices this and assists, Samantha, with her next loan. This time, they give her a 25% interest discount.

It should be noted that first-time clients do not qualify for the Lime Loyalty program.

Who is the ideal candidate for a Lime Loan?

Taking out a loan can help ease those in financial distress. If you’re someone who requires a quick, short-term loan then this loan flexibility might be a great option. Whether it be for an unexpected medical bill, a personal matter, or just simply to go on vacation.

Furthermore, Lime loans is a reliable provider for those who instantly need cash on hand. Essentially, this type of loan is a top-up loan to assist before payday. A great candidate will definitely be someone who has a reliable job. Remember to check out the reviews of the loan provider you are looking to use before signing any contract.

How to get in touch with Lime Loans

If you’re interested in getting future loans you can contact Lime loans directly. One of their representatives will gladly assist you with all the information you need.

Contact details:

  • Tel – 010 442 6722
  • Email address – support@lime24.co.za
  • Address – 30 Lucas Lane, Bedfordview, Johannesburg 2007
  • Trading hours- 8:30 am and 5 pm, Monday to Friday

Don’t forget to ask any questions that you might have before taking out a loan.