What is Wanna Loan?
Wanna Loan aims to solve the increasing need of South Africans for short-term credit. They provide small, personal loans accessible to almost everyone, even to those who have been denied by banks and other lending institutions. Blacklisted individuals who have a troublesome credit rating can also apply and still be considered for loan approval.
Wanna Loan uses an automated process in assessing loan applications. But since they highly value customer experience, their team of lending professionals still work tirelessly to personally attend to South African customers who are in dire need of quick cash.
The company is committed to enforcing responsible lending. They lend only the amount they think a client can handle to prevent over-indebtedness.
Wanna Loan is part of the Blackbird Group which is a world-renowned company in the financial industry, so you can rest assured you’re dealing with a trustworthy company.
Getting Your Loan
When you visit the Wanna Loan website, you’ll immediately see a tool that lets you decide how much you want to borrow. It automatically calculates the fees, repayment amount, and repayment date depending on the parameters you enter.
The lowest amount you can borrow is R500 while the biggest is R3 000. Repayment period ranges from 5 days up to a maximum of 37 days.
After choosing the amount and repayment period you prefer, you’ll be taken to a page which requires you to input information about yourself. The info will be used by Wanna Loan to assess your creditworthiness and your capability to handle the loan. There will be verification checks to confirm your identity as a borrower.
The loan can be approved within the day and the cash will be deposited to your account within an hour. In some rare cases, though, it may take more an hour or two before the loan application receives a verdict.
You can access the website and apply for a loan anytime and any day you prefer. If it’s within the weekday, there won’t be a problem since you’ll most probably receive the money the same day. However, if you apply during the weekends, you have to wait for the next business day to get your application processed.
Interest & Fees
A service fee of R60 is charged by Wanna Loan, exclusive of the 15% VAT.
An initiation fee of R165 is also charged on loans less than R1 000. If the applied loan is more than a thousand rand, the amount in excess of R1 000 is charged with an additional 10% aside from the base R165 fee. The maximum initiation fee that Wanna Loan charges is R1 000. This fee is also exclusive of the 15% tax.
Interest rate is at 0.17% which is about the average rate among micro-lenders in South Africa. The interest charged to your account is capped at 5% per month.
What separates Wanna Loan from other lending companies is that they don’t charge any interest for the first five days after your loan has been released. This means you get to repay a lower amount if you can do it within 5 days after receiving the borrowed cash.
Repayment Schedule
Repayment is done on your next payday. The amount borrowed will automatically be debited from your account to avoid instances where you forget to pay in due time.
One more thing that makes Wanna Loan a standout is that they encourage early payment of loans. Other lenders charge a fee for repaying the loan before the required date which is quite ironic because it’s like they don’t want you to be ‘too responsible’ in paying your debts. Wanna Loan computes the interest on a daily basis which is why it would be best for their clients to pay debts even before the deadline is reached.
Requirements
Wanna Loan doesn’t require applicants to submit documents like bank statements or payslips to proceed with the approval process. However, they may conduct post-approval checks to ensure you’re the recipient of the loan and you can repay the borrowed money on time.
Contact Details
For concerns on their service, queries on their products, or suggestions on how to better improve their business, you can contact Wanna Loan through the following channels:
- Phone: 086 118 9200
- Fax: 086 559 8644
- Email: talktous@wannaloan.co.za
