What is LoanFinder?
LoanFinder SA has been in the lending business for about 6 years already. They process more than half a million loan applications every year. This translates to approved loans amounting to over R10 billion.
The company can help you find the right lender for your financial needs. They don’t directly give out loans but they can match you with their credible partners in the micro-loan industry.
What differs LoanFinder SA from its competitors is their added value service under the 4-in-1 Plan. Under this plan, you get: (1) a free loan-finding service, (2) legal and ID assistance, (3) a full credit report, and (4) financial counselling.
- Loan-finding Service
You get this for free the moment you submit the loan application form on their website.
- Legal and ID Assistance
This will give you a 24/7 access to a legal counsel who can assist you if you have trouble with your personal loans. The ID assistance team, on the other hand, can help in taking preventive measures in case you become a victim of identity fraud.
- Full Credit Report
This will be given quarterly so you can keep track of your credit status and rating.
- Financial Counselling
If you’re having money problems, the 4-in-1 Plan will have you enrolled in a financial counselling program that can help you manage your debts.
Getting Your Loan
Simply fill out the 3-step online form available on their website and submit it. LoanFinder SA will then look for the appropriate lender that can help you with your request. Once matched, you’ll be in contact directly with the selected lender and you can discuss the details of your loan with them.
The maximum amount LoanFinder SA can assist you with is R150 000; minimum is R1 500.
The approved amount will be deposited to the bank account you provide within a few days.
Interest & Fees
Maximum APR their partner lenders impose is 28%.
So, if you borrow around R10 000 to be repaid in 2 years, the total amount repayable is around R17 208. The 28% annual interest rate has been accounted for in this computation, as well as the monthly service fee of R68.40.
The loan-finding service is absolutely free. You can use their service anytime you want to have LoanFinder SA find a lender that will match your request. However, the rest of the services in their 4-in-1 plan isn’t free. You’ll be paying a once-off fee amounting to R395 to avail the package. There’s also a small monthly service fee of R88 which will allow you to remain subscribed to the 4-in-1 Plan.
Terms of repayment vary from one lender to another, so better negotiate with them during the application process. But to give you an overview, lenders usually give their clients 12 to 72 months to fully repay the debt. The length may depend on the amount of loan and your ability to repay it.
To qualify for a personal loan handled by LoanFinder SA, you have to satisfy these basic requirements:
- You have to be a citizen of South Africa and of legal age (18 years and above)
- A steady income stream amounting to at least R1 500 every month
- An account with any of the South African banks
Additional documents may be required of you, depending on what the lender needs.
You won’t be given loan assistance if you’re undergoing debt review, administration, sequestration, bankruptcy, or insolvency.
LoanFinder SA encourages their clients to send them feedback regarding their services.
Here are the details on how you can contact them if you have any questions or feedback.
Phone: 021 815 4600
Fax: 086 766 8465
Office address: 27 Willie van Schoor Avenue, Bellville, 7530
Take note of their business hours when contacting them.
Monday to Friday: 8:00 AM to 6:00 PM
Saturdays and Holidays: 9:00 AM to 1:00 PM
Complaints are handled with strict compliance to the Consumer Protection Act of 2008. This means they have to resolve any issues you may have within 72 hours of receiving the complaint.