It’s tiring to apply to lenders one at a time, requesting for a loan with flexible terms. You’ll even have a harder time applying for one if you’re blacklisted. Thankfully, Loan Seekers can assist in looking for the right lender, whether you have a good credit rating or you’re a blacklisted client.
What is Loan Seekers?
Loan Seekers is a company that helps make applying for a loan much easier to clients living in South Africa. They can forward loan applications on your behalf and they’ll look for a lender that will suit your needs.
Loan Seekers is partnered with lenders registered with the National Credit Regulator or NCR. They can send your loan application to a number of lenders instead of just one. This means you have a higher chance of getting your loan request approved.
Loan Seekers also offers a quick way of obtaining a loan even if you’re blacklisted or have a bad credit history.
Getting Your Loan
To apply for a loan from Loan Seekers, simply fill out the application form found on their site. It will take only a few seconds to complete. Once submitted, a representative will call you back regarding the status of your application.
You can borrow as little as R1 000 and up to a maximum of R200 000. The amount and loan terms vary according to the lender.
Loan Seekers also offers an exclusive option to purchase a Finance Turtle membership upon the submission of your loan request. As a member, you’ll receive benefits like debt review assessment, legal services, and other advantages listed in their Terms and Conditions page. This is not free, though. You have to pay a registration fee of R199 and a monthly fee of R99 to continue enjoying this service.
Interest & Fees
Loan Seekers charge an initiation fee of 15% (excluding VAT) for loans amounting up to R1 000. Anything more than the said amount will be charged with a 10% (excluding VAT) initiation fee.
Service fees amount to R50 every month, excluding tax.
The maximum APR the partner lenders of Loan Seekers charge per annum is 60%. The maximum they can charge you with is 5% per month.
So, if you borrow R16 500 with a 60-month repayment period, you’ll be charged with an initiation fee of R1 140 and a service fee of R57. Your annual interest rate will be 32.65%, making your total monthly repayment amount to R840.31.
Fees and interest rates used by the partner lenders are monitored under the terms stated in the National Credit Act.
The minimum repayment period is 6 months while the maximum is 5 years. Repayments are automatically debited from the bank account you’ve provided during the application process.
To apply for a loan offered by Loan Seekers, you must be a citizen of South Africa and you must be at least 18 years old.
Requirements may vary from one lender to another but usually, they will ask for copies of the documents listed below. Have them ready in case they’re required to be submitted.
- ID book
- Payslips for the last 6 months
- Bank statements for the last 6 months
- Proof of residence, like bills, for the last 3 months
You can call Loan Seekers using the number listed below:
Phone:074 123 8235
You can also visit their office and personally apply for a loan.
Office address: Farm on R45, Vredenburg, 7355