The number of South Africans looking for short-term loans continue to grow every day. Wanna Loan aims to be part of the solution by providing affordable quick loans to those who are having trouble finding a creditor who will lend them money.
What is Wanna Loan?
Wanna Loan was established to provide short-term loans to South Africans who are in need of quick cash. They cater to clients who are having trouble finding a lender who will provide them money in a short period of time.
You can borrow amounts between R500 and R3 000. Even blacklisted individuals are welcome to apply for a loan. Wanna Loan may conduct a credit assessment to make sure you’re capable of repaying the loan on time.
Wanna Loan won’t lend you more than you can repay. They will reject your request if they think you won’t be able to comply with the loan terms on the agreed timeframe.
Wanna Loan SA is part of the Blackbird Group which is a renowned name in the financial industry.
Getting Your Loan
To apply for loans offered by Wanna Loan, you can use the loan widget found on their homepage. You can adjust the slider to input the amount you want to borrow and the planned repayment period. The interest, fees, and total repayable amount are automatically shown to give you a better overview of how much the loan will cost you.
Pressing the ‘Get Cash’ button will redirect you to the application formwhere you need to provide personal information before you can submit your request.
After submitting your request, all you need to do is wait for a little while they assess your application.
Wanna Loan SA will use the information you provided to determine your credit risk and your capability to repay the loan on the agreed terms.
Expect to receive your money within an hour after getting approval on your loan request. The money will be deposited into the bank account you provided during the application process.
Interest & Fees
Wanna Loan charges a service fee of R60 per month, exclusive of the 14% VAT. They also have an initiation fee of R165 for loans amounting to R1 000 or less. Anything above this amount will be charged with an additional 10% of the loan value. The max they can charge for the initiation fee is R1 000, not including VAT yet.
The interest rate is at 5% per month; that’s equivalent to 0.17% daily. You don’t need to pay any interest, though, if you can repay the loan within 5 days after it’s deposited into your account.
Repayments can be done as early as 5 days after receiving the loan and up to a maximum of 37 days only. The longer timeframe will obviously cost you more money so you have to choose wisely when you’ll repay the loan.
You can settle your loan earlier than the agreed timeframe. Wanna Loan won’t penalize you for doing this, unlike other lenders that charge extra when you do advanced payments.
Wanna Loan SA requires you to be at least 18 years of age to apply for a loan. You also must have a bank account under your name where your monthly salary is deposited regularly.
To be sure, prepare copies of the following documents in case Wanna Loan requires you to submit them:
- Barcoded ID book
- Payslips for the past 6 months from your current employer
- Bank statements for the last 6 months
- Proof of residence not older than 3 months
If you need to get in touch with Wanna Loan to inquire about loans, give a feedback on their service, or file a complaint, you can contact them through the following numbers:
Phone: 086 118 9200
Fax: 086 559 8644
You can also pay them a visit and talk to their staff in person to clarify any questions you have regarding their loan offers.
Office address: 1 Willie van Schoor Drive, Cape Town, Bellville 7530
Their office is open from 8:00 AM until 6:00 PM, from Monday to Friday. The office is closed on weekends and holidays.