Alternative loans for self-employed with no proof of income in south africa Loans in Johannesburg
For those who are looking for alternative loans in Johannesburg, there are many options available. These options range from credit-based loans, to installment and payday loans, as well as co-signed loans.
Payday loans
Alternative loans are loans for self-employed with no proof of income in south africa available to South Africans. These loan types are short-term and unsecured. You can apply for these loans online or in-person. However, you will need certain documents to prove your identity.
The company’s services are regulated by the National Credit Act. This protects you from unscrupulous lenders. Besides, you are required to pay back the money within a month.
Alternative loans are available from R500 to R16,000. Their interest rates vary depending on the credit rating of the applicant. A good credit score makes it easier for you to get the best loan deals.
The company’s application process is simple. It requires you to submit your personal details and the most recent payslips from your bank.
Installment loans
Unlike a payday loan, an alternative installment loan can be a useful way to re-establish your financial footing. You can borrow cash in any number of installments, and the loan amount can be a bit higher or lower depending on the lender. Some high-cost lenders offer loans in the hundreds of thousands, whereas others can be as low as a few hundred bucks. These loans are not without their drawbacks, though. For instance, you’ll need to prove your creditworthiness and the lender isn’t going to want to invest your life savings in you, so be prepared to come up with a decent down payment, and don’t forget to consider your credit rating in deciding which lender to go with.
Cosigned credit-based loans
Cosigned credit-based loans in Johannesburg are an excellent way for borrowers with less-than-perfect credit histories to obtain private financing. A cosigner is a third party who takes on the responsibility of paying back the loan, if the borrower cannot.
There are many companies offering these types of credit based loans in Johannesburg. The best way to find one is to use a reputable online lending service. Some websites, like MyLoan, pre-screen applicants for numerous lenders, ensuring that only the best loan applicants receive their money.
One of the most appealing things about cosigned credit-based loans in Johannesburg is that the terms of the loan are flexible, making it easier to take out the right amount of loan to help you meet your goals. This can be a huge boon for a first time renter with limited income.
SmartWage
SmartWage offers an online platform that allows you to borrow money on the fly. The site aims to provide your business with a low cost, high impact solution that will help you to manage cash flow, mitigate risk, and improve productivity. In doing so, you’ll improve your bottom line. You can borrow between R1000 and R200k, and repay it over a period of up to 5 years.
SmartWage isn’t the first financial start-up to get in on the act, but they are one of the first to provide an online platform for earned wages loans. They have done this with a plethora of fintech perks including a smart dashboard and an intuitive lending app.
HopOn Loans
In order to apply for a loan, you will need to have your bank account. You will also need a personal email address and a cell phone number. A HopOn Loans consultant will then contact you to guide you through the process.
The application process is simple and can be completed online. HopOn Loans offers loans ranging from R5,000 to R50,000. There are no hidden costs and the terms are flexible. It is possible to get a loan within a matter of minutes.
The loans are unsecured. They are governed by National Credit Authority regulations. If you are approved, your funds will be paid into your account instantly. This allows you to control how much you pay back, which is important.