HOW IT WORKs

 

 

 

 

 

SELECT LOAN AMOUNT

 

Please use our loan repayment calculator (“the ruler” on our Home page). Select the amount of money you would like to borrow by moving the top slider and select the repayment date (Loan Active’s debit order date) by moving the second slider. This will give you an estimated repayment amount.

 

 

SUBMIT YOUR APPLICATION FORM ONLINE

 

Go to our APPLY page or click on APPLY NOW button to provide the required information by filling in and submitting our online application form. Please make sure that the information you supply is accurate and honest and your contact details are correct.

 

 

CREDIT CHECK AND PRE-APPROVAL

 

We perform a credit check and a quick evaluation of your affordability using the information you provided. Based on the outcome of a credit check and a preliminary assessment of your application we either decline or pre-approve your loan.

 

 

SUPPLY SUPPORTING DOCUMENTS

 

Once pre-approved for a loan you need to supply us with supporting documentation: Salary sleeps and the bank statements for the past 3 months, a copy of your SA ID or passport, or drivers licence. You can upload the documents on the Loan Active’s site, email or FAX them to us.

 

 

ASSESSMENT OF YOUR APPLICATION AND FINAL APPROVAL

 

As a responsible lender and a registered financial services provider, Load Active should carefully assess your financial ability to repay the loan. We will only approve the amount that you can afford to repay on time.

 

 

MONEY TRANSFERRED TO YOUR BANK ACCOUNT

 

Loan Active transfers money to your bank account as soon as possible after final approval of your personal loan.

 

 

 

 

 

 

 

         WHO CAN APPLY TO LOAN ACTIVE FOR A PERSONAL LOAN?

 

Individuals 19 – 60 years of age, holding South African citizenship or a permanent residence permit and employed in South Africa are eligible to apply for a loan from Loan Active.  An applicant needs to have an active bank account (excluding Bidvest and Postbank). Preliminary credit check and assessment of your financial affordability will determine the outcome of your application.

 

         WHAT PERSONAL INFORMATION DO I NEED TO PROVIDE AND WILL LOAN ACTIVE DO A CREDIT CHECK?

 

You will be required to provide us with honest and accurate information about yourself when filling up our application form: e.g. your ID number, address, contact number, email, your income, basic monthly expenses etc.  As responsible lenders we perform a credit check and a preliminary evaluation of your financial ability to repay the loan.

If your loan gets pre-approved, you’ll be required to supply supporting documents: salary slips and bank statements for the past 3 months, a copy of your ID or passport.

 

         HOW MUCH MONEY CAN I BORROW?

 

Loan Active lends from R500 to R2500 per loan for the first few times you apply. Once you’ve been Loan Active’s client for a while and successfully repaid your loans we will consider lending you larger loans.

 

         WHAT IS THE COST OF A LOAN?

 

Loan Active is an Authorised Financial Services and Registered Credit Provider that offers online small personal loans. Interest rate, initiation fee and service fee are calculated according to the regulations stated in Chapter 5 of NCA (National Credit Act) no: 34 of 2005.

 

There are no hidden charges and all fees will be shown to you upfront. Interest for a first loan is 5% per month, and 3% per month for the subsequent loans borrowed in the same year. Therefore, short term loans carry an annual rate of 36%, as defined in the NCA.

 

         NON - PAYMENT

 

We understand that difficult circumstances can happen and as a responsible credit provider Loan Active is willing to help you by arranging a down payment.  If you don’t pay your loan and fail to communicate with us to arrange a down payment, we will hand over your file to our external debt collection company. Not paying back your loan may affect your credit rating and the ability to obtain a new loan from other financial institutions.