In light of the issues observed in the credit market of South Africa, in particular, high requirements toward credit requests, micro loans are constantly becoming more and more popular. The companies that successfully approve borrowers’ applications are else called online lenders that, in turn, are small financial institutions. To make a person’s life easier, Binixo helps to find reliable and time-proven creditors.
No checking documents or income at any time of the day
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Choose the best offer and the way to receive money. Binixo will save you time looking for lenders on your own
Binixo does not charge any fees. The selection of personal offers is free. We deal with trusted companies only
Loans in Bank or Microloans in Online Lenders
Basically, there are many reasons why a person should go definitely for microloans online. First off, they are more affordable and unsecured. So, a borrower does not need to put at risk his house or car, accordingly he experiences less stress. Secondly, they have short repayment periods, on average the minimum is 5 days to repay, and a maximum of 3 months. Finally, they are quick and do not require much documentation even for loans for unemployed or self-employed people.
As for banks, they are much more demanding and picky toward the clients. Even though an applicant needs a small amount of cash, he will still need to show many documents, explain the purposes, and have a needed credit history. But, even such a security will not guarantee the cash accrual.
How to Take Micro Loans Online?
There are no complicated instructions when requesting a loan. The same concerns the Binixo company that makes this process even easier. Follow the next steps to have no trouble in acquiring micro loans online within the shortest time:
- Fill in a form. On the header of the website, indicate a name, surname, email and mobile number;
- Redirection to the creditor micro-loans website. Binixo is only a credit broker that works with licensed NCR, so an applicant should confirm the actions on a third party site;
- Confirm the application. Make sure to read all the indicated data, and in some events to add more info. No fake information, and the one that belongs to someone else. Otherwise, an application will be rejected;
- Get quick cash. The funds will be on the bank account within 1 business day.
Clients can also borrow money from other types of loans. However, the procedure remains the same.
How Long Will It Take To Receive Microloans?
Note, Binixo works only with reliable and fast online lenders that have proven to provide top-notch service for all the clients. Thus, it can easily guarantee all the clients a quick solution to apply for credit. Most commonly, it takes only 15 minutes to have a request approved, and in some rare cases, the whole process may take one business day to have funds on the bank card. If a client managed to attach valid details, there are fewer chances of delays.
Recommendations for Clients
The most important part of any micro lending in South Africa is a repayment period. Binixo recommends discharging a debt within the shortest time possible. Otherwise, a client will have a low credit history and additional fees charged to his loan. Then, it is necessary to carefully acknowledge the agreement. Check all the information on hidden fees, penalties, and repayment terms. Finally, the last tip is to never apply for loans exceeding 30-40% of one’s personal or family budget. It can turn out to be a challenge to repay a loan without delays
Frequently Asked Questions
All clients need to know about micro loans South Africa. Keep in mind, some creditors may have their requirements. For more information, please do contact the customer support team.
A person should be 18 years old, have a SA ID, and personal banking account.
Repayment will greatly depend on the creditor. But, the most popular way to discharge quick loans online is to use a bank transfer in the personal profile.
Some creditors can make advances and prolong the repayment period. In such a case, please refer the inquiries to the lender’s customer support team.
A client receives a notification on his mobile phone or via email.