Lime24 is a debt relief service that focuses on settlement of unsecured debts. It does not specialize in any particular sector of finance. The idea behind Lime24 is to make it easy mpowa payday loans for consumers to get out of debt in as easy as possible without requiring them to take out loans of more than their annual income. As the name implies, it operates in south Africa under the supervision of the National Consumer Agency and is open to all consumers who are looking for financial solutions.
When you visit its website, the first thing that will be displayed is the loan calculator. This is a very useful tool to understand how much money you will need to borrow and the monthly repayments. Once this is entered, a loan quote will be given to you, which you can compare to your current financial situation. If you find that the estimate provided by the lender is too high, you can simply change it and the process will start all over again.
It has been reported that the company will not get you an approval if you do not have a registered credit provider. This means that you will have to have a bank account with a South African bank that is in good standing. This does not necessarily mean that you must have been a member of your local bank for the past five years. It means that you must be a member at the time of application.
An important factor that distinguishes Lime24 from other similar services is that it requires its clients to fax copies of their bank statements so that the necessary details regarding their income, savings and expenses can be determined. One of the hidden fees that could be observed in other lenders is the collection of bank statements. This could take up to two weeks if the borrower is trying to send a fax. The time taken could be more if the borrower sends emails.
When an online loan application is sent to Lime 24, it takes about five minutes for them to receive your faxed details. If they decide to offer the loan, it will be granted within about five minutes. This is despite the fact that most online lenders operate twenty-four hours. The reason why the lender may choose to operate within a fixed hour is that it saves them the cost of employing an office clerk. The processing of loan applications is also quicker when it is done by email.
If you borrow money under the r300 option, you can expect to pay interest on your borrowings every time you borrow. The rate of interest is based on the term of the loan and how much you are willing to borrow. It is also based on the APR, which stands for annual percentage rate. The bigger amount that you borrow at the beginning of the term, the higher the interest will be charged on it.
There are a few conditions that you must fulfill when applying for any loan. The first condition that you have to meet is that you should have a valid income. All documents related to employment, income, and credit history will be required when submitting the loan application. You cannot use an existing account to qualify for the loan. It will be considered invalid if it is more than six months old.
The last condition that you have to meet before the lime24 loan application can be approved is that you should have an active checking account. Citibank does not provide credit for the purpose of borrowing money. Therefore, if you do not have a checking account, it will not be possible for you to qualify for the loan. When applying for a no credit check r300 personal loan, you should take note that you will be charged a higher interest rate than people who have credit cards and older banking accounts.