With over 20 years of experience and service in the credit lending market, Letsatsi has been growing and expanding in South Africa. Today you are going to learn all there is to know about this company, the loans they offer, what you have to do to request them, and where you can find branches of Letsatsi in the country. When you finish this article, you’ll see that this is a reliable company and that it can be a great option for when you need some extra help.
How does the Online Loan Application Work to get a Short-Term Loan
You work hard to sustain your family and everything goes according to plan. You know how much money you can count on each month, and even though you don’t have plenty of money to burn, you’re ok. However, your fridge stops working and you definitely need to fix it, but you don’t have the money right now. Ask for a short-term loan at Letsatsi and forget about it. You can ask for up to R8 000 with repayment terms of a maximum of 6 months. To apply for this loan you only have to fill in an online application that will only take you a few minutes.
4 Requirements to Request Loans to Letsatsi
This company has a great variety of personal loans that are easy and quick to get. In the other articles we’ve written about this company, many people asked us how they could know if they were eligible for these loans. For example, a reader wanted to know if he could get a loan if he was self-employed. There are some qualifying criteria to get a loan at Letsatsi:
- You must be a South African citizen
- You should be between 21 to 60
- You need to have a salary of at least R3 500 every month
- You must be at a permanent job for a period of 6 months (minimum)
- You have to receive your payments for your work at a bank account under your name
Once you’ve checked you meet those criteria, you need to know what the requirements to apply for their loans are: what documents you need to provide Letsatsi with. You need to present the following 4 documents:
- Your original ID
- Three latest bank statements
- Two latest receipts of payment
- Proof of your residency
Is a Loan Calculator Useful when asking for a Loan with Letsatsi Finance?
Any loan, no matter how short the term is, is a commitment that you should take very seriously. To be on the safe side, you need to cancel your loan. There is absolutely nothing wrong with borrowing money, so long as you comply with your obligations. The best way to go about it is by not rushing your decision, taking your time to think it through. This is when a loan calculator is useful, at the very point when you start thinking about how much money you will ask for and what repayment period you will choose.
These financial instruments let you input an amount of money and to choose a repayment term. Then, the estimated numbers will be displayed. For instance, if you take out a loan of R3 000 rands over 12 months with an interest rate of, let’s say, 20.50%, with a loan calculator you would find out that you will need almost R600 every month to pay for that loan until you make all repayments. Here is when you need to ask yourself, will I be able to cover that expense for 12 months? Once you made sure that you can do it, that’s when you’re ready to formally ask for the loan with Letsatsi.
What Can I do with a Letsatsi long-term Loan?
When Letsatsi designed its long-term loan product had your plans in mind. They thought about how important it is for people to be able to achieve their goals in life. Letsatsi knows that not every South African can afford expensive products or services without the help of a loan, and so they set to offer a reliable and easy-to-get loan.
If you decide to ask for this loan, you can use the money to fulfill whatever dream you might have. For instance, if you just got married and want to have that honeymoon you and your spouse always dreamed about. Also, you might want your child to attend a good school or higher education institution so that he or she might have a better future. For these or whatever other reasons, you can ask for a loan with Letsatsi and live the dream
You can ask for a maximum amount of R100 000 and the period you can pay it back in is: 9, 13, 24, and 36 months. After you get approval for the loan, Letsatsi makes the money available into your bank account in 24 hours.
Can I apply for a Second Payday Loans at Letsatsi?
Making ends meet is not as easy as it sounds. Sometimes you find yourself working miracles to get by. Don’t you? And you work it out ok. You’re left with no money but you’ve managed to pay all the bills and you’re going to cash your paycheck in a few days… everything looks just fine. But one afternoon your child tells you that she forgot that she absolutely needs to buy a book for school. What do you do? What you should do is breathe and apply for a one month loan with Letsatsi. You buy your daughter that book and you pay the loan back when you receive your salary. No need to panic.
The amounts you can ask for range between R500 and R8 000. The good thing about Letsatsi is that you don’t need to wait hours before knowing if you’ll be approved or not: you’ll know it in an hour. Also, you can apply for a second loan after you’ve canceled your previous loan.
4 Benefits of Taking out a Consolidation Loan with Letsatsi Finance
There may be nothing as stressful than those bills piling up on your desk. This means being checking which bill is about to expire, having to deal with different payment methods and the frightening thought that you might not be able to cope with it. Take the bull by the horns and ask for a consolidation loan with Letsatsi and make your payments more manageable.
These are the 4 benefits of opting for a consolidation loan with Letsatsi:
- When you combine all your loans into one, you might end up paying lower installments
- Since you use this loan to pay off your other loans, your credit history runs no risk
- You end up saving money since you pay only one fee, service expenses and so on
- You only have to remember one date to pay for your loan
Letsatsi consolidation loan borrows up to R100 000 with repayment periods of 9 to 36 months. Please, be advised that for this loan you will be requested all the documentation mentioned above plus all settlement letters.
Is it Possible to Ask for a Home Loan at Letsatsi?
Letsatsi only finance loans we’ve already mentioned in this article; you won’t find home loans in this company. We invite you to look at our articles about home loans at Absa Bank, Standard Bank, and FNB Bank.
How are Letsatsi Loan Reviews like?
Many clients emphasize that this company offers low-interest-rate loans. Also, a lot of people compliment Letsatsi on their great customer service and on the great variety of branches they have. For instance, you can access cash loans by visiting their branches in Pretoria and Port Elizabeth.
Have you already asked a loan at Letsatsi? If you did and you wished to share your experience with us, please fill free to use our comment form; we love hearing from our readers!
Where can I find Letsatsi Loans Branches?
Letsatsi wants to be the financial option for as many South African as possible. For this reason, this company has made great efforts to open over 50 branches around the country, such as in Johannesburg, George and Durban.
What are the Contact Numbers for Letsatsi Cash Loans in Bloemfontein?
As it was expressed above, you will be able to find branches of this company in many important cities of South Africa. Here we list the contact numbers of Letsatsi Finance in the following locations:
Bloemfontein: +27 51 430 0789
Witbank (Emalahleni): +27 13 690 2769
East London: +27 43 722 1789
Letsatsi is a company that is registered with the NCR, and thus, it complies with all its rules and regulations. This means that this is a company you can trust in: no monkey business. Trustworthiness seems to be an accurate word to describe how this company operates. The fact that they request you to earn a fixed amount of money every month to apply for their loans accounts for this: they want you to avoid getting in financial trouble. We tried to describe to you how this company works, what it has to offer, and where you can contact them.
https://www.youtube.com/watch?v=veyZxVrD8JU
Preguntas Frecuentes
How’s the loan application?
When you apply for a Letsatsi loan, they’ll give you a response in just an hour. Then, they go over your information to discuss and agree with you the amount and terms of the loan. At last, immediately after you sign the loan contract with them, they transfer the loan into your account so, if your loan application is approved, you’ll have the funds on the same day.
Can I repay the loan in 14 months?
The longest term this bank offers their applicants is 3 years. But, there’s an important detail about the repayment period to point at. Even though you can choose from 9 to 36 months to cancel the loan, they have 4 options only. You can choose between 9 or 13 months or, 2 or 3 years. This means, these are the only terms this bank accepts for their loans.
If I'm getting paid weekly, how do u debit your instalments. Monthly or every week?
The shortest term is 1 month so; the money will be taken 30 days after you receive the money. All the same, when you arrange the terms with Letsatsi, all these details will be explained to avoid any misunderstanding. Remember they have 3 different loan terms to offer. You can choose the one that fits better to your salary.
How does the calculator work?
The online calculator works simply like this: when you submit the sum of money and the number of installments you want for your loan, the tool calculates the rate you might get and, it shows you an estimated cost of the loan. By using this tool, you can make changes to the terms until you get a result you feel you can afford.
What about Consolidation loans?
This kind of loan at Letsatsi grants a maximum of 100.000 rands and, allows you to cancel all your current liabilities to stay with only one debt. The repayment term can go as far as 36 months, starting on 9 months. If you meet what this company requests and, you have valid documentation to prove it, you should take advantage of this loan.
What if I am not client of Letsatsi? Does that mean l won’t be able to get loan?
Not being one of their client is not an obstacle. If you can provide the bank with your original Identity Document, pays lips from your employer, bank statements and, the settlement letter if you look for a consolidation loan, you can apply for a loan with no problem. First, try to decide which of Letsatsi loans you want to ask for and then, feel free to apply.
I need a loan for 20 000 for a twelve months repayments, can I be assisted?
That term is only available on the Long Term Loan Letsatsi offers. This alternative allows asking between 1000 to 100000 rands to cancel from 9 months to 3 years. But, in between, the only options are 13 or 24 months so, you will probably have to choose a 13 months repayment term.
I need a loan of 10,000 and for long term can you please help me with the amounts?
Hi, If you need a loan and for long term, one option is apply for a Letsatsi loan. They can give you R 10 000 and you can repay for it in 2 years. Taking this option, for example, you will pay monthly installments of R 429 with interest rates of 3% .
Are there penalties?
Yes, for not not complying with installments
Can I pay with visa card?
Yes you can
Can I pay in cash?
Of course you can
How does the student loan work?
Letsatsi does not offer student loans per se, but it does offer loans of different terms. A student can make use of a long term loan to cover their studies and education. They can get the approval within only one hour and the can repay it in nine, thirteen, twenty four or thirty six months.
Can I get a loan at Letsatsi to pay all my instalments and pay for my child's tuition fees?
Definitely, yes. With Letsatsi Finance and Loan, you can opt for a consolidation line of credit which allows the clients to combine all of their small loans or accounts into a single one. In this way, they have the possibility to pay for one monthly instalment. This option makes the clients' financial operations easier.
How much do I need to pay for 1,000 rand in one month?
The financial company Letsatsi provides clients with a great range of personal loans. If you wish to borrow 1,000 rand, which is a short term loan, to be repaid in a period of one month, you need to consider the interest rate of around 20.50%. Therefore, you will be paying one instalment of 1,205.00 rand.
After taking the loan, do you pay it back or there is no need for requirements? What if they fail to pay back the money they have lent?
The private company Letsatsi is a registered credit provider regulated by the National Credit Act, which entails that the clients are obliged to pay the loan back. As a possible applicant, before taking any type of loan, it is necessary to have enough affordable capacity to pay the fees. If you do not comply with this then penalties, additional interest or fees, and legal action can follow.
I need to know If I am qualified for consolidation loan.
In order to know if you qualify for a consolidation loan with the private financial company Letstatsi, then you will need to comply with the main criteria. You must be over 18 years old and a South African citizen or permanent resident. Also, you have to earn a regular monthly income to pay the fees. Finally, it is fundamental to have a good credit score.
15,000.00 for 9 months, How much am I going to pay each month?
If you are taking out a personal loan of about 15,000 rand with the private financial company Letsatsi, then in order to know how much you will be paying each month, it is important to consider the interest rate offered by the company. For a repayment period of 9 months with an interest of 20.50%, each instalment will be around 1,812.24 rand.
Can I get a consolidation loan of 130,000 rand?
In order to know if you can apply for a consolidation loan of about 130,000 rand with the private company Letsatsi Finance, then you should contact the customer service department. They will evaluate your situation, credit history and affordability capacity to determine if you will be able to repay the loan.
Can I apply online?
Yes, of course you can. You can contact the customer service department of Letsatsi and ask for assistance as regards the application process. There will be an online form for you to complete with all your personal details and collect all the necessary documentation. You will be able to select the loan amount and the repayment period.
I am in arrears with my accounts. I am paying too much. Also, I can't breathe, so is it possible to take out a consolidation loan, you pay all my credits and I end up maybe paying R1,500 per month? All in all, I might need R20,000. How long can I pay that amount for?
Letsatsi is a private financial company that offers the possibility for clients to take out a consolidation loan up to 100,000 rand with a repayment period between 9 months and 3 years. So if you need 20,000 rand, you might be eligible to get it. Also, you may be able to choose the repayment period up to 36 months. If you wish to pay 1,500 rand per month. You may finish paying the loan in 13 months. However, this is an estimate, since the real value of the payment will depend on the interest rate offered and on some other factors.