If you’ve reached our platform, you’re surely looking for information about loans. If I go a little deeper, if you’ve reached this article, you’re considering applying for a loan at Loans Unlimitedin South Africa. As my only goal is to make the loan making process easy and quick for you, I’ll go profoundly on what this company offers you in terms of loans. In addition, I’ll make reference on online calculators and how to use them to your benefit. By the time you’ll end up reading these lines, you’ll be ready to distinguish if Loan Unlimited is the perfect solution for you.
Will Loans Unlimited process any kind of loan application?
In order to comprehend what this company does, I’ll explain how they work with loans. It’s of paramount importance you know Loans Unlimited is not a credit provider itself. They want to be the mediator between the applicant – you – and lending companies. If you apply with them, they process your information and contact you with their panel of many credit providers. Then, those loan providers take care of processing the request in full. What does it mean?’ it means that even though Loans Unlimited won’t do a credit check on your application, when loan providers process your loan request, they will probably check it before approving your loan. We shouldn’t forget any borrower must have a good credit score to be issued a loan.
What information does Loans Unlimited ask for when applying?
To start the loan request, you need to submit your personal information – name, surname, SA ID -, your contact information and how much you earn per month. Then, as you go further on the loan application, you will be asked detailed information and documents as support of that information.
Does Loans Unlimited provide a Loan Calculator?
Yes, there is a loan simulator at Loans Unlimited. But if you want to make things much simpler, you might use our loan simulator which you can find in this same webpage. Both of them work in a similar way:
1- You enter the quote for the loan you want to request.
2- Then, you enter your ideal repayment term
And that’s it. You have your result. Now, there’s a special advantage if you use our online simulator: you’ll get a list of different lending entities and the respective cost for the loan terms you choose. In that way, you get to compare rates and costs to see if you can apply for the cheapest loan.
Nevertheless, remember all calculators can only be taken as representative examples. This is so because the cost of any loan is directly affected by the interest rate the loan provider decides to charge. Such interest rate, as you probably know, depends entirely on each borrower financial situation. For example, if you have an excellent credit history, chances are you get a lower rate. The loan amount you ask for is another factor taken into consideration when stating the interest rate. Because of this, it’s always a good idea to try different loan terms in an online loan simulator before starting the loan application.
Loans Unlimited quote example: now, I’ll show you an example to help you understand how to take advantage of loan calculators.
If we suppose you need to borrow R90000, you have to choose the time you want to take to cancel the loan. Let’s imagine you go for 4 years and let’s state 26% interest rate as example. For that loan term, you might have to pay around R2700 on each installment. Now, if you think you can pay higher installments, you might try lowering the repayment term one year, that is to say, you’ll cancel the loan in 3 years. In this case, you’ll pay around R3600 each month. Clearly, the benefit is to enter the loan term discussion having certain idea of the loan cost which, of course, will be of great help to get reasonable terms.
Will Loans Unlimited approve my credit request in just a day?
There’s unlikely loan approval takes as fast as one day. Remember, Loans Unlimited work with a variety of loan providers and so, even though your loan application goes directly to lenders, they might need to ask further information before giving you an answer. Besides, it might happen that the first lender rejects your petition. In that case, the request is passed to another loan provider for analysis. As there are 8 lenders in the panel, you have to consider it might get some time before you get your response.
If you want to speed thing up because you need to take a loan quickly, you can do your best to have all the documents needed to submit when you apply. Another essential detail is that you should have an idea of your financial status before completing the loan application form to understand if your loan petition can be taken into account.
Loans Unlimited Reviews – is it a good option?
If you are still trying to decide if Loans Unlimited is the financial solution you were looking for, I think it will be useful to make a short list with the most relevant features:
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They allow any South African citizen to apply for a loan.
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Having so many loan providers may let you get the most reasonable rate available.
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If you have a steady job and good credit score, you have chances any of their 8 lenders approve your request.
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On a not so positive side, you might have to wait some time until you receive the final answer.
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A loan calculator is always a plus when getting a loan.
Now you have this list summarizing main characteristics of Loans Unlimited, you have a better understanding on their service. If you need to contact them, you can dial the number 021-28-60-864 or email to customercare@loansunlimited.co.za.
To finish, remember you have my attention to answer any doubt about Loans Unlimited you might have. Also, don’t lose your opportunity to compare different loan options reading about African Bank and FNB, 2 of the most well-known entities issuing loans in South Africa. After all this, I have no doubt you will choose your loan without problem.
Preguntas Frecuentes
Is there a limit loan amount to ask?
Yes, Loans Unlimited providers only offer Personal Loans, so your loan must be 150000 rands top.
Which is LU minimum repayment term?
You will have to repay the loan in a minimum of 2 years. Then, it might extend up to 6.
What’s the repayment on a 17000 rands on 2 years?
You might get monthly installments of R915 more or less, if we take a representative interest rate of 26%. Remember, your rate can be lowered if your credit score is good enough.