To borrow money online in South Africa means you can instantly apply for a loan from your mobile phone, tablet or PC. Online lenders offer an alternative to borrowing from the banks which can mean you may qualify quicker. We look at the steps you can take from finding the right credit provider through to getting the loan paid into your bank account.
Steps to borrow money online:
- Find a credit provider
- Gather your documents
- Fill in the online application form
- Submit your documents
- See if you qualify
- Get cash paid into your bank account
First Step to Borrow Money Online: Find a Credit Provider
The first thing to do when you want to borrow money online is to find a credit provider. There are plenty of credit providers in South Africa that offer online loans.
Most of these lenders will have an online application form you can fill in. This allows you to apply instantly from your device in the comfort of your home.
Remember this is only the first step of your application and doesn’t mean that you will get the cash right away. Because the moneylender will usually do a credit check on you and will also require documents.
You may still be able to get a loan with a bad credit record it depends on how low your credit score is. If you are under debt review the chances of you qualifying to borrow money are slim to none.
Here at Loan Solutions we deal with a selection of different online lenders. You can find our loan application form here.
Gather Your Documents
The second step to borrow money online is to gather your documents together. The moneylenders will require certain documents as part of the application process.
These documents will include:
- SA ID document
- Recent Payslips
- Bank Statements
- Proof of address
Because you are applying online these documents can often be downloaded and sent electronically.
For example if you do Internet banking it is quick to get statements online from your bank. In addition a lot of employers email payslips to employees these days.
So once you have your documents together you will be able to send everything electronically as part of your loan application.
Fill in the Online Application Form
Once you have all your documents together you can fill in the online application form. These forms are normally quite simple and allow you to apply within a few minutes.
Online Loan application forms usually include questions such as:
- Your full name
- Your phone number
- SA ID number
- Email address
- Employment status
- Income bracket
In addition you will have to consent to the loan terms and conditions. Initial terms usually require that you consent to a credit check. So that a lender can see if you have a low score.
If you are under debt review in South Africa you will unlikely qualify for a loan or any kind of borrowing.
Next Step to Borrow Money Online: Submit your Documents
Submitting your documents is the next step as part of your application.
As we mention above the best way to send documents is electronically. So most online moneylenders will give you the option of emailing your documentation.
Or they may have a function on their website that allows you to upload files to their system. In this case you can upload payslips, your ID and bank statements instantly.
See if you Qualify
You will find out if you qualify for a loan after you have filled in the form and sent your documents online.
You will have to give this process a bit of time. Because the lender will be checking your credit history and looking at the details of your documents.
Creditors want to know that you are not a high risk person to lend money to. So they are looking at your credit profile to check your credibility.
They look at your payslips and your bank statements to see if you have a good affordability for a loan. If you have a low affordability you may not qualify for the amount of money you want to borrow.
This may also interest you: No Payslip Loans to Borrow Cash Without a Payslip
Get Cash Paid into your Bank Account
The cash gets paid into your bank account if you qualify for a loan. Once this is done your money is available immediately.
So providing you have been successful with your application and you pass all the credit and affordability checks you get your cash quickly.
A lender will pay the funds into the account details you provide. Therefore once the funds have cleared the money is available for you to use as you please.
Extra Tips to Applying for a Loan Online
These are a few extra tips we can offer when it comes to applying for a loan online in South Africa.
- Fill in the application form correctly. No spelling mistakes or missing fields.
- Be honest about your personal details. Do not try to lie about your situation.
- Don’t expect to get a loan instantly. The application process can take some time.
- Do not submit duplicate applications. This will reflect negatively on your credit profile.
In Summary of How to Borrow Money Online
To summarize the process of how to borrow money online we can say it’s a lot about preparation.
So make sure you get the correct documents together and be honest when you apply. After your loan application goes through you normally have to wait a few days before you get a response from the creditor.
The moneylenders are dealing with a lot of clients. So you will be joining the queue.
Therefore be patient. Follow the steps and advice we have given here and you will see it’s quite quick and easy to borrow money online in South Africa.