Makro, Woolworths and Cash Converters offer loans to people in South Africa. Of course you need to apply for the different finance offers. Therefore let’s break down and compare these loan offers one by one. And you may soon be on your way to borrowing the money you need.
Please be aware that you usually need to have a good credit record to qualify for finance from most companies.
However there are instances where you can get a loan with a bad credit record or if you are blacklisted. As you will discover below.
Makro Cash Loans
Makro is a popular shop that offers cash loans for people in South Africa.
You can apply for Makro loans online or by calling them at their contact details. In addition by sending an SMS from your cellphone.
The most important things to consider with the loans available at Makro are:
- You can apply to borrow up to R250,000 from Makro
- Approval is on the same day, often within minutes
- Money gets paid into your bank account within 24 hours
- Competitive interest rates and service fees apply according to your credit risk profile
- Monthly statements help you understand how much you still owe
- Repayments are done with a convenient debit order from your bank account
Repayments on Makro loans are flexible from 12 moths to 60 months to pay the loan back.
The application process is simple and you can receive your monthly statements via email or SMS. You also get customer protection insurance when you borrow money from Makro for peace of mind lending.
Check out more information and apply for a Makro cash loan on their website by Clicking Here.
Woolworths Personal Cash Loans
You can apply for Woolworths Personal Loans online via their financial services department.
This article may be of interest to you as well: Woolworths Financial Services (Including Personal Loans)
Before we explain the features and benefits of qualifying for a cash loan from Woolworths Please Note… Due to Covid 19, loans available at Woolworths in South Africa are not available until lockdown has been lifted.
However here are the benefits of a Woolworths Loan:
- Online application is quick and easy
- Qualifying applicants receive cash into their bank account within 48 hours
- Repayment terms are flexible up to 60 months
- Statements are conveniently sent to you by email
- Woolworths will never charge interest that exceeds the NCA maximum allowance in SA
You pay your loan repayments through a direct debit order. So from your bank account.
At any time you may make additional payments by:
- An Electronic Funds Transfer – EFT
- At any Woolworths Store in South Africa
- Or by depositing into any ABSA bank branch
Remember, Woolworths Personal Loans will only be available again once lockdown is lifted. Therefore you can apply for a loan once the Covid 19 situation in SA gets better.
Click Here to read more about Woolworths Personal cash loans.
Woolworths South Africa are a well respected chainstore that their customers can trust. So rest assured the loans available at Woolworths are completely in line with credit laws in SA.
Loans at Cash Converters Shops in South Africa
Another South African store that offers loans to people is Cash Converters.
Cash Converters loans offer two kinds of products:
- A cash advance loan. This is a loan against goods you own. You basically pawn your items.
- A Cash Converters Payday loan. This is where you borrow money against your salary.
A Cash Converters cash advance loan can be good for blacklisted people. Or if you have a bad credit record.
Because you apply to borrow the cash using goods that you already own. But tread carefully. Because if you cannot make your repayments then your goods will be sold at a Cash Converters shop. To cover your loan and expenses.
If you pay back the money you borrowed in full and on time you get your goods back. Simple as that.
Cash Converters Payday Loans
You can get a cash loan according to your salary in South Africa by applying for a Payday loan at Cash Converters stores.
This finance works a bit differently to the cash advance loans as you are borrowing money against your salary. Therefore not against goods you own.
The criteria for a Cash Converters Payday loan includes:
- You must be 18 years or older
- Need to be employed and have proof and payslips
- Must be a South Africa citizen with proof of ID
- You have to be registered for cellphone banking
- Provide proof of residence
- Contact details of you and two friends or family members
The best way to apply for a pay day loan at Cash Converters is to visit your nearest store. They have personal finance centres. So you can talk to a finance consultant about your personal requirements to borrow cash.
To find out more about how to apply for Cash Converters cash advance and payday loans – Click Here.
National Credit Act in South Africa
All loans available at shops in South Africa must have terms and conditions that are in line with the National Credit Act.
In addition the first point of the National Credit Act in South Africa states this:
To promote a fair and non-discriminatory marketplace for access to consumer credit and for that purpose to provide for the general regulation of consumer credit and improved standards of consumer information.Read more on the National Credit Act in South Africa by Clicking Here
We have learnt here that these finance options available are different to each other.
So is the application process and also the qualifying criteria.
So there you have it. Above all we hope this article helps you to compare the different loans available at Makro, Woolworths and Cash Crusaders in South Africa.