Lime Loans is an emergency loan provider that offers loans ranging from R500.00 to R8,000.00. If a loan is repaid on time, the company will offer up 50% interest discount.
Lime requires loans to be repaid within 5 days to 7 weeks of the loan’s inception.
Interest rates range from 28.9% to 39.8%. Lime Loans are intended for South Africans over the age of 18 who are gainfully employed or earn an income.
Online payday lenders, such as Lime Loans, have proven to be the go-to companies for the majority of South Africans in recent years.
In 2018, online lenders approved approximately 82% of their applications, while big banks approved 58% and small banks approved 71%.
Lime loans offer an easy to obtain loans due to their low application standards and requirements.
Eligibility:
- Have the Republic of South Africa’s Identification Document
- Be over 18 years old
- Have a South African bank account and access to the internet
How to get a lime loan
- Set up your profile: You can create an online profile by providing your personal information and contact information. Lime will then send you a verification email to confirm your account.
- Must provide your banking details when making an application.
- You must also upload a 3 months bank statements.
- Create the loan structure.
- Choose the loan amount you want to receive, which can range from R500 to R8,000.00.
- Choose a loan term ranging from 5 days to 37 days.
- Online, read and sign the agreement. By clicking the “I accept” button
- The accept the funds
On average, the Lime loan application process may take about 5 minutes. It can be about a minute for the existing Lime clients who already have an account.
Tariff groups
Lime loans have different tariffs that determine the maximum amount, timing and the current interest rate of the loan. There are 4 different tariff groups:
Repayment of the lime loan
To repay the loan; you can log into your profile, click the ’’repay’’ button and follow the instructions.
Otherwise, Lime collects the money on the due date using an automatic system.
Competitive advantages of Lime loans
- The application process and decision take a few minutes, allowing you to receive cash in your bank account very fast. Lime loans are an ideal option to borrow money from in times of urgent need.
- The application process is entirely paperless
- Transparency – because there are no hidden fees and all online loan calculations are visible online
- Flexible – since you decide the loan amount and the loan term in a way that best suits you
Competitive disadvantages of Lime loans
- The interest charged is high compared to traditional banks.
- Short repayment time
- Can not solve big financial problems. They offer small amounts yet charge high interest.
Conclusion
With so many options offered by Lime loans, you can gradually get them all by staying up to date with your payment deadlines.
This will be an added advantage as it boosts your credit profile. Do you consider Lime as most convenient for you, the next time you need a small loan?
