We value your time and continually strive to make our process as simple and safe as possible. Thanks to your feedback we’ve been able to build a Frequently Asked Questions library filled with common questions and answers.
So if you have a question about Loanzie, take a look at our FAQs below.
If you still can’t find an answer to your question, please Contact Us and we’ll answer you ASAP.
Can anyone apply for a loan through Loanzie?
If you’re a South African citizen (at least 18 years old) who isn’t under debt administration and has never applied for debt review, you can apply. You will need to provide us with a copy of your ID, your latest payslip, and your latest 3 months’ bank statements.
How do I apply for a loan?
We have made it simple and safe to apply for a loan. Simply click Apply Now and follow the step-by-step application process.
Will a credit check be done on me?
Yes we will conduct a credit check on you once you submit your application for a loan.
When will I get my loan?
It usually takes about 24 hours to approve your loan, and we’ll keep you informed of the progress. The more accurately you complete your application, the quicker we can process everything for you.
How do I pay back my loan?
We will collect your full repayment by 1 single Debit Order on the date that you select. Your repayment will include your original loan amount and all additional fees.
What if I can’t pay back my loan on my selected Repayment Date?
We understand that unexpected things can happen, and that’s why we have made it so easy for you to inform us of any changes in your financial position. If you can’t repay your loan on time, you need to let us know before your Debit Order date so that we can help you make alternative arrangements. You can contact us by email, telephone, or Whatsapp.
How can I chat to someone from Loanzie?
You can contact us anytime via email at email@example.com. You can also call us on 010 594 5332 or Whatsapp chat with us on 071 604 3065 during business hours.
How is my information kept safe and secure?
Can I have more than 1 loan from Loanzie at a time?
For your own safety and as a responsible lender, we will only provide you with one loan at a time.
Can I apply for a loan on public holidays?
Yes, you can apply for a loan 365 days a year, but because we work according to banking hours your loan will be processed on the very next business day. Financial institutions and bureaux are closed on public holidays.
Do you need to know why I’m getting the loan?
No, we don’t, but you’re more than welcome to share that information with us if you wish.
What if I don't have a payslip?
As a responsible lender, we need to verify all your personal and financial details. If you don’t have a payslip, we unfortunately won’t be able to provide you with a loan.
What if I am self-employed?
If you are self-employed, you will need to submit your most recent 6 months’ bank statements.
What if I'm unemployed?
As a responsible lender, we need to ensure that you can repay your loan. If you are unemployed, we unfortunately won’t be able to provide you with a loan.
What if I’m blacklisted, under debt review, judgement, or sequestrated?
Under these circumstance we unfortunately won’t be able to provide you with a loan.
What is an Initiation Fee?
This is the amount due by you (the borrower) for the conception of the loan as provided by us (the lender).
What is a Service Fee?
A daily Service Fee according to the National Credit Act is charged by Loanzie in order for us to manage and service your loan responsibly. This includes reporting the status of your loan account to the NCR, and to provide you with emails, SMS, and telephone correspondence regarding your loan.
What Interest Rate will be charged?
New customers will be charged interest at a fixed rate of 5% per month (or the daily equivalent that adds up to 5% per month).
Existing customers will be charged interest at a fixed rate of 3% per month (or the daily equivalent that adds up to 3% per month).
What is the Settlement Value?
The Settlement Value is the Total Repayment Value that will be required for you to settle your loan. This value includes the loan amount, interest, and all other fees, charges and/or costs payable in terms of your Loan Agreement.
What is the Pre-Agreement Statement and Quotation?
This is the documented and contractual summary of your loan, your personal information, our company information, and includes the terms and conditions as required by the National Credit Act. The Pre-Agreement acts as the quotation for your loan, and should you accept the quote, it will serve as a tax invoice.
What is the Mandate & Debit Order Authorisation?
This is the documented and contractual summary of your Debit Order instruction, where you confirm that we can collect your repayment by Debit Order.
What is an EDO payment stream?
EDO stands for Early Debit Order, and is a bulk collections processing service that the banking system uses to process Debit Orders.
What is an AEDO?
AEDO stands for Authenticated Early Debit Order, and is a collection processing service that has been authorised using a card and PIN.
What is a NAEDO?
NAEDO stands for Non-Authenticated Early Debit Order, and is a collection processing service that has been authorised by signing a contract, mandate, or agreement (we primarily use NAEDO for collection).