Lime24 Loans Information
Lime Loans South Africa (in any other case often called Lime24) is the sister firm to the worldwide FinTech firm Lime Credit score Group. They use superior algorithms and machine studying capabilities to customize the mortgage utility expertise.
Lime is exclusive in that they provide reductions on their loans. When you’ve paid off your first mortgage, you’ll be eligible to take out one other one at a 25% low cost on curiosity.
If you happen to proceed to repay your mortgage timeously, the low cost on the rate of interest would improve with every subsequent mortgage you are taking.
They’ve additionally created an associates program that provides monetary rewards for referring your pals, household and colleagues who take out a mortgage.
- Based: 2013, launched in South Africa in 2016
- No. of Employees: 501 – 1000
- Location: Headquartered in Hong Kong Island
South African workplace located in Bedfordview - Legitimate Lending Licence: Registered Credit score Supplier that’s regulated by the Nationwide Credit score Regulator (NCRCP8077)
- What number of loans have they processed: In keeping with their web site, they’ve served over 374 000 purchasers underneath the Lime Community
Mortgage Merchandise
Lime Loans South Africa gives short-term loans that may be taken for a length of 5 days (minimal) to 35 days.
Mortgage Quantities Out there
With Lime24, you’re in a position to apply for a mortgage ranging from R300, as much as R 5400.
Because of the manner they construction their rewards program to tie into your future loans, they’ve structured their loans as follows:
- Lime/Begin: R300 – R1200
- Lime/Silver: R300 – R2100, with the service charge prorated primarily based on mortgage time period
- Lime/Gold: R300 – R3000, with decrease rate of interest from second mortgage onwards
- Lime/VIP: R300 – R5000, 5-day loans freed from cost in addition to the likelihood to extend your borrowing restrict (primarily based on particular person situations)
Mortgage Phrases Out there
Lime Loans South Africa offers “pay-day” loans, which suggests you’ll be able to select to repay inside 5 days or as much as a most of 35 days.
Curiosity
It’s tough to seek out direct information on curiosity numbers. Lime promotes their curiosity reductions extra strongly, that are legitimate from the second mortgage onwards.
Repayments
Relying on what day of the month you settle for the mortgage and for what number of days you’ve gotten taken it, they’ll increase a debit order for the agreed-upon date.
You may select to repay your mortgage earlier by logging into your profile and clicking on the “repay” button. Nevertheless, Lime Loans has suggested towards this if the subsequent compensation date is inside the following 3 enterprise days, because the debit order will more than likely nonetheless undergo.
Charges
The way in which during which Lime Loans South Africa constructions their curiosity low cost makes it tough to gauge their charges.
They’ve a sliding bar on their web site that offers you a sign of your repay quantity primarily based on the quantity and length you select.
Nevertheless, till you create a profile, you will note the cost with the 50% curiosity low cost included. Don’t be fooled – you’ll be able to solely qualify for this low cost after having taken a number of loans out.
To be able to get a correct breakdown of the charges to your particular mortgage, you will have to create a profile and apply.
Late Payment
If you happen to miss a cost with Lime Loans South Africa, you may be charged a penalty charge in accordance with the Phrases and Situations of the mortgage. Curiosity may even proceed to accrue from the unique quantity allotted to earlier tariffs, so the rate of interest won’t improve.
How To Apply For a Mortgage
Making use of for a mortgage with Lime Loans South Africa takes three straightforward steps. From begin to end, the method takes about 10 minutes, together with the cash being despatched to your account.
These are the steps to get began:
- Create your profile
- Full your banking particulars (together with a breakdown of bills to establish your mortgage tariff)
- Withdraw your cash (choose the quantity and time period of mortgage, signal the settlement by clicking on the “I settle for” button, and the cash will likely be despatched to your account)
You do need to conform to the Phrases and Situations of the mortgage and Debit Order Authorisation.
Approval is just not assured, as a person’s affordability consequence is taken into account in the course of the utility course of. This considers components liker earnings and bills, credit score profile and former cost behaviour.
Minimal Standards to Take a Mortgage
To qualify for a mortgage, you will have to have the next:
- A cellular phone quantity
- Your most up-to-date payslip
- Financial institution statements
- A legitimate South African checking account
Data Required for Software
- ID quantity
- Employment info
- Month-to-month earnings
- Bills
- Checking account info
Help Workforce Contact
The help workforce could be very responsive and you’ll contact them telephonically or by way of e-mail.
You can too use the self-service by logging into your profile on their web site.
Social Media
Buyer Critiques
Whereas there aren’t many opinions on Google, these which can be there don’t present the enterprise in essentially the most optimistic gentle. 16 opinions have averaged out to a score of 1,7 out of 5, with 3 being 5-star opinions and the remaining 13 providing solely a single star.
HelloPeter
Lime Loans has two pages on HelloPeter, however sadly each present dismal star scores and sad prospects.
Whereas the occasional optimistic assessment does make an look, nearly all of latest suggestions has proven the corporate in a unfavorable gentle.
Common Star Score:
We’ve calculated the common between Google Critiques and Lime24’s two scores on HelloPeter.
Their common score between these three is 1,5 stars out of 5.
