Cobol Loans Review | Alternative Lenders in South Africa

This creditor is relatively new to the game of money lending. Although not many people know about Unifi (formerly Cobol loans), they are one of the best alternative lenders out there. The company is situated in Stellenbosch, and can be contacted via several platforms. Like other online alternative creditors, they do not have any walk-in stores. Therefore, all applications for Cobol loans must be completed online or over the phone. 

The Popularity of Alternative Creditors Like Cobol Loans

According to a survey conducted by Old Mutual, only a third of respondents claimed to have enough savings to survive for more than three months. The financial stress brought on by the pandemic has resulted in the popularity of alternative creditors like Cobol Finance, that offer short-term loans at high interest rates to people in need of fast money.

Cobol Loans Review

South African economy is becoming a burden to the nationals, forcing people to take out quick payday loans to make ends meet. Despite being based in the Western Cape, the Unify Group offers loans in four different nations: South Africa, Zambia, Uganda and Tanzania. The company is committed to responsible lending. Therefore, they won’t offer you a loan that you won’t be able to repay. 

Unifi, Previously Known as Cobol Loans

Their CEO, Michiel le Roux, graduated from the University of Oxford and has 10 years’ financial experience. He worked in London before moving to Africa, where, like many entrepreneurs, he identified microfinance as a potential business opportunity. Gouws du Plessis (Chief Technology Officer), created the Unibos loan management system, while Mike Roux (Chief Data Officer) brought his multiple years of experience in data analytics to the table when founding the company.

Cobol Loans | Overview

The company offers short to medium term loans between R2000 and R8000, to be repaid within a period of time that ranges from 1 to 6 months. The Cobol loans are only suitable for those South Africans with good credit score in need of emergency cash. The company has a 3% fee of security interest rate. The actual interest rate ranges from 124% to 212% per annum. 


Customers willing to take out a Cobol loan over the phone must also pay for additional fees. The whole process takes between 15 minutes and one hour. Upon approval, the funds will be paid out to their account within the same day.

Cobol Loans | Eligibility

Customers can use the Cobol loan calculator to see the preliminary data. The creditor is fully compliant with the National Credit Regulator guidelines. To qualify for one of their loans, applicants must:

  • Be 18 years old or older 
  • Have a valid South African ID
  • Have a South African bank account
  • Earn a regular salary 
  • Pass the credit checks

All lenders registered with NCR have similar requirements, and will require recent payslips and proof of address along the process, which is completely automated. Within 60 minutes, the system will report the results via SMS. 

How to Apply for a Cobol Loan

Customers do not need to log in the site. All they need to do is click on “Apply” and accept the provided quote. The system will ask you to enter your personal details and upload the necessary documents. Submitting the required information will reduce the waiting time and increase the chances of getting a loan from Cobol.  

Advantages and Disadvantages of Cobol Loans

This transparent, trustworthy lender will approve or reject your loan in less than 60 minutes. Their applications are processed around the clock, and their relatively low interest rates generally suit most customers. However, alternative creditors like Cobol Loans charge higher interests than traditional financial institutions. That being said, emergency loans should always be your last resort. 

Cobol Loans | Online Reviews


There are some positive reviews from clients that have borrowed from Cobol before, who claim that payouts are done fast and state that the staff are friendly. The average rating on Hello Peter, however, is 2.03 out of 5. 


Cobol Loans | Contact Details

Customers can get in touch in two different ways:

Telephone: +27 211100600

Email: clientcare@za.unifi.credit

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