Over the last years, it has become more and more difficult for South Africans to borrow money. Traditional lenders often require prospective clients to show consistent income and good credit score to qualify for a loan, and the COVID-19 pandemic has only heightened these trends. In this already indebted country, people in need are turning to alternative lenders like Lime24 (lime24.co.za).
Lime24 Loans | Overview
Lime Loans, also known as Lime24, is part of the international FinTech company Lime Credit Group. Although the enterprise was founded in 2013, it was only launched in South Africa 3 years later. This creditor, registered with the National Credit Regulator, specializes in payday loans that can be taken for a duration of 5 to 36 days.
According to their website, they have served +374 000 clients under the Lime Network. Lime24 loans range from R300 to R5400, at a variable interest rate between 28.9% to 39.8%. New applicants, however, only qualify for loans up to R1200. In the past few years, online lenders like lime24.co.za have proven to be the go-to creditors for most South Africans.
Lime24 Loans | Eligibility
In order to qualify for one of their online loans, applicants need to:
- Have a South African ID
- Have a South African bank account
- Have access to the Internet
- Be over 18 years old
Lime24 is unique in their discounts. Once you have paid off your first loan, you will qualify for another one at a 25% discount on interest. If you continue to repay your debt in a timely manner, the discount will increase with each subsequent Lime24 loan you take.
How to Apply for a Lime24 Loan
The process can be completed in three simple steps. From start to finish, the application takes about 10 minutes, including the funds being sent to your account. In order to apply for a Lime24 loan, all you need to do is create a profile, introduce your details and withdraw the money.
You will have to agree to the Terms and Conditions of the loan, as well as to the debit order. Approval, of course, is not guaranteed, and will depend on your income and expenses, credit profile, and previous payment behaviour.
Lime24 Loans | Early Payment
Clients can repay their Lime24 loans earlier than expected. All they need to do is navigate to the Lime24 login portal, access their profile and click on the “repay” button. However, the company advises against this if the next repayment date is within the following three business days, as the initial debit order is still likely to go through.
Lime24 Loans | Late Payment
If you default on your Lime24 loan payment, you will be charged a penalty fee. However, the interest rate will not increase.
Advantages and Disadvantages of Lime24 Loans
The creditor is transparent and trustworthy. There are no hidden fees and, upon approval, you will receive the funds in no time. However, they charge a much higher interest rate than traditional banks.
Therefore, Lime24 payday loans are not recommended to fix big financial problems, but to solve small emergencies. Payday loans should always be your last resort, so make sure you do not have other alternatives before borrowing money from a lending company.
Lime24 Loans | Online Reviews
While there are many online reviews on Lime24, most of them don’t paint the company in a good light. On average, Lime24 has 1.5 stars out of 5 on sites like Google and Hello Peter. Clients usually complain about their credit status not being updated and the creditor’s poor customer service. However, Lime24 is still one of the most popular companies amongst those South Africans in need of financial aid.
Lime24 | Contact
Lime24 offers instant, short-term loans to those South Africans in need of urgent money. People with bad credit score are also eligible for their loans, provided that they earn a regular income. Should you have any queries on the Lime24 products, contact them at 0104426722 or send them an email to support@lime24.co.za. Additionally, you can check their FAQ section.