I don't trust online applications. Is it safe to apply with Loanshop for a loan and is my information safe and secure?
We use state of the art security and technology to keep your information safe! Rest assured that your personal information is always protected through our advanced technology and RapidSSL Security Certificate. You will notice https:// in your browser bar. These features indicate the level of security we have implemented to protect your personal information.
How is interest and fees calculated?
Your repayment amount depends on how much cash you want and how long you need it for. We calculate the interest daily and the initiation fee and monthly admin fee is calculated as by the National Credit Act of 2005 for loans which fall under the "short-term transactions" category. We charge a daily interest rate of 0.17% that calculates to 5% per month. Our sliders will give you an exact breakdown as to how much you will need to pay back.
How do I apply for a loan?
It’s easy. Use our sliders to tell us how much money you need and when your next salary date is. Complete our short application form and upload or send us your supporting documents. We then conduct the necessary checks and will provide you with the outcome within minutes. Once approved, sit back and relax to receive your pay-out.
Will Loanshop ask me for any documents if I am pre-approved?
Yes, unlike some lenders, we are a responsible lender and registered with the NCR and MFSA! We will make sure that you can easily afford to repay your loan and that someone aren’t using your identity to apply for a loan. For us to make a good credit decision we will need a copy of your ID, payslip and bank statement as this is always good practice and this is for your protection. It is easy to upload your documents on our website or you can e-mail or fax them to us.
What happens if I cannot pay?
The loan amounts and interest may change if you do not ensure there is enough funds available in your account for they debit day we agreed upon. Should we try to debit the money owed, and it declines we will do our best to contact you during that same day. Please remember there may be bank charges should you not ensure enough funds are available for the debit.
We will continue to try and resolve the payment issue in a reasonable manner, our collections team will contact you and discuss the situation. Should your financial position or circumstances have changed in this period we will strive to formulate some kind of plan for you.
We will not continue to hit or debit your account, but should we be unable to find a solution after 90 days the account will be passed on to our external collectors. This will also be reflected as an outstanding amount with the relevant credit bureaus and will remain on your record after our files are closed.
Should you default on a payment we won't be able to lend to you again.
Loanshop is a responsible lender and to assist the consumer we do a affordability assessment before lending you money.
We make use of the latest technology to get you an answer immediately!
We pay your loan into your bank account so that it's available within hours.
The entire loan application is done electronically, no paperwork!