EziFinance finds loans for individuals who find it difficult to obtain credit somewhere else, due to being blacklisted or having a bad credit record. If you have a low credit score it can be difficult to obtain a loan, which is what EziFinance specialise in. As long as you are not under debt review, sequestration or administration, you may qualify for a loan.
Some of the requirements for taking out a loan include:
- You need to be a South African citizen
- You need to be younger than 63.
- You need to earn more than R3 000 per month
- You need to be working at your current employer for not less than 6 months (1 month, if the employment is continuous from previous employer).
- Your salary must be paid into your own account, or a joint account in your name.
There are different loans available, namely a consolidation loan, personal loan, short term loan, long term loan, small loans and large loans. Small loans are up to R15,000 and large loans are up to R1,000,000 and will also have lower interest.
Personal loans are easier to obtain than consolidation loans short term loans are sometimes easier to qualify for as they are repayable over 6 months. short term loan is also called a microloan, but not the exact same as loan by a micro-lender, as a micro lender can be a lender of short term and long term loans. The NCR classes a short term loan as a short-term credit transaction, which is for a maximum of R8 000 and payable over 6 months or less.