MR LOAN

for fast online loans apply online now!!
from R500 to R4000 simple & easy process

Info

QHow can I apply for a loan?
AIts so simpleā€¦ Just go to our Homepage, use our easy sliders to decide how much you want to borrow till your next payday, then just click on apply.
QWhat is a Payday Loan?
AA payday loan is a loan taken only until your next salary/pay date.
QWhy should I choose MR LOAN?
AWe at MR LOAN Loan focus on those in need of financial assistance.
We understand the pressures that come with needing money.
We will find the most convenient and affordable solution to best suit your personal needs.
QWhat loans do you offer?
AWe offer payday loans from R 500 to R 4000.
QWhat are the basic requirements to apply for a loan?
AYou need to be a South African citizen over the age of 18.
You need to have your own bank account in which your salary is deposited.
You also need to have a valid email address and cellphone number so that we can keep you updated about your application.
QWhat supporting documentation will I need to have on hand?
AYou will need to have your latest payslip, 3 months bank statements, copy of ID and proof of residence.
QDo I need to be employed to qualify for a loan?
AYes. You need to be permanently employed for a period no less than 6 months.
QHow long does an application usually take before it gets paid out?
AOnce application is approved, payout will be done within 24 hours and clients will be notified via sms or email.
QIf i'm blacklisted can I still apply for a loan?
ANo.
QHow does the interest and fees work?
AOur sliders will give you a breakdown of all the interest and fees you will need to pay back.
The interest and fees is based on the amount you want to borrrow and the period you want to borrow it for.
We calculate interest and fees according to the National Credit Act of 2005.
We charge a daily interest of approxamitely 0.17%.
QCan I take out more than one loan?
AWe can only approve one loan at a time. Once you have repaid your current loan, you can then apply for another loan.
We advise you to only borrow what you can afford to pay back on your next payday..
QHow do I repay back my loan?
ARepayment is only done via debit order.
Your account will be debited automatically once your salary is received in your account.
QWhat is the importance of having your credit report?
AYou can use your credit report to assess your creditworthiness and improve where necessary.
QWhen will I receive my credit report?
AOnce your debit order is successfull, you will receive your credit report within 21 working days via email or fax.
QWhat if I change my personal details?
AIf any of your personal or contact details change, you will need to notify us via email so that you are always updated.
You can update your details by emailing us on: info@mrloan.co.za
QHow will taking a loan with MR LOAN affect my credit profile?
ARepaying your loan on time will have a positive affect on your credit profile with the credit bureaus.
This positive crredit profile will help you in future when you apply for further credit.
  • APR
  • Renewal policy and fees
  • Breakdown of fees
  • Potential impact to applicants creditscore
  • Collections for overdue loans
  • Financial implications
Our monthly interest rate is 5%. Which is approximately 0.17% per day.
There are no renewal fees involved. Each new loan application requires verification and credit assessments.
Our sliders will give you a breakdown of all the interest and fees you will need to pay back.
The interest and fees is based on the amount you want to borrrow and the period you want to borrow it for.
We calculate interest and fees according to the National Credit Act of 2005.
We charge a daily interest of approxamitely 0.17%.
Service fee: R50 per month.
Initiation fee: 15% on the first R1000, plus 10% on any value above R1000, to a maximum of R1000.
Applicants information is submitted to our credit bureaus.
This information is then updated and reflects on the applicants credit report.
Clients are contacted via email and telephone regarding their unpaid / overdue loans.
Clients are given a final letter of demand and are then given a further 12 days to settle the overdue account.
Clients are handed over to our bad debt accounts department who will then continue to recover the outstanding loans.
Late interest is incured on a daily basis for unpaid / overdue loans at a rate of approximately 0.17%.