The Microfinance industry is growing at a rapid rate in South Africa, with more finance options being made available to low-income individuals. Interest rates with this form of finance are generally lower and the rate of payment default continues to be surprisingly low (more than 90% are repaid.) Some companies have opted to provide loans offered through club membership.
Established in 2007, Loans Unlimited offers its Platinum Club members a number of exclusive benefits, such as a free loan-finding service, access to resources on budget setting and debt management as well as lower insurance rates via Loans Unlimited partners.
For a R350 joining fee, Loans Unlimited offers Platinum Club members 12 months access to these benefits.
Loans Unlimited provides clients with personal loan options of up to R150 000. The company aims to find a lender that will match client requests effectively.
Applications can be made online or by simply calling 021 813 9599.
As soon as the application is made, Loans Unlimited seeks the most suitable lender for the client, offering competitive rates. The details are sent to the lender and they contact the client.
In order to qualify for the Platinum Club, applicants need to:
- Be South African citizens
- Be 18 years or older
- Earn fixed income of at least R1500 per month
- Have a South African bank account
Loans Unlimited charges an initiation fee and monthly service fee, which can be up to R50 per month excluding VAT.
Repayment periods range from 12 to 72 months while members have the benefits of online resources such as income building resources.
With it’s simple application process and enticing club membership benefits, Loans Unlimited is a growing company which looks set to provide more services to a larger group of clientele in the near future.