Rainbow Finance is a trading division of Shoprite Investments Limited. With offices located all over South Africa, the institution is able to assist South Africans all over the country with their financial needs.
As a micro lender that works in conjunction with OK Furnitures and House and Home, Rainbow Finance specialises in providing assistance for financially tough times.
The loans are unsecured, so there is no need for applicants to worry about putting any assets for collateral. The loans are short term and are meant to assist individuals going through a tough financial phase and not meant to be a long term solution.
The loan amount that is granted based on individual affordability and individual creditworthiness.
Repayment terms are flexible, giving individuals between one and 12 months to pay. Loans are granted in line with National Credit Act regulations, so loans are only granted to individuals who are able to afford to make repayments comfortably.
More South Africans are opting for non-traditional forms of lending, such as micro lending institutions. This may be because banking institutions have stricter qualifying criteria for individuals applying for personal loans.
Micro lending institutions such as Rainbow Finance offer convenience and less strict qualifying criteria. Application processes are simple and there isn’t too much paperwork to fill out. There are no long bank queues to wait in either, so applicants can save time and money on unnecessary travel costs.
What do you need to apply?
- Valid South African ID
- Proof of employment
- Banking details and statements
- Proof of residence
The loan amount that you qualify for can be used however you choose. Use it to pay for medical expenses, school fees or for paying for home renovations.
To find out about Rainbow Finance, call: 011 456 7000