All Your Questions Answered:
What is the minimum criteria for my loan application to be considered?
- Property has to be worth over R850,000.00
- Minimum loan amount of R100,000.00
- Applications can only be done in the name of a Company, a CC or a Trust
- No applications can be done under a personal name
- The loan can only be used for Business purposes
- Maximum repayment period is 6 months
Will my credit history affect the loan?
It doesn’t matter what your credit rating is, we look at the security i.e. is there enough value in the security in the property to cover the loan amount and its interest.
What is the average period over which the loan will be granted?
Contractually 3 to 4 months, but if you elect to pay your interest monthly then we will continue to “extend” your loan on a month to month basis by agreement.
What fees are involved in the transactions?
The bond registration fees depend on the size of the bond. Fill in our contact form for more information on the bond registration fees. Other costs include R2500-00 contract fee and R342-00 per payment made or received. Interest is calculated daily only on the outstanding amount and interest will be compounded monthly if it is not paid.
What securities would be considered as surety on the applications?
Primarily immovable property and we do consider a JSE share portfolio etc. but we do not consider policies.
More Question? Ask us!
If you cannot find the answer to a question you might have for us here, enquire today and we will gladly assist. Complete the form and get in touch today.