What are Lime Loans? How to get?

The majority of the people ask about quick loan providers that can give money based on a flexible repayment schedule. There are various loan providers, but not all of them suit a person; however, you should see Lime Loans, a financial assistance provider that is suitable for all people. The thing that I like about Lime Loans is that its interest rate is low. 

Lime Loans aims to provide short-term, unsecured, and immediate loans which are also known as KwikAdvance. The application method of Lime Loans is straightforward as well as the requirements are simple. Come with me to explore Lime Loans, how it works, and what are the features of its loan programs. 

Basics of Lime Loans  

Lime Loans was founded by a fintech company in South Africa in 2013. The parent company of Lime Loans is Lime Credit Group which operates the entire Lime network. The aim of Lime Loans is to provide quick and simple solutions to the problems of people. It has various loan programs which are explained below. 

Types of Lime Loans

1. Short Term Loans
2. Payday Loans 
3. Small Personal Loans 
4. Digital Loans 

1. Short Term Loans

The short-term loans offered by Lime Loans can be applied online. One does not need to do a long process of paperwork and the loan amount is transferred within a day. The short-term loans can be used for paying the utility bills, managing the monthly budget, dealing the emergency repairs, and any emergency. 

Features 

• Loan Term: The term of the loan is short as one has to pay that back within a few weeks depending upon the amount of money he has borrowed.
• Loan Amount: The amount of the loan expands from R300 to R8,000. 
• Approval Speed: The short-term programs offered by Lime Loans are approved within a few hours after one applies. 

Eligibility Criteria

• An applicant must be a resident of South Africa. 
• An applicant must be at least 18 years old. 
• An applicant must have a consistent source of income. 
• An applicant has a clear history of loans. 

Application Process 

• Step 1: Visit the official website of Lime Loans through the link provided below. Lime Loans Official Website Link: https://www.lime24.co.za/
• Step 2: Register your account by providing all the details. 
• Step 3: Log in to your Lime Loans account.
• Step 4: Choose the loan program.
• Step 5: Enter the loan amount and the repayment schedule.
• Step 6: Enter all the personal details and upload the required documents.
• Step 7: Submit your details and verify them.
• Step 8: You will receive a confirmation message or mail that your application has been received.
• Step 9: The amount of the loan will be transferred if you meet the eligibility criteria.

2. Payday Loans

Lime Loans also offers a payday loan program in which you can borrow an amount and return it on the day you receive your salary. It does not mean that only the person who receives a salary can avail of this program, it is for all the people who can return the payment on the scheduled date. Normally, the payday loan programs are one month long, but if a person is facing extreme financial crises he may prolong the loan terms.

Features 

• Approval Speed: The payday loan is provided to the borrower within a single day if he has a clean history and has never been engaged in fraud.
• Unsecured Loan: One does not need to show any asset; instead the loan is offered due to the creditworthiness of an applicant.
• Interest Rate: Payday loans have a high interest rate, nearly 10% to 12% depending upon the amount of loan you borrow.

Eligibility Criteria 

• An applicant must have a permanent and consistent source of income. 
• An applicant must have an active bank account. 
• An applicant must have never been engaged in any kind of financial fraud. 
• An applicant must have a valid ID document or passport. 
• An applicant must provide proof of residency.

Application Process 

• Step 1: Visit the official website of Lime Loans.
• Step 2: Register your account and then log into it. 
• Step 3: Choose the loan program in which you are interested. 
• Step 4: Provide all the details including name, address, and income source. 
• Step 5: Upload the required documents and then verify your details. 
• Step 6: Submit the application and you will receive a confirmation message or mail that the details have been received.
• Step 7: If you meet the eligibility criteria, you will be able to get a loan. 

3. Small Personal Loans 

Another type of loan that you can apply for is the small personal loan which allows you to avail from R500 to R20,000 loan. The personal loan can be used for managing the monthly budget, buying grocery items, paying utility bills, dealing with immediate emergency expenses, and paying medical bills. 

Features 

• Approval Speed: The small personal loans are approved within 24 hours, so you do not need to wait or do a long paperwork.
• Loan Term: The term of the loan depends upon the amount you have borrowed; however, a commonly observed term is 24 months.
• Flexibility: The best part of the small personal loan is that one can choose the repayment schedule and decide which is the suitable date the schedule can be changed according to the requirements of the borrower.

Eligibility Criteria 

• An applicant must be at least 18 years old. 
• An applicant must have a valid ID document or passport. 
• An applicant must provide the details of his active bank account. 
• An applicant must show a source of consistent and permanent income. 
• An applicant must have a clean loan history. 

Application Process 

• Step 1: Visit the official website of the Lime Loans. 
• Step 2: Create your profile and then log into your account. 
• Step 3: Fill out the application form and then upload the required documents. 
• Step 4: Choose the loan program and then verify your details. 
• Step 5: Submit your personal details and you will be informed about the status of your loan if you meet the eligibility criteria.

4. Digital Loans

The last category of loans is the digital loan in which the entire process is online from verification to authentication and investigation. The approval rate of the digital loan is high and the process is short as one can apply within 2 to 5 minutes. 

Features 

• Interest Rate: The interest rate of the digital loan is high compared to the other loan programs. 
• Loan Term: The digital loan has a fixed loan term as one has to return it within a few months. 
• Approval Speed: The digital loan is approved within 1 to 2 hours if an applicant meets the eligibility criteria. 

Eligibility Criteria 

• An applicant is required to provide proof of income. 
• An applicant is needed to give the details of his active bank account. 
• An applicant must be 18 years old.
• An applicant must have a valid ID document or passport. 

Application Process

• Step 1: Visit the Lime Loans official website. 
• Step 2: Register your account if you do not have one and then log in. 
• Step 3: Choose the loan program in which you are interested to apply. 
• Step 4: Provide all the details and then upload the required documents. 
• Step 5: Verify the uploaded details and you will receive a confirmation message that your application has been received.
• Step 6: If you meet the eligibility criteria, the loan amount will be transferred to your account. 

FAQs  

How fast can I get the money?

The amount is transferred as soon as possible. According to the official website details on the money transfer, one can get money on the same business day if he applies before 2:00 pm.  

Why am I being asked to provide documents?

When an applicant provides his personal details, the information is not sufficient. Therefore, Lime Loans asks an applicant to provide further documents. 

Is it safe to tell you my bank account number?

Yes, it is safe to tell the account number but do not share the password of your ATM card with further details. 

Why was my application declined?

It is possible that you do not meet the eligibility criteria. Sometimes the application is declined if the applicant does not provide sufficient information or uploads inauthentic documents. 

Final Words

Lime Loans is the only savior that can rescue you and provide financial assistance to eliminate the crises. Whether you are worried about medical bills, or you need to buy essential grocery items, Lime Loans is there to provide all the assistance. You can get a loan within the same day without signing thousands of papers as well as you do not need to show significant assets. If you are interested in a loan, you can see the guide above and apply effortlessly.