What are MoneyShop Loans? How to get them?
MoneyShop is not a loan provider, but it is a loan-finding service that you can use to find the best lenders according to your needs. MoneyShop Loans helps you contact various lenders that can give you financial assistance based on the details you have provided in a loan application. Here in this article, we will look at what a MoneyShop loan is, how you can apply for it, and other relevant information about it.
What are MoneyShop Loans? How to get them?
MoneyShop is a recognized loan-finding service in South Africa that uses artificial intelligence to help customers find the best deals to get a loan. It provides you with the description of the lender and suggests the best ones according to the information you have provided in the application you submit on MoneyShop.
Remember money is not a bank neither is a loan provider. Instead, they only play a role of middlemen between you and the lenders. You can compare their offer and accept the one that is perfect for you.
With MoneyShop Loans you can get personal loans from R 10,000 to R 250,000 from different loan providers. These are long-term loans, and they come with a loan term of 12 to 72 months.
Moreover, you can also get short-term loans from MoneyShop Loans that range from R 1000 to R 8000. Remember you have to repay these short-term loans within 2 to 6 months. The repayment time selected is selected based on your ease and convenience.
Well, generally, the interest rate varies based on the lender you have picked, but typically, it is 3% to 5% per month for a short-term loan you get from MoneyShop. Whereas the long-term loans you get from the service providers have a maximum of 27.5% per year interest rate.
The service charges of MoneyShop Loans are free of cost, which makes it the best choice for borrowers looking for affordable services. The company provides you with loan offers based on your credit profile.
It provides you with the details and description about terms and conditions and information about different lenders that you can consider. You then have to compare them and select the one that is the best for you based on your needs.
To get the loan, you must be eligible for a loan application. Let’s now look at the eligibility requirements for MoneyShop Loans.
Eligibility Requirements
Here is the eligibility requirement that you have to fulfill to apply for a MoneyShop loan. Make sure to follow the following eligibility requirements so that you can get the loan with ease and convenience. To apply for a MoneyShop loan,
- You have to make sure that you have a valid South African ID document with you.
- You also have to make sure that your income is a minimum of R 4000 per month.
- Furthermore, you also have to pass a credit check to get the loan
- Moreover, also ensure that you are not undergoing debt counseling before applying.
How To Apply? Application Procedure
Here is the step-by-step procedure via which you can apply for a MoneyShop loan. Pay attention to understanding the procedure completely. To apply for MoneyShop Loans you have to do to,
- Visit the official website of MoneyShops. Click on moneyshop.co.za/?.
- Then you have to look for the option of “Apply Online.”
- Click on that.
- You will be directed to an application form.
- Complete the application form and make sure to provide correct and appropriate information so that your application is approved easily.
- After completing the application, submit it.
- Wait until MoneyShop gives you lender offers.
- Now read the offers you get from MoneyShop and make sure to understand their terms and conditions clearly.
- Make sure to accept the best offer that you think is perfect for you.
- After accepting the offer you have to finish your application by attaching the essential documents.
- The documents you have to attach depend upon the lender you are getting the loans from.
- As soon as your application is approved by the lender, the cash will be deposited in your bank account.
Essential Documents
The documents you have to submit for MoneyShop Loans vary according to the lender you are opting for. After your application gets approved and you receive the offers from loan providers through a MoneyShop, you have to finalize the lender and select the one that is perfect for you.
After that, you have to submit the documents directly to the lender according to his requirements. So make sure to consider the documents that the lender needs to approve your application and provide you with the funds. Moreover, also make sure to submit genuine documents and legal ones so that you don’t have to face any complications later on.
How To Contact MoneyShop Loans?
- Contact number: 010-010-0220
- WhatsApp: 010-010-0220
- Address: 328 Kent Avenue, Ferndale, Randburg, 2194.
FAQs
What loan products are offered by MoneyShop Loans?
MoneyShop offers different financial products, including personal loans, short-term loans, and debt consolidation loans. They are not exactly lenders but a loan-finding service that helps you find the right service providers to provide you with the products appropriate according to your needs. You need to make sure to understand everything about MoneyShop before applying for the loan because dealing with MoneyShop Loans is quite complicated, but it is beneficial so you can rely on it.
How much loan can you get via MoneyShop?
With MoneyShop you get the offers from several lenders. They provide you with personal loans that range from R 10,000 to R 250,000, depending upon the loan provider. Whereas the short-term loans from MoneyShop Loans range between R 1000 to R 8000.
What are the benefits of applying for the loans via a MoneyShop?
MoneyShop offers numerous benefits, including free cost service for South African borrowers and a wide range of loan options. MoneyShop also provides loans for those who have bad credit and also gives you a free credit report. Moreover, you also get the options of numerous lenders according to your requirements, giving you the choice to opt for the best for you.
What are the disadvantages of applying for loans from the lenders suggested by the MoneyShop?
The MoneyShop loan is quite beneficial and advantageous but it has one drawback that makes it less convenient for most of the borrowers. There is no mobile application of MoneyShop that you can use to manage your loan, nor is there any online account that you can create for loan management as a borrower. This makes it less preferred by most of the borrowers.
Is the MoneyShop reliable?
Yes, MoneyShop is one of the reliable and trustworthy companies that is registered according to the company laws of South Africa. It is not a money-lending company. Instead, it is an information provider that provides you with the information of top lenders in the country that you can go with based on your application form.
What are the documents that you have to submit to apply for a MoneyShop loan?
Although there are no documents that you submit in the first attempt to apply for a MoneyShop loan, you still have to submit certain documents as required by the lender you have selected. You have to look for the essential documents that you need that vary according to the lender when directly applying to the lender you’ve selected.
Does MoneyShop offer loans for bad credit scores?
Yes, several lenders in the MoneyShop offer loans for bad credit scores. But it depends upon the risk you pose. In case there are only a few missed payments, you can qualify for the loan but if your missed payments are quite high in number, the chances are limited that you will qualify for the loan.
Conclusion
MoneyShop is a free service provider to assist borrowers in getting loans from multiple lenders. The service providers are partnered up with different loan companies in South Africa and play the role of a middleman between borrowers and lenders. This article tells you about the details related to MoneyShop Loans, how you can apply for the loans from MoneyShops, and the relevant information that you should have before initiating the application procedure.