A loan is a debt provided by one entity which could be an organisation or individual to another entity at an interest rate. Loans are evidenced by a note which specifies among other things the principle amount, interest rate and date of repayment. A loan entails the reallocation of the subject assets for a period of time, between the lender and the borrower. One business house which has mastered the intricacies of this business is Loan Shop.
Loan Shop operates under the flagship of Isidingo financial services with head offices in Pretoria. This lender offers small loans from a minimum of R500 up to a maximum amount of R2,500 over a one month period.The duration of the loan can differ in days, according to the period to your first payday. Interest is calculated per day for the period that you take the loan for and interest and all fees are charged in regulation with the National Credit Act.This firm is fully registered with the National Credit Regulator and complies with the National Credit Act and its regulations which means an affordability assessment is done before money is given out.
The terms,conditions and fees involved with Loan Shop include service fee of R50 per month, initiation fee of 15% on first R1000, thereafter 10% on the value above R1000 to a max of R1000 as well as interest rate of 0.17% per day which equals to 5% per month or 60% per year.
Loan Shop can be contacted on 0124409111.