The line between micro lenders and loan sharks is thin. Micro lenders are registered institutions that are well-regulated and are financially legislative compliant. Conversely, loan sharks offer loans at extremely high interest rates often using tactics like hidden terms or even threats of violence. Johannesburg is a city filled with micro lenders- an industry which has been multiplying over the last few years.
Here are a number of micro lenders in the city that offer competitive rates for consumers:
Izwe Loans
This is a specialist finance company targeting the formally employed market with an unsecured term loan offering. The company provides flexible personal loans of up to R50 000, giving clients 60months to pay. Since establishment in 2004, Izwe Loans has been providing student, consolidation, building and short-term loans to South Africans, through 24 branches nationwide.
Mzansi Micro finance
This supplier of effortless online finance offers personal loans in the form of short-term unsecured finance. No collateral is needed on the loans which are offered up to R10 000. The repayment period is over 1, 3, 6 or 12 months.
Bridge Loans
The core business of this institution is retail unsecured lending and small short term loans. Offering clients repayment periods of 1, 4, 6 or 12 months, Bridge Loans offers clients flexible options. With a national footprint of 50 branches nationwide and almost 20 years of experience, Bridge Loans is a trusted lender. Over 300 000 borrowers have utilised their services during this period.
Atlas Finance
This organization has over 20 years’ experience in the industry and has steadily established over 170 branches. It also boasts a figure of over 2 million loans provided. A trusted registered credit provider, Atlas Finance helps clients with loans of up to R8000 and gives them 6 months to repay.
Letsatsi Finance
This short and long term loans provider also offers debt consolidation and pay day loans. Letsatsi has over 40 branches in 8 provinces and has been providing micro loans services for 13 years.
