The micro loans industry in South Africa is growing steadily. The industry provides many South Africans with much needed relief for some of their financial crises. An institution that aims to transform this sector significantly by targeting previously over-looked markets is WIZZIT.
WIZZIT is a financial house that aims to be different, by committing to banking the unbanked.
In addition to its provision of personal loans, WIZZIT’s portfolio includes a range of services, such as bank account facilities, funeral cover, small business loans, internet banking and cellphone banking. A credit risk assessment is done before lending to applicants, who are required to have no judgements against their names, be 18 years or older and be permanently employed (for at least 6 months). Requirement details further include 3 months bank statements, proof of residence, telephone contact details, a South African I.D. book or passport and banking details.
Applicants are offered personal loans from a minimum amount of R500 to a maximum amount of R12 000. WIZZIT lends to worthy clients who can use the funds to sort out unexpected expenses, pay education fees, handle unexpected repairs etc. WIZZIT’s efficient application process ensures that applicants are notified of the outcome of their application within 8 business hours.
As an institution committed to transparent operations; WIZZIT charges an initiation fee of R150 on the first R1000 plus 10% on the balance (VAT exclusive.) A R50 VAT exclusive monthly service fee is charged. Interest rates are charged from about 2,6% to 5% per month depending on the loan value and loan period.
WIZZIT can be called on 0861 949 948 or 011 523-5600