Taking Out Alternative loans for self-employed with no proof of income in south africa Loans in Johannesburg

Taking out an alternative loan can be a great way to get the extra cash you need. Whether you need the money for home improvements, to buy a new car, or for another reason, there are many different loans available to you. But before you sign up for any of them, you need to know a bit more about them. Here are a few things to keep in mind.

SmartWage

Providing alternative loans to employees in Johannesburg, SmartWage is a social impact startup that aims to stop the cycle of payday poverty. The company partners with employers to provide integrated software that allows employees to access their earned salaries before they hit their payday. It also provides a financial education platform that teaches employees about different aspects of financial literacy.

SmartWage has been self-funded until now, but is looking to raise loans for self-employed with no proof of income in south africa an additional R20m from revolving debt facilities to expand their service and amplify their momentum. The company also plans to expand its product across South Africa in 2020. It is also in talks with UK bank Lloyds to provide insurance for its operations.

SmartWage’s service is free to employers. It is also a cash flow management solution that allows employers to manage employee payslip queries, and send company-wide communications. SmartWage also offers a secure wage-access software, as well as loan advice. Using the platform, employees can view their last three months of payslips. The company also provides an intuitive dashboard.

Cosigned Credit-Based Loans

Getting approved for a cosigned credit-based loan isn’t as hard as you might think. However, you will still need to do your homework. The perks of this type of lending include no credit checks, low-interest rates, and a streamlined application process. The lender will then decide what loan options are best for you.

There are numerous lenders who are willing to offer you the loan of your dreams. These include companies such as MoneyShop, which matches you up with lenders who will match you with the best loan options based on your needs and credit profile. As you can imagine, a cosigned credit-based loan can be a big advantage for a low-income borrower. In many cases, the lender will even waive fees and offer you more money for your loan.

Unsecured Personal Loans

Getting unsecured personal loans in Johannesburg can be a real challenge. Unless you have a high income, you are likely to find it hard to get finance in any other way. So, it’s best to shop around for the best rates.

Unsecured loans are often a good choice for emergency purchases. For example, you might need to buy a new car or renovate your house. You can use the funds for these purposes and pay it back in monthly instalments. But if you need to borrow money for a longer period of time, you may want to consider a secured loan. These loans offer lower interest rates and have lower borrowing limits.

Unlike a secured loan, an unsecured loan doesn’t require collateral. However, the interest rate is usually higher and the loan amount is limited.

Payday Loans

Taking out an Alternative loan in Johannesburg is one way to quickly get the cash you need to pay off a bill. These short term loans are available through a number of companies and can be used to cover emergency expenses such as medical bill payments, urgent house repairs, or for starting a small business.

The first step in taking out an Alternative Loan is to apply online. The application process is quick, and once approved, the money is in your bank account within minutes. The company will also discuss the interest rates that will apply to your loan during the application process.

Alternative Loans offer flexible repayment terms. They are unsecured, so you do not have to offer any collateral to secure the loan. The amount you can borrow will depend on your credit rating. They offer cash loans of up to R16 000. You will also have the option to extend your repayment period.