What you’ll need
Up to R 3000 for new customers
A cellphone number, SA ID number, Bank account details, Most recent proof of income
About Express Finance
Express Finance is a registered lender that provides payday loans at the South African Market. Their service is quick and easy and is offered using an online portal. The application can be performed online and can be done at any time. Processing of the application is, however, could only be done within office hours.
Turnaround time and application criteria
Express Finance turnaround within those working hours is quick. After submitting details online, applicants also need to upload their supporting documents to the Express Finance office. These documents are ID copy; three months’ bank statements; proof of address in the form of a utility bill and latest two payslips. The lowest loan amount is R1000 and the lowest duration of the payday loan is 4 days. A payday loan is a small, quick loan just to cover any unexpected expenses that require cash fast, but one that can be paid back at their next salary date.
How to apply for a loan
An application process is fairly easy and can be done swift with the online form on Express Finance’s website 24/7. However, as mentioned above, the application would be processed only on office hours. To be eligible to apply, applicants need to be fully employed for at least one year with the same employer. Applicants must earn a minimum of R10, 000 and credit checks will also be conducted to assess your risk criteria in order to determine interest rates and maximum amounts to qualify for.
The applicant first might try to use the sliders on the website to select how much needed to borrow and for how long. The minimum amount is R1000 and maximum, for first-time users, is R3000, and the loan period is from minimum being 4 days and to the maximum 33 days.
Finalising the loan application
Once submitted, supporting documents will be requested and the application assessed. The credit agreement is displayed on the screen and emailed to the user. The average processing time is one hour during working hours. On completion of the vetting process, the applicant will be informed via email once more. Express Finance prides itself with transparency in terms of its repayment breakdown. Interest is charged at 36% per annum broken down into a daily rate. An initiation fee and administration fee will be added to that amount. Applicants with bad credit history would be considered. Borrowers are allowed to settle their debt earlier than their pay date, this will actually reduce their debt or repayment amount.
We help to get a loan
Express Finance gives a forty percent discount off the initiation and administration fees to their first-time borrowers. They also offer a special rate to the government, State-owned and semi-state-owned enterprise employees. Past users with an existing account are eligible to apply for a loan of up to R8000.
You will find that if you start by borrowing a lower amount over a shorter period of time, this will increase your trust score with Express finance, therefore allowing you to borrow bigger amounts at more manageable interest rates over a longer period of time in due course.