In this blog we will break down our personal loan application procedure so that you know what to expect when you need access to fund in a hurry.
Most people need financial help at some point in their life. Whether it is to fix your motor vehicle or pay tertiary education enrollment fees, a personal loan could help when you are in financial need.
We understand that the loan process can be daunting but if you understand the process it won’t be a hassle. and your application can be quick and straight forward so that you can receive your funds in your account sooner.
1. Check if you qualify to apply
Personal loans have strict lending rules governed by the National credit act. The Financial advisory & intermediary services act (FAIS) also ensures lenders maintain transparency with you throughout the application process.
It’s thus important that you meet the lending requirements to be a candidate for more credit.
Before you complete our personal loan application form you should ensure you are eligible to apply:
- You need to have a permanent employment for 6 months that pays at least R3 000 per month.
- A valid South African identity
- You cannot be under debt review or busy with a debt review application
If you meet all the above requirements, then you can prepare for your application. A good place to start is to make sure you have all the necessary documentation. You will need:
- Your most recent payslip
- A clear copy of your id for identification
- Latest 3 months bank statements
- Proof of residence (e.g. rates bill) that is not older than 2 months
Now that you have prepped yourself you can continue and start with your application.
2. Complete your application on our website
We use online tools that help us track your personal loan application. This ensures that we protect your personal information and we have consent to assist you. It’s for this reason that we only accept applications completed on our website.
Visit https://premierfinance.co.za/personal-loans/ to start your application on the left (see image below)
You will complete all your information until you reach the last page. Please can click on the complete my application button to send us your details.
At this stage of the process you have opened an application and provided consent for a credit check. Our team will now receive your details and start working on your application.
If your outcome is successful you will qualify for a pre-approval offer.
3. Pre-approval- what lenders look for?
Lenders look at your personal risk profile to see if they are able to grant you more credit.
Here are a list of factors lenders will consider for an offer:
- Current employment and employment history to ensure you have steady income
- Debt repayments to find out if you are currently over committed.
- Your net disposable income to see if you have room to take on another installment.
- Whether you are an existing customer
- Your consumer risk profile gets evaluated through a credit score and affordability assessment
A credit score shows your history of repaying debt calculated by credit bureaus. Both you and creditors may access your score from four credit bureaus. Their names are Experian, Transunion, Compuscan and XDS. The score ranges between 330-850 and should be above 600 if you want to apply for more credit.
4. Check your mobile and email for feedback
The initial credit check can take anything from a few minutes to a few hours. For this reason, we recommend you keep your phone close for 24 hours after sending us your details.
As soon as we have feedback you will receive an email notification from us or our partners.
5. Pre-approved clients
Please take note of how you will complete your personal loan application if you pass the initial credit check:
This link is for clients that earn from R10 000 and apply up to R250 000
If you qualify for an offer you will receive an email from us or our partners advising that you are pre-approved. The email will include the list of documents and where to send them to accept the offer.
6. Approved Loans
Our partners request documents to protect you from lending more than you can repay. Credit providers collect and check all information to ensure you provide accurate information.
If all your information is correct your loan will be successful. The money is deposited into the bank account that you stipulate on the loan agreement.
In most cases you will agree to a debit order to repay your monthly loan installment.
The time it takes to process your personal application will be dependent on you. For a fast response make yourself available and return your documents within 24 hours. Remember, our partners receive applications all the time and follow a workflow system. If you do not respond they will move onto the next application and your application remains in the processing queue. That’s why it pays to be available so you can avoid delays in receiving your funds.
Thank you for reading our blog. We hope you now have a better understanding of how our personal loan application works.
If you have any further queries feel free to reach out to us on Facebook.