Frequently Asked Questions
How do I receive my funds, and how long will it take?
Once your loan is approved, you can expect the funds to be dispatched directly to your bank account via electronic transfer within 1 hour or one business day of signing your contract.
How many loans can I have?
Generally, depending on your financial status and credit score, you can take up to three loans from the same lender at a time. However, it is advisable to only apply for the following loan when your first one is fully repaid.
What type of loan can I get?
At RandHub, we understand that everyone’s financial needs are unique. That’s why we offer a wide range of loan options, including personal loans, short term loans, payday loans, and bad credit loans, to cater to your specific requirements.
Can I pay off my loan early?
Rest assured; we value your financial flexibility. You have the freedom to pay off your loan earlier without any early repayment charges. We’re here to support your financial journey.
How do I know if I qualify for a loan?
Your specific loan type and lender determine your eligibility. Each loan type, such as personal, home, or car, will have different eligibility requirements. However, you can increase your chances of being approved by showing a good credit history, submitting an error-free application, and having enough monthly income.
Am I eligible for a loan with a bad credit rating?
The short answer is yes. It might be challenging but possible. We work with lenders who offer bad credit loans in South Africa to those with less-than-perfect credit scores. Remember, such loans come with a low borrowing limit and higher interest rates, but they can provide a much-needed financial lifeline when other options are limited. Before applying, ensure you can afford them without struggling.
What if I am struggling to repay my loan?
Remember that communication is vital if you struggle to repay your loan on the agreed date. Reach out to your lenders as soon as possible to discuss your situation. You may be penalized for missing repayments if you fail to inform them. Before applying for a loan, confirm you can comfortably manage the repayments. Late repayments can hurt your credit score, but proactive communication can help you navigate these challenges.
For what purposes can I take out a loan?
You can get a loan for any valid purpose, such as car repair, home renovation, debt consolidation, funding a wedding, or paying off your pending bills. RandHub allows you to compare loans online in South Africa in real-time and save money. You are free to use your loan amount as you desire.
Do I need a good credit score to qualify for a loan?
Many lenders require good credit scores, but some lenders also offer loans to people with bad credit or no credit history. The best thing is to first compare and check your eligibility rate in minutes by using RandHub. It saves time and shows many loan options within a few clicks.
What if I miss repayments?
If you miss your loan repayments on time, your lender may impose a fine and terminate your current loan offer. If you continue to miss repayments, this can lead to an increase in your future repayments. It’s important to note that missed repayments can negatively impact your credit score, making it harder to secure future loans. The best thing is loan comparison at RandHub, as it shows you an exact calculation of what you borrow and how much you will repay in the future.
Questions? Concerns? We got you.
RandHub always cares, and if you have questions or confusion about anything, please contact our lovely customer care team. They would be glad to assist you. Just email us at [email protected] or contact us here.
