Lime24 loans service is owned by Lime Loans South Africa (Pty) Ltd, a fintech that provides online lending solutions to people across South Africa.
In the past few years, online payday lenders like Lime24 have proven to be the go-to companies for most South Africans.
In 2018, online lenders approved about 82% of their applications while big banks approved 58% of financing applications and small banks approved 71%.
Lime24 loans’ low application standards and requirements make it easy to access their loans.
Eligibility for Lime24 Loans:
- Have the Republic of South Africa’s Identification Document
- Be over 18 years old
- Have a South African bank account and access to the internet
How it works
Create your profile
You create a profile online by issuing your personal details and contacts. Lime sends you a verification email to verify your profile.
Fill in your banking details and additional information
Apart from providing them with your banking details, you will have to provide them with more information in the spaces therein.
Providing more data and answering all questions on the page will help you get a better tariff rate.
You will need to also upload 3 month bank statements.
Set up the loan structure
- Choose the amount of loan you would like to receive, ranging from R300 to R5 400.
- Select the term of the loan option from 5 days to 36 days
- Read and sign the agreement online. You sign by clicking the ’’I accept’’ button.
- Receive the funds
On average, Lime24 loans application process may take about 5 minutes. It can be about a minute for the existing Lime clients who already have an account.
Lime24 loans have different tariffs that determine the maximum amount, timing and the current interest rate of the loan. There are 4 different tariff groups:
For new applicants the loan amount is between R300 and R1200.
- This is an upgrade from the beginners level, loan amounts are between R300 and R2100.
- The service fee is pro-rated based on your loan term
- Loan amount between R300 and R3000
- Receive lower interest rate from your second loan onwards
- At this level, you get to enjoy 5 day loans free of charge
- the loan amount is between R300 and R5000, with the possibility to increase your borrowing limit depending on every individual’s credit profile.
There is a number of ways to improve your tariff and quickly go to the next level:
- accurately complete the questions the very first time you apply
- build a good credit profile
- being a regular Lime client
- avoid late payments
Repayment of the loan
To repay the loan; you can log into your profile, click the ’’repay’’ button and follow the instructions.
Otherwise, Lime24 collects the money on the due date using an automatic system.
Competitive advantages of Lime24 loans
- The application process and decision takes a few minutes, allowing you to receive cash in your bank account very fast. Lime24 loans is an ideal option to borrow money from in times of urgent need.
- The application process is entirely paperless
- Transparency – because there are no hidden fees and all online loan calculations are visible online
- Flexible – since you decide the loan amount and the loan term in a way that best suits you
Competitive disadvantages of Lime24 loans
- Interest charged is high compared to traditional banks
- Short repayment time
- Cannot solve big financial problems. They offer small amounts yet charging high interest
With so many options offered by Lime24 loans service, you can gradually get them all by staying up to date with your payment deadlines.
This will be an added advantage as it boosts your credit profile. Do you consider Lime24 as most convenient for you, the next time you need a small loan?