Lime Loans is an emergency loan provider that offers loans ranging from R300.00 to R5,400.00. If a loan is repaid on time, the company will offer up 50% interest discount. Lime requires loans to be repaid within 5 days to 7 weeks of the loan’s inception.
Interest rates range from 28.9% to 39.8%. Lime Loans are intended for South Africans over the age of 18 who are gainfully employed or earn an income.
Online payday lenders, such as Lime Loans, have proven to be the go-to companies for the majority of South Africans in recent years.
In 2018, online lenders approved approximately 82% of their applications, while big banks approved 58% and small banks approved 71%.
Lime loans offer an easy to obtain loans due to their low application standards and requirements.
Eligibility:
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 to get a lime loan
Set up your profile: You can create an online profile by providing your personal information and contact information. Lime will then send you a verification email to confirm your account.
Must provide your banking details when making an application.
You must also upload a 3 months bank statements.
Create the loan structure.
Choose the loan amount you want to receive, which can range from R300 to R5400.
Choose a loan term ranging from 5 days to 36 days.
Online, read and sign the agreement. By clicking the “I accept” button
The accept the funds
On average, the Lime loan application process may take about 5 minutes. It can be about a minute for the existing Lime clients who already have an account.
Tariff groups
Lime loans have different tariffs that determine the maximum amount, timing and the current interest rate of the loan. There are 4 different tariff groups:
Lime Start
For new applicants, the loan amount is between R300 and R2,400.
Lime Silver
This is an upgrade from the beginners level, loan amounts are between R300 and R4,400.
The service fee is pro-rated based on your loan term
Lime Gold
Loan amount between R300 and R5,200
Receive a lower interest rate from your second loan onwards
Lime VIP
At this level, you get to enjoy 5-day loans free of charge
The loan amount is between R300 and R5,400, with the possibility to increase your borrowing limit depending on your credit profile.
There is a number of ways to improve your tariff and quickly go to the next level:
The questions are accurately completed the very first time you apply.
To repay the loan; you can log into your profile, click the ’’repay’’ button and follow the instructions.
Otherwise, Lime collects the money on the due date using an automatic system.
Competitive advantages of Lime loans
The application process and decision take a few minutes, allowing you to receive cash in your bank account very fast. Lime loans are 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 Lime loans
The interest charged is high compared to traditional banks.
Short repayment time
Can not solve big financial problems. They offer small amounts yet charge high interest.
Conclusion
With so many options offered by Lime loans, 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 Lime as most convenient for you, the next time you need a small loan?
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