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Challenor Finance Student Loan Review 2022

Challenor is a South African private lender that provides a variety of loans to private clients. South Africans who are going to college or university in the country can also get loans from the financial institution.

Students can pay for their higher education as well as other course materials with the loan. The student loan has a low-interest rate, which is advantageous to people with a good credit score.

The loan is simple to apply for because student loan applications can be completed remotely online. This can be done through the Challenor website, which simply requires three steps to complete an application.

Only individuals with a steady source of income and a solid credit rating are eligible for a Challenor student loan. Furthermore, anyone enrolled in tertiary education, whether undergraduate or postgraduate, can apply for a loan.

Challenor is a small finance firm that many people are unfamiliar with. To learn more about the company’s student loan, continue reading below to learn more about the student loan and how it works.

Challenor student loan summary 

A Challenor student loan is a student loan provided to South African tertiary students. Students can borrow up to R80,000.00 in student loans to pay for their studies at any recognised higher education institution in South Africa. The Challenor student loan has a minimum loan amount of R3000.00 that can be taken.

Since the interest rate on the Challenor student loan is personalized, each client receives a unique interest rate. Interest rates are determined by a person’s credit score and the amount of money he or she earns. The Challenor student loan has a minimum interest rate of 10.25 percent each year.

The Challenor student loan must be repaid, and the loan account holder can set a payback period that meets their budget. The student loan, on the other hand, can be repaid based on the applicant’s income. The Challenor student loan has a three-month minimum repayment period. The Challenor student loan has a maximum repayment period of 24 months.

The Challenor student loan application is simple to fill out and can be done in minutes on the Challenor website. There is a 24-hour approval and disapproval process, and funds can be disbursed within 72 hours of approval.

How the Challenor student loan works

Anyone pursuing a higher certificate, diploma, or degree can apply for a Challenor student loan. Those who are pursuing a postgraduate degree can also apply for a loan. To obtain the loan, one must submit an application, and only individuals who have a source of income are eligible.

A Challenor branch in South Africa or the Challenor website can be used to apply for a loan. The application process is simple and consists of three steps that must be completed before an application can be submitted. After submitting your application, Challenor will answer within 24 hours.

Challenor will notify you of the decision after you have been approved for a student loan, and funds can be disbursed within 72 hours of the loan being granted. The funds can then be utilized to cover all of the costs associated with one’s studies.

It is necessary to repay the money borrowed for tuition and other course-related materials. The loan must be repaid over a 24-month period. The borrower, on the other hand, will determine the repayment period based on his or her income. Those who would like to settle their account sooner can do so.

To fund one’s education, further student loans can be taken out at a later date. Challenor has no objections to returning clients submitting fresh applications to pursue their education. The new application will be distinct from the existing loan and will be subject to its own interest rate, which may differ from that of the initial loan.

Advantages of the Challenor Finance student loan

  • Full-time or part-time students with a source of income can apply for the loan.
  • Because there is no minimum income criteria, anyone who earns money can apply for a loan.
  • The maximum loan amount of R80,000.00 is considerable, and it covers the majority of the expenditures associated with courses provided at South African higher education institutions.
  • Funds are disbursed quickly, with disbursement taking less than 72 hours.
  • The application procedure is simple and quick.
  • Students in their last year of study are eligible to apply for the loan.
  • The minimum interest rate charged is low; therefore, those with a good credit score can qualify for the minimum interest rate. 

Disadvantages of the Challenor Finance student loan 

  • Compared to the terms other financial institutions offer for paying back loans, the maximum repayment period of 24 months is quite short.
  • Other postgraduate degrees need tuition costs of over R100,000.00, thus the Challenor student loan will not be able to cover the entire cost.

Requirements for the Challenor student loan 

  • Must be over the age of 18 at the time of application. 
  • You must have a valid South African ID book or smart card. 
  • Provide proof of residence that is not older than 3 months. 
  • Proof of income is required, which can be a recent payslip and a 3-month bank statement.

Conclusion 

The Challenor student loan is an excellent funding option for students pursuing a tertiary education that costs less than R80,000.00. If you need a loan in less than a week, a Challenor student loan is the way to go, as loans can be disbursed in as little as three days after approval.

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at [email protected]

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