We offer Personal Loans, Business Loans, Consolidation Loans, Mortgage Loans at 5% Interest Rates. Apply from R10,000 to R50,000,000.
An ‘unsecured loan’ is a personal loan that is not secured with any sort of collateral or pledging. Traditionally, private lenders have been major providers for unsecured loans. Retail banks have also started granting unsecured loans of late.
There are quite a few reasons that make unsecured loans attractive.
They are very easy to get.
They can be paid back with ease.
They are made available almost instantly (usually on the same day, within a few minutes).
They do not require you to pledge your car or your house against the loan.
Every legal South Africa citizen (18 years of age or older) with a valid bank account and a regular source of monthly income can get an unsecured loan.
You can easily get an unsecured payday loan even if you:
Are a single parent.
Are a retiree.
Are an immigrant.
Have bad credit.
You can go for an unsecured loan if:
You require a small sum of money urgently.
You are running out of cash credit.
It’s not possible for you to get a secured bank loan by pledging your house or car.
An unsecured payday loan may not be the best way out of a cash crisis for you if you are not regularly employed or you don’t have a regular source of monthly income.
Also, getting an unsecured cash loan to cover for other debts is never a good idea.
Unsecured loans are offered against a borrower’s ability to pay back, rather than their assets. So, before approving a loan application, lenders will usually make sure that a borrower has a regular source of assured income to help pay the loan back.
It is the borrower’s earning capacity and credit history coupled together that makes it possible for lenders to offer unsecured loans.
There is not much difference between a payday loan and an unsecured loan.
While every payday loan is essentially an unsecured loan, the converse may not always be true. Here at Rodeco Finance, we help you get unsecured loans that you are required to pay back before your next payday.
Unlike payday loans, there is no upper cap on the amount of money you can borrow as an unsecured loans – it all depends upon the lender’s discretion. However, please note that at Rodeco Finance, we entertain payday loan (guaranteed unsecured loans) applications for up to R50,000,000 to be paid back over 1 to 30 Years.
