Finance 27 Loan Review
Finance 27 is a well-known micro financial service provider, with expertise in offering swift and convenient same-day payday loans solely to citizens of South Africa.
This review aims to provide a clear overview of Finance 27’s short-term loan options. It will discuss the extra fees associated with their services, highlight the advantages they offer, and provide an overall assessment of their standing. Whether you’re facing a temporary financial shortfall or require immediate funds for an unforeseen expense, Finance 27’s short-term loans can serve as a suitable solution to help you manage until your next paycheck.
Finance 27 at a Glance
- Loan amount: R500 – R8 000
- Loan term: 7 – 63 days
- Interest rate: 3.2% per month
- Initiation Fee: n/a
- Monthly Service Fee: n/a
What You Should Know about Finance 27:
Finance 27 caters to individuals who require a short-term loan to cover immediate expenses and prefer a reliable lender. Moreover, it serves as an excellent choice for those who value the convenience of applying for and receiving funds without leaving their homes.
This trusted provider ensures that individuals can quickly access the funds they need. With Finance 27, borrowers can address their urgent financial needs promptly and effortlessly, ensuring peace of mind.
- A convenient 100% online application and approval process makes it easy for customers to apply for loans and get approved without needing in-person visits or paperwork.
- Finance 27 offers longer repayment periods (63 days) than traditional payday lenders. Borrowers have more time to repay their loans, reducing the potential financial burden.
- Finance 27 has n physical branches that customers can use to receive face-to-face assistance or for any inquiries.
- Finance 27 has received negative reviews online regarding its customer service. Some customers have reported unsatisfactory experiences and issues with customer service.
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*Representative example: Estimated repayments of a loan of R30 000 over 36 months at a maximum interest rate, including fees of 27.5% APR would be R1 232.82 per month. BetterLoans is an online loan broker and not a lender. Our service is free, and we work with NCR-licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicant’s credit score and other factors at the lender’s discretion. Loan amount R500 – R350 000. Repayment terms can range from 3 – 72 months. The minimum APR is 5%, and the maximum APR is 60%.
How Do Finance 27 Loans Stand Out?
Finance 27 loans stand out due to their convenient 24/7 online application process, allowing borrowers to apply at any time, from anywhere. Additionally, their processing times are impressively fast, ensuring that applicants receive their cash almost instantly upon agreeing to the loan terms.
This quick turnaround sets Finance 27 apart from traditional lending institutions that often involve lengthy approval processes. By providing a seamless online experience and swift cash disbursement, Finance 27 loans offer a hassle-free and efficient solution for individuals in need of immediate financial assistance.
Finance 27 Loan Products
Short-Term Loan
Finance 27 provides short-term loans ranging from R500 to R8 000. These payday loans come with a monthly interest rate of 3.2% and a 7 to 63 days repayment period. This loan option is suitable for individuals who require a relatively low amount of money and can repay it by their next payday.
Benefits of Taking a Loan from Finance 27
Finance 27 distinguishes itself from other payday lenders by offering a significantly longer repayment period. With a generous duration of 63 days, borrowers have the flexibility to stretch their repayments over multiple paychecks. This extended timeframe allows individuals to manage their finances better and meet their financial obligations without undue strain.
Finance 27 Loan Interest Rate and Fees
Finance 27 offers a monthly interest rate of 3.2% on its short-term loans. The details of the initiation fee and service fee are not publicly disclosed but will be clearly explained in the loan offer given to the borrower. This transparency ensures that customers are fully informed about the costs involved so they can make informed decisions about their financial obligations.
To avoid extra fees and charges, it is important for borrowers to make their payments on time. If a borrower fails to make a payment, Finance 27 imposes a service fee of R69 and a monthly interest charge of 5%. These penalties are meant to motivate borrowers to fulfil their financial responsibilities promptly.
How To Qualify For Finance 27 Loan
Information that you will need to qualify for a loan from Finance 27:
- South African ID Number: The first requirement to qualify for a loan from Finance 27 is your South African ID number. This is your unique identification and is used to run a credit check on you.
- Employer Details: You’ll need to provide information about your employer, including the name of your company or organisation. This helps Finance 27 verify your employment status and stability.
- Income and Expense Details: Finance 27 will require you to provide specific details about your income and expenses. This includes information such as your monthly salary or earnings, any additional sources of income, and your regular monthly expenses.
- Banking Details: To facilitate loan transactions, you’ll need to provide your banking details. This includes your bank’s name, account number, and branch code.
- Physical and Postal Address: The physical address helps Finance 27 confirm your residency, while the postal address ensures that any loan-related correspondence reaches you securely.
- Contact Details: Lastly, you’ll need to provide your contact details, including your phone number and email address. This allows Finance 27 to reach out to you for any loan-related updates, discussions, or queries.
How to Apply for a Finance 27 Loan
The best way to apply for a Finance 27 loan is to use BetterLoans. In addition to Finance 27, we request loan offers from other top lenders. You can easily compare and choose the best loan offer.
Applying for a loan with Finance 27 is a convenient and straightforward online process. To begin, visit their website and go to the loan application section. Use the slider to select your desired loan amount and choose a repayment date that fits your budget. Enter your South African ID number accurately, as it is essential for verifying your identity and eligibility.
The website will then calculate and provide an estimate of your monthly repayments based on your chosen loan amount and repayment date. Review the loan details, including the estimated repayments, and click “get an instant answer” to proceed with your application. Keep in mind that approval is subject to Finance 27’s criteria, so borrow responsibly and ensure you can comfortably repay the loan.
How Long It Takes Finance 27 to Approve a Loan
Finance 27 provides borrowers with instant notification of loan approval within minutes. Furthermore, once the loan is approved, they ensure that payments are made on the same day. Typically, it takes 24 hours for the funds to be reflected in the borrower’s account. However, for those who require immediate access to the money, there is an option to make an instant payment for a small service fee of R57, which will make the funds available in the account right away.
Is Finance 27 a Trusted and Reliable Lender?
Finance 27 has gained a solid reputation among customers thanks to its transparent and easy-to-use online platform. The company is registered with the National Credit Regulator (NCR) to ensure compliance with industry standards. Being affiliated with the NCR means that Finance 27 operates within the legal framework and must adhere to the regulations set by the NCR.
While it is important to consider online reviews, it is crucial not to rely solely on them when evaluating the reliability of a lender. Finance 27 has received 100 reviews on HelloPeter.com, a popular South African review site. Although the average rating is relatively low at 2 stars out of 5, it is worth noting that some negative reviews focus on customer service issues.
However, there are also positive reviews that highlight the positive experiences customers have had with Finance 27. Therefore, it is recommended to consider various factors such as reputation, compliance with regulations, and personalised experiences when determining the reliability of a lender like Finance 27.
Finance 27 Contact Details
Office Address: 27 Silverlakes Rd, Tyger Valley, 0084
Open: You can apply for a loan online 24 hours a day, 7 days a week.
Email: [email protected]
Phone: 012 941 1572
Website: Finance27.co.za
Frequently Asked Questions (FAQs)
What interest rate does Finance 27 have on its short-term loans?
Finance 27 quotes a 3.2% interest rate on its short-term loans.
How long does Finance 27 take to pay out its loans?
FInance 27 payouts its loans on the same day that the loan is approved.
Foli has an MSc. Economics degree, and has been active in South Africa lending space for years. Whenever he is not writing, you will find him building websites.
