Letsatsi Finance Loan Review

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Letsatsi Finance is a reputable microfinance company founded in 1999 and has successfully operated in South Africa for over two decades. With a strong track record spanning over 20 years, and 50 branches across the country, they have become a trusted provider of financial services to individuals and businesses throughout the country.

Letsatsi Finance is a reputable financial institution that offers a diverse range of financial services to meet the needs of its customers. Among the array of services they provide, Letsatsi Finance offers insurance coverage and various types of loans. In this article, we will specifically delve into the details of their short-term, long-term, and consolidation loans, shedding light on the benefits and features of each.

Letsatsi Finance at a Glance

Letsatsi Finance at a Glance

  • Loan amount: R500 – R7 000 (short-term loan) /R1 000 – R50 000 (long-term loan)
  • Loan term: 2 to 6 months (short-term loan) / 7, 9, or 13 months (long-term loan)
  • Interest rate: up to 5% monthly (short-term loan) / up to 28.75% (long-term loan)
  • Initiation Fee: n/a
  • Monthly Service Fee: n/a

What You Should Know about Letsatsi Finance:

Letsatsi Finance is a reputable financial institution that provides personal loans to individuals who require immediate funds. With loan amounts ranging from R500 to R50 000, they offer flexible options to meet various financial needs.

Whether you need cash for emergency expenses, debt consolidation, or any other personal requirements, Letsatsi Finance can assist you. Their commitment to being a trusted lender is reflected in their transparent terms and conditions, competitive interest rates, and efficient loan application process. 

Pros of Letsatsi Finance
  • Letsatsi Finance offers quick loan processing and payouts to ensure that funds are available as soon as possible.
  • Letsatsi Finance provides the option to use your loan to consolidate your debt into one manageable repayment.
Cons of Letsatsi Finance
  • Some customers may find Letsatsi Finance's maximum loan amount to be relatively low compared to other lenders, which could lead to dissatisfaction.
  • There could be undisclosed additional fees associated with Letsatsi Finance services.
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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%.

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How Letsatsi Finance Loans Stand Out?

Letsatsi Finance offers its customers a variety of loan options to suit their individual needs. With varying interest rates, added fees, and repayment terms, including options such as one-month, short-term, and long-term loans, Letsatsi Finance ensures that customers have the flexibility to choose the loan option that best fits their financial situation.

Letsatsi Finance Loan Products 

Personal Loans

Letsatsi Finance offers personal loans and long-term loans with flexible repayment options. Borrowers can choose a loan duration of 7, 9, or 13 months, depending on their preference. The loan amount can range from R1 000 to R50 000, providing individuals with financial flexibility. Interest rates for these loans can go up to 28.75%, ensuring competitive borrowing options for customers.

Short-term Loan

Letsatsi Finance provides short-term loans to its customers, allowing them to repay the borrowed amount within a span of 2 to 6 months. Customers have the flexibility to borrow amounts ranging from R500 to R7 000. The interest rate for these loans can reach a maximum of 5% per month.

Debt Consolidation Loan

Letsatsi Finance provides loan consolidation to its customers. This service allows individuals to combine multiple smaller loans into a single loan, simplifying repayment and potentially reducing overall interest rates. By consolidating their loans, clients can better manage their finances and work towards becoming debt-free.

Benefits of Taking a Loan from Letsatsi Finance

Letsatsi Finance offers a fast loan processing and payout system, enabling you to obtain the necessary funds promptly. With a focus on efficiency, the company aims to streamline the loan application and approval process, saving the customer time and effort.

Furthermore, Letsatsi Finance provides the advantageous option of utilising their loans for debt consolidation. By consolidating your current debts into a single loan, you can simplify your repayment process and potentially lower your overall interest rates, making it easier to manage your finances.

Letsatsi Finance Loan Interest Rate and Fees

Letsatsi Finance, a financial institution, offers personal loans with an interest rate of up to 28.75%. However, it’s important to note that this interest rate may vary depending on several factors. These factors could include the applicant’s creditworthiness, loan amount, and repayment terms.

In addition to the interest rate, Letsatsi Finance also provides short-term loans with an interest rate of up to 5% per month. This rate applies to loans with a shorter repayment period, spanning 2 to 6 months.

Although the initiation fee and service fee are not openly stated on the Letsatsi Finance website, it is important for applicants to consider and plan for these extra costs. It is recommended that you contact Letsatsi Finance directly to get specific information about these fees and any other charges related to the loan. The loan agreement will also explicitly mention these additional fees.

How To Qualify For Letsatsi Finance Loan

These are the documents you need to qualify for a loan from Letsatsi:

  1. Original South African Identification (ID) Document: To begin the loan application process, you must possess a valid South African ID document. This serves as proof of your citizenship and identity.
  2. Two Recent Payslips: Prepare to submit your two most recent payslips, covering a two-month period. These payslips act as crucial evidence of your income and serve as a measure of your financial stability. Letsatsi Finance relies on this information to assess your earning capacity.
  3. Three Recent Bank Statements: Present your three most recent bank statements to Letsatsi Finance. These statements significantly evaluate your financial habits and determine your ability to handle loan repayments. They offer insights into your income, expenses, and overall financial health.
  4. Settlement Letters for Existing Debts: If you plan on using your personal loan as a consolidation loan, be prepared to provide settlement letters for your current debts. These letters confirm that you have either settled or are in the process of settling your previous obligations. This step is particularly important when consolidating your debts under a new loan.


How to Apply for a Letsatsi Finance Loan

The best way to apply for a Letsatsi Finance loan is to use BetterLoans. In addition to Letsatsi Finance, we request loan offers from other top lenders. You can easily compare and choose the best loan offer.

To apply for a loan from Letsatsi Finance, you have two convenient options at your disposal. The first option is to get in touch with their call centre by dialling 0860 992 998. When you choose this route, you can speak directly with a knowledgeable representative who will be able to answer any questions you may have, provide assistance, and ensure a smooth and efficient experience.

Alternatively, you can opt for the online portal available on Letsatsi Finance’s website. This user-friendly portal allows you to apply for a loan at your own convenience and pace. With the online application process, you have the flexibility to complete the necessary steps whenever and wherever it suits you best.

If you prefer face-to-face interaction and wish to apply for a loan with Letsatsi Finance in person, you can visit one of their 50 branches spread across the country. By locating the branch nearest to you, you can have a conversation with a representative who will assist you with the loan application process in person.

How Long It Takes Letsatsi Finance to Approve a Loan

Letsatsi Finance aims to have loan applications approved within one hour, ensuring minimal waiting time for customers. Additionally, once an application is approved, Letsatsi Finance aims to disburse the funds on the same business day, enabling customers to access the needed financial assistance as soon as possible.

Is Letsatsi Finance a Trusted and Reliable Lender?

Since its establishment in 1999, Letsatsi Finance has earned a commendable reputation as a reliable and trustworthy lender within the South African market. As a registered entity under the National Credit Regulator (NCR), the company diligently abides by the NCR’s regulations, ensuring that its credit solutions align with ethical practices and promote responsible borrowing in South Africa.

On the other hand, Letsatsi Finance does not perform well in terms of customer reviews. On HelloPeter.com, the company has received an average rating of 1.2 out of 5 stars based on nearly 100 reviews. The majority of these reviews consist of complaints from customers who have encountered issues with Letsatsi after successfully paying off their loans. These customers express their dissatisfaction with the company’s post-loan services and the challenges they face in resolving their concerns.

Letsatsi Finance Contact Details

  • Office Address: 222 Rivonia Road, Unit F, Morningside Close Office Park, Morningside, Sandton, Gauteng

  • Open:08.00 – 17:00, Saturday 08:00 – 12:00

  • Email: [email protected]

  • Phone: 011 802 4073 / 0860 992 998

  • Website: www.letsatsifinance.co.za

Frequently Asked Questions (FAQs)

When processing a loan, Letsatsi Finance takes into account your credit history and income. If you have a negative credit score, it may reduce your chances of approval, but it is not impossible.

Letsatsi Finance aims to pay out a loan on the same day that it is approved.

Picture of Foli Raheem
Foli Raheem

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.