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Lime Loan Review

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Lime Loans, a subsidiary of the Lime Credit Group, is a South African financial institution specialising in providing short-term loans to individuals requiring immediate financial assistance. Established in 2013, Lime Credit Group is dedicated to offering financial services to all individuals equally, ensuring accessibility and inclusivity.

Lime Loans stands out with tailored benefits for returning clients, prioritising customer satisfaction. They guarantee a fast and efficient assistance process, valuing their clients’ time. Lime Loans is a trusted financial service provider that delivers exceptional support to its returning customers.

Let’s examine the advantages and disadvantages of this loan provider and discuss whether Lime Loans could be the ideal choice for your borrowing requirements.

Lime Loans at a Glance

Lime Loans at a Glance

  • Loan amount: R300 - R5 400
  • Loan term: 5 - 49 Days
  • Interest rate: 4.9%
  • Initiation Fee: 16.5% of the first R1 000 and 10% of the loan amount if the loan is over R1 000
  • Monthly Service Fee: R69

What You Should Know about Lime:

Lime Loans offers short-term loans to individuals needing immediate cash in South Africa. Customers can conveniently apply for loans through their smartphones or computers on Lime Loans' website. The company focuses on simplifying the borrowing process by providing a fast application and approval process.

Returning customers are eligible for various advantages, including a lowered interest rate, the opportunity to advance to a higher tariff tier, and potentially an increased loan amount.

Pros
  • Lime Loans offers an easy and convenient loan application process, making it hassle-free for borrowers to apply.
  • Compared to other short-term lenders, Lime Loans provides a longer loan repayment term, allowing borrowers more time to repay their loans.

 

Cons
  • Lime Loans has received some negative customer reviews, indicating potential issues with customer service and loan funding.
  • Lime Loans restricts higher loan amounts to returning customers, which may limit borrowing options for new applicants, even if they can repay a larger loan.
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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 Lime Loans Stand Out?

Lime offers a unique tier tariff system, making it stand out among other loan providers. When individuals apply for a loan, they are initially placed in the Lime/Start tariff, allowing them to borrow up to R2 400. As borrowers continue their relationship with Lime, they have the opportunity to advance to higher tiers of tariffs, unlocking greater loan amounts. The Lime/Silver tariff enables borrowers to access loans of up to R4 400, while the Lime/Gold tariff expands the borrowing limit to R5 200. For those in the Lime/VIP tier, the maximum loan amount increases further to R5 400.

In addition to its tiered tariff system, Lime offers repeat customers a potential interest reduction of up to 50% on their next loans if they have successfully repaid their previous loans on time. This discount encourages responsible borrowing habits and compliments borrowers for their prompt repayment record.

Lime Loan Products

Short-term Loans

Lime is a lending service that offers short-term loans to individuals needing quick financial assistance during unexpected crises. With loan amounts reaching up to R5 400, borrowers can access a convenient source of cash to help them navigate challenging situations. The repayment period of up to 7 weeks allows borrowers ample time to repay the loan without added stress.

Benefits of Taking a Loan from Lime

Lime provides swift access to loans by ensuring speedy deposit of funds into your bank account upon approval.  The company understands the urgency often associated with financial needs and strives to address them promptly. By streamlining the application process, Lime enables borrowers to secure the funds they require quickly and efficiently.

Another key advantage of Lime is its simple and accessible online application process. The company has made it easy and convenient for individuals to apply for a loan from the comfort of their own homes. The online application only requires basic financial information, ensuring a hassle-free experience for borrowers. 

Lime Loan Interest Rate and Fees

Different interest rates apply to clients based on their status. New clients have an interest rate of 0.16% per day. Meaning that for each day the loan remains outstanding, an additional 0.16% of the loan amount is charged as interest. On the other hand, recurring clients who have borrowed from the lender before enjoy a slightly lower interest rate of 0.1% per day.

Aside from interest charges, there are fees associated with taking out a loan. The initial fee comprises two parts. First, there is a fee of 16.5% of the first R1000 lent and for amounts exceeding R1000, an additional fee of 10% of the loan amount applies. Both fees are subject to Value Added Tax (VAT). However, the initial fee is limited to less than 15% of the loan amount (plus VAT) to ensure that fees charged to the borrower do not exceed a specific threshold. Additionally, a monthly service fee of R69 is applicable throughout the loan term.

How To Qualify For Lime Loans

Here are the criteria that borrowers need to meet to qualify for a loan from Lime Loans:

  1. Valid South African ID: An applicant should have a valid South African ID document (ID smart card, driver’s licence, passport, etc.). This identification document serves as proof of your legal status in South Africa and verifies your eligibility for obtaining credit.
  2. Valid Cellphone Number: Lime Loans relies on effective communication to keep you in the loop. A valid cellphone number is essential, as it enables them to update you about your loan application, repayment schedules, and other important information.
  3. Bank Account Details: Lime Loans needs your bank account details in your name (as on your ID document). By providing this information, you allow them to deposit the approved loan amount directly into your account.
  4. Three Months’ Payslips: Lime Loans requires at least three months’ worth of payslips to assess your repayment capacity. These payslips serve as evidence of a stable income source, highlighting your ability to repay the loan.

Meeting these requirements will increase the chances of qualifying for a loan from Lime Loans. Ensure you have all the necessary documents and information ready before starting your loan application process.

How to Apply for a Lime Loan

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

To apply for a loan with Lime Loans, visit their official website and locate the “apply now” button. You will be directed to the first step of the application, where you must provide your personal information and contact details. Lime Loans will require details such as your full name, address, phone number, and email address. It is important to ensure that you enter accurate information to avoid any potential delays or issues with your application.

After completing the initial personal information section, you will proceed to the next step, which involves submitting additional documentation. Lime Loans require applicants to provide three months’ worth of bank statements, which can be obtained from your banking institution. Additionally, you will need to submit a recent payslip or proof of income to verify your financial status. This information is crucial to assess your eligibility for a loan and determine the appropriate tariff tier for your application.

Lime Loans will review your application and assess your financial profile after receiving all necessary information and documents. They verify your details, analyse your bank statements to evaluate income and expenses, and consider your creditworthiness.

How Long It Takes Lime Loan to Approve a Loan

Lime Loans’ loan approval process typically takes a few business days. After you submit all the needed information and paperwork, they review your application, assess your financial profile, and conduct the necessary evaluations. The exact timeframe could differ depending on the complexity of the application and the volume of applications they are processing.

Is Lime Loan a Trusted and Reliable Lender?

Lime Loans, part of the LimeCredit Group, has been offering financial services for the last decade. Over the years, the group has served close to 400 000 clients, striving to establish itself as a trustworthy financial provider. Lime Loans is registered with the NCR (National Credit Regulator), which ensures the company’s adherence to the South African National Credit Act of 2005.

Lime Loans does not enjoy a favourable reputation on the South African customer review website, HelloPeter.com. With an average rating of 1.75 out of 5 stars based on 200 reviews, Lime Loans needs to improve in terms of customer satisfaction.

The majority of the negative reviews express dissatisfaction with regard to inadequate customer service, delays in fund processing, and extremely poor communication.

Lime Contact Details

Frequently Asked Questions (FAQs)

Lime Loans pays out your loan amount as soon as your application has been approved. The funds usually reflect in your bank the same day if it is released on a business day.

The interest rate is 0.16% per day for new customers and 0.1% per day for recurring customers.

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.