Loans are a common modern day form of finance which a growing number of people have come to rely on to help with solving unplanned expenses or paying for expensive tuition costs; medical bills or car repairs. Micro-finance institutions have achieved significant market penetration within the South African financial market.
Numerous consumers are turning to micro-lenders as their first source of finance as opposed to approaching traditional banking institutions. Following the initiation of the National Credit Act, an increasing number of institutions have become formally registered credit providers, for the benefit of consumer rights and the lenders.
A registered credit provider based in Cape Town, Cobol subscribes to responsible lending practices. Clients are encouraged to apply for loans only if they know they will be able to afford repayments.
Finance from R1000 to R3000 is offered at 4% per annum. Repayment plans are flexible: clients are given 6 months to repay the loan amount. Keeping up with Cobol’s tradition of providing easy access to loans, once approved, the loan amount is paid directly into the qualifying clients’ account within 24 hours.
How to apply:
- Applicants should log onto the Cobol website
- They should fill in the application form
- An offer will be made, which applicants can reject or accept by replying to the email
Who can qualify?
Individuals at least 18 years old, but not older than 65 years
South African citizens
Individuals who are permanently employed
Individuals earning a minimum salary of R3000
Where can you apply?
You can also call the lender on: 021 421 8811.