January 16, 2018

How safe are the online loans South Africa provides?

It becomes important to ask the question, “How safe are the online loans South Africa provides?” Generally speaking, people prefer to speak face to face to someone in order to trust them. But, with the online world becoming more prominent, people are having to trust a company without ever having visited their physical offices or even speaking to someone over the phone.

As a borrower, you do not want to give your personal information such as your I.D number, home address and banking details to a con artist, or to later find out you have taken a loan from a loan shark and not a reputable loan provider. Fortunately, the online loans South Africa provides need to have a number of certifications, and displays these on their website in order to show legitimacy.

Look out for the following regarding online loans in South Africa

  • A “padlock” sign to the left of the url. This is an indication that the website is secure and is unlikely to be hacked, meaning your information is safe.
  • NCR (National Credit Regulator) certification shows the online loan provider is being monitored by the regulator and cannot indulge in unfair practices. If this certification is not on the website, you are well within your rights to request a copy.
  • Be wary of paying anything upfront. Usually, when you receive a loan, all fees and interest are included in the monthly installment. Being asked to pay a fee before the loan has been received by you should send red flags.
  • Look out for signs of existence such as a landline number, customer care number and a physical address. Check their legitimacy by calling the number or cross referencing the address to the business name.
  • Look out for copy-cat websites. Some scammers are able to copy the colour and font of a legitimate business to fool visitors into thinking they are the real thing or associated with them. The quickest way to check legitimacy is to look at the url. If it is not the name of the financial provider it looks like, then it is probably a scam.

Basically, if things are not adding up, it is better to be safe than sorry and look for another loan provider. Most of the online loans South Africa provides need to be registered by a regulatory body to ensure that our rights are protected. For reliable and professional facilitation of your online loan applications Approved is your number one choice. We are specialists in personal loans and other credit, and are on standby to assist you today.

IMPORTANT: We do not give out financial advice. We operate an online referral service and we forward on all your requests and applications to qualified licensed third parties with whom we have pre-arranged agreements. You will deal directly with these advisers. We may also receive remuneration or commissions from these third parties for referring you to them. Remember to seek independent financial and legal advice from a qualified person before entering into any binding financial transactions.
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