Malimo

FAQs

Application procedure at Malimo.co.za?

Submit an online application with our straightforward form, and we'll help find a suitable lender for you.

Is it free to use Malimo.co.za?

Yes, there are no charges for finding loan offers through Malimo.co.za.

What's the loan amount I can apply for?

Loans available at Malimo.co.za typically range from R500 to R350 000. Choose what best suits your needs.

What's needed for a loan application at Malimo.co.za?

To be eligible for a loan at Malimo.co.za, you need to be a South African resident, 18-80 years old, have a valid bank account, and a consistent income source.

Can I get a loan with a poor credit score?

Credit history is considered, but not the sole determining factor for your loan eligibility.

Can I repay my loan early?

Absolutely, early repayment is advisable. The earlier you settle, the less you pay in interest.

What to do if I can't repay my loan?

Contact your lender immediately if you're unable to make payments. They're often willing to provide helpful solutions.

How should I repay my loan?

Repayment periods and terms vary depending on the type of loan product you apply for. Your loan agreement will provide detailed information on when payments start, how often they occur, and the duration of the repayment period.

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Material Disclosure

Malimo.co.za is a platform that connects customers with potential lenders. While we strive to ensure that the information presented on our website is accurate and up to date, we do not guarantee this nor are we responsible for any decision taken based on the information. Each lender has its own lending criteria, which may or may not suit your current financial situation.

Repayment Periods and Interest Rates

The APR is the cost of borrowing a loan, expressed as a nominal annual interest rate. As Malimo.co.za is a credit broker and not a lender, we cannot guarantee a particular annual percentage rate. Annual percentage rates typically range from 0% to 36%. Repayment periods for loan products usually range from four months to six months. Before accepting a lender’s offer through our system, please make sure to read through the loan agreement carefully, since interest rates and repayment terms may differ from those listed on this website.

Collection Policy

All payments are collected by the lender directly. If you are unable to repay your loan on time, contact your lender immediately to discuss possible options. Please note that late or non-payment may result in additional charges and may affect your credit score.

Nonpayment Implications

If you cannot pay on time, each lender has their own policies on fees/interest and how they handle debt collection. Some lenders may explore legal options in the event of continued nonpayment. Most lenders will contact you by regular mail, email, or phone to change your payment terms. Failure to pay may result in interest accruals and/or increases and may affect your credit score. Please read through the fees section on the lender’s website before proceeding to taking a loan.

Loan Extension Policy

Malimo.co.za does not recommend extending your loan. If you feel that you cannot repay your loan on time, then we strongly suggest you not taking it and recommend that you seek independent financial advice. However, should you decide that an extension is necessary, please discuss this option with your lender. For more information about your lender’s process and policy regarding nonpayment, please review the terms in your loan agreement.

Extension Policy

Should you consider extending your loan, reach out to your lender before you miss a payment. Most lenders charge the same interest rate and fees for another month on the overall amount due. The loan may be automatically renewed or extended in the case of late or nonpayment. Additional interest and/or charges may be applied to your account. Please, think cautiously before extending your loan, as this could significantly increase the amount you pay.
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