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What does written off debt mean?

Ever wondered about written off debt and how many years it would take for debt to be written off? Prescribed debt is old debt that has not been...
Posted in Debt, Debt Counselling | Leave a comment

You need a loan, why? A reason to take a personal loan

There are many, a good reason to take a personal loan. Including consolidating costly credit card balances and financing weddings or once-in-a-lifetime trips. Often most useful for less...
Posted in Borrow, Personal Loan | Leave a comment

Fortune favours the prepared

As they say "Fortune favours the prepared" It’s better to be in control of when and how much money you need to borrow rather than being unprepared and...
Posted in Borrow | Leave a comment

4 Benefits of home insurance

Many people look at the benefits of home insurance as an option, but in reality, it should be a necessity. The benefits of home insurance will not only...
Posted in Home Loans, Insurance | Leave a comment

Borrowing from or lending to family or friends

Do you borrow or lend to family or friends? It can be tempting to ask friends or relatives to lend you money. But you need to think carefully...
Posted in Borrow | Leave a comment
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Life insurance questions you should ask

You're in the market for life insurance, nobody really wants to talk about life insurance, it sounds expensive and brings to mind our own mortality. However, having the...
Posted in Insurance, Life Insurance | Leave a comment

Home insurance

A house brings with it a wealth of additional responsibilities, including practical matters such as maintenance and home insurance. There is no point in making this type of...
Posted in Home Insurance, Insurance | Leave a comment

Car insurance

Imagine for just a moment that you didn't have your car because it was at the mechanic due to a horrid accident. You would have to depend on...
Posted in Car Insurance, Insurance | Leave a comment

Funeral cover

Having funeral cover in place is important to cushion yourself financially during a very tough time. While funeral cover can never ease the pain of your loss, it...
Posted in Funeral Plans, Insurance | Leave a comment

Life cover

Life cover isn’t always a priority in the budget. “I know I need life cover, but I cannot afford it” Does that sound familiar? Finding ways to free...
Posted in Insurance, Life Insurance | Leave a comment
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Retiring well means making the best savings descisions. Choose wisely. Start here.

Read our Latest Investment Articles

How to – Save for rainy days

Make savings part of your monthly budget So, you want to save for rainy days. If you wait to put money aside for when you consistently have enough...
Posted in Money, Savings Accounts | Leave a comment

How to – Save correctly for retirement

Start saving asap One needs to save correctly for retirement. Not next week or when you get a raise or even only next year. Today. Because money you...
Posted in Invest, Money, Retirement Annuities | Leave a comment

How to: Get a retirement investment report from MoneyShop

Ever wondered how you can get a investment report from MoneyShop? Follow the how to steps below, it is simple, quick and easy. Investing is important for your...
Posted in Invest, Investment Reports | Leave a comment

Options for retirement

Pension fund, provident fund or retirement annuity. What are the different savings options for retirement, and which is right for you? Pension fund vs provident fund vs retirement annuity...
Posted in Retirement Annuities | Leave a comment

How to give your child the best education

Every parent wants to offer their child the best education possible, but school and university fees are extremely high meaning that you may not be able to afford...
Posted in Education Savings Accounts, Invest | Leave a comment
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MoneyShop Numbers

Loan Value Disbursed
Loan Applications Per Month
Insurance Policies Sold
Insurance Quotes Per Month

* These numbers are accurate as of 30 January 2020. These numbers are combined numbers from the Olico Group who own and operate MoneyShop.

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Call us now on:
010-010-0220

WhatsApp us now on:
072-994-1518

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How we work and what we do

MoneyShop is SA’s largest loan and insurance finding service, helping over 200,000 clients per month.

Using artificial intelligence, we match the right lending, insurance and investment products to the right people at the right time.

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Frequently asked questions

Interest and loan size will vary from provider to provider. Our loans are broadly categorised into:

 

Personal Loans

  • Typical terms: 12-72 Months
  • Typical interest rate (APR): Between prime and 27.5% per year
  • Typical loan sizes: R10,000-R250,000

Short term loans

  • Typical terms: 2-6 Months
  • Typical interest rate (APR): Between prime 3% and 5% per month (36-60%)
  • Typical loan sizes: R1,000-R8,000

If you are shopping for a loan you have 2 options:

  • Apply for a personal loan. We will do all the heavy lifting and find the right loan for you.
  • Get a free credit report. We do a full analysis of your risk profile and give you detailed information (based on your profile) of which lenders are likely to give you a loan and also what typical loan sizes people like you typically receive.

In order to qualify for a personal loan you will need to have the following:

  1. A South African ID
  2. A minimum income of R4,000 per month
  3. You will also need to pass a credit check.
  4. You must not be undergoing debt counselling

No, MoneyShop is not a loan provider. We simply find the best loan suited to your profile with SA’s top loan providers. We have partnered with SA’s top insurers and personal loan providers to make your online application process for financial services – such as loans, funeral plans, car and home insurance and hospital cover quick and easy! Best of all, our service is free!

Short answer: Maybe, but it depends on how ‘bad’ the blacklisting is.

 

Long answer: Technically there is no such thing as a ‘blacklisting’. It is a term that is used to cover a whole range of different negative indicators on your credit report. So lets break those down:

  • Missed a few payments / Bounced debit order. Missing a few payments on its own wouldn’t disqualify you from getting a loan.  But it would depend on the ‘badness’ of those missed payments.  For example, missing one or 2 payments for a month or 2 is not the end of the world and you will probably still be eligible for a loan – all be it at maybe a higher interest rate.
  • Going beyond 60-90 days on repayments. If you go heavily into arrears on the bulk of your account payments (especially if you are still in arrears). This could disqualify you from getting access to credit.
  • Judgements. A judgement is a where a court has declared you owe money to a company. Like with missed payments, having a judgement on it’s own is not necessarily going to disqualify you from getting a loan. It depends on the ‘badness’ of the judgement.  Which usually means if it is a large judgement (say more then R10,000)  or a recent judgement (say in the last 2 years) then you are unlikely to get credit. But small and/or old judgements usually will not disqualify you on their own.
  • Debt counseling. It is illegal to lend to someone who is going through debt counseling in South Africa.  As such, this will disqualify you from getting any more credit.

If you are unsure what you credit profile looks like we highly recommend you get a free credit report now.  This is your start to financial fitness.