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Can’t afford your rent? Don’t worry, just don’t pay

“Can’t afford your rent? Don’t worry, just don’t pay” is just about the worst advice someone could give you. But incredibly, with Coronavirus and the lockdown, this sort...
Posted in Debt Consolidation, Debt Counselling, Debt Review, Money Tip | Leave a comment

How do I improve my credit score?

Your credit score is one of your most important financial assets - maintaining a good score will enable you to have a good financial life. But what if...
Posted in Borrow, Credit Report | Leave a comment

Am I blacklisted? What can I do to fix this?

There is this general idea held by consumers that if you don’t pay your bills, you can become ‘blacklisted’. In reality there is actually no such thing as...
Posted in Credit Report, Debt Consolidation, Debt Counselling, Debt Review | Leave a comment

MoneyShop Youth Month Survey

June was Youth Month. And so we took a look at how a parents finances affect their children. The results are in, please see the results below. Also,...
Posted in Borrow, Education Savings Accounts, Insurance, Life Insurance, Medical Aid, Money, Surveys | Leave a comment

How do I read a credit report?

If you’re reading this, then you know that both your credit report and credit score are important.  But unless you are a credit expert, you probably have two...
Posted in Borrow, Credit Report | Leave a comment
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Review Discovery Vitality Rewards Program

Consumers, myself in particular, are naturally sceptical of reward programs. Each brand is faced with trying to create a loyalty program that is different and competitive enough in...
Posted in Banking, Insurance, Medical Aid | Leave a comment

Review: InstantLife Insurance

After spending six years living in the UK, I returned home to South Africa to live in 2009. In the UK, buying insurance online was mainstream – nearly...
Posted in Disability Cover, Funeral Plans, Insurance, Life Insurance | Leave a comment

MoneyShop Youth Month Survey

June was Youth Month. And so we took a look at how a parents finances affect their children. The results are in, please see the results below. Also,...
Posted in Borrow, Education Savings Accounts, Insurance, Life Insurance, Medical Aid, Money, Surveys | Leave a comment

Review: Simply Life Insurance – Domestic Worker Cover

Nannies and domestic staff are such important members of our families. From helping raise our kids as we head to work, to assisting with cleaning, cooking and other...
Posted in Disability Cover, Funeral Plans, Insurance, Life Insurance | Leave a comment

How Discovery Health Can Help You During Lockdown

This virus, and the lockdown that seems to be dragging its heels, have completely altered our way of living and for many of us, it’s severely affected our...
Posted in Insurance, Medical Aid | Leave a comment
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Retiring well means making the best savings descisions. Choose wisely. Start here.

Read our Latest Investment Articles

South Africa’s Top 6 Savings Accounts (from the top 6 SA banks)

Most of us are under immense financial pressure and recent statistics have shown that South Africans are among the worst savers in the world. As a way to...
Posted in Invest, Money Tip, Savings Accounts | Leave a comment

MoneyShop Youth Month Survey

June was Youth Month. And so we took a look at how a parents finances affect their children. The results are in, please see the results below. Also,...
Posted in Borrow, Education Savings Accounts, Insurance, Life Insurance, Medical Aid, Money, Surveys | Leave a comment

My experience in offshore investing

I’ve always been a big believer in investing a portion of my earnings offshore, mainly because I was born in Zimbabwe and I’ve seen many families (including my...
Posted in Financial Planning, Invest, Stock Market | Leave a comment

Serious About Saving For Your Kid’s Education? – Here Are 3 Easy Steps To Follow

It costs a lot of money to send your kids to school. It costs even more to send them to University. But you know this already, so we’ve...
Posted in Education Savings Accounts, Invest | Leave a comment

4 Types Of Investment Funds You Can Start Thinking About This January

It sounds like a bit of a cliché, but times are still very tough for millions of people across our country. Presently, South African consumers owe a staggering...
Posted in Invest, Money | 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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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.