With the aid of MoneyShop, you may choose the ideal lender to provide you with the additional funds you require. In other words, MoneyShop doesn’t actually give you the loan; instead, they connect you with a bank or other financial institution that does.
The greatest option for borrowers looking to access many loan providers in South Africa with just one application is MoneyShop. Typically, depending on your financial situation, MoneyShop can lend you up to R250,000.
About Money Shop
MoneyShop promises to be the largest loan matching service, having assisted thousands of South Africans in finding the ideal loan at the ideal time. The Direct Marketing Association of South Africa is a member of Olico, which in turn is a member of this business.
Short-term loans, credit cards, personal loans, and debt consolidation are the four primary lending products that MoneyShop makes available to customers. MoneyShop offers long-term (up to 72-month) personal loans with a maximum amount of R250 000. You can normally acquire up to R8000 in short-term loans, but you must repay the money in 2 or 6 months if you take one out.
Consolidating debt is another another choice provided by MoneyShop. It’s a fantastic alternative if you want to combine a number of bills into a single, manageable loan. Last but not least, MoneyShop also provides access to credit cards.
You can apply for a loan on your own if you don’t want MoneyShop to handle the full process for you. The only thing MoneyShop will do to assist you in this situation is give you a free credit report. Then they will advise you on where to apply and how much money to apply for in order to improve your chances of being accepted.
Benefits of Money Shop
- MoneyShop has options for you whether you’re searching for a short-term loan or a long-term loan. The size of loans is also negotiable. As little as R1,000 or as much as R250,000 are available.
- You can get a free credit report from MoneyShop. They assess the risk you pose and the most suitable loan for you using the details from your credit profile.
- MoneyShop allows you to apply for a personal loan from the convenience of your own home.
What are the Drawbacks and Disadvantages
- MoneyShop’s primary point of contact is Monty, their chatbot. Given that Monty provides automated responses, the user experience may not be as seamless.
- When you register through MoneyShop, Monty states that he will conduct a credit check, but does not specify whether it will be soft or hard. This is also the case if you wish to verify the status of your application. A high number of hard credit checks in a brief period of time can negatively affect your credit score. A gentle credit check will not, however, affect your credit score.
How to Apply for Personal Loans
MoneyShop utilizes artificial intelligence to match you with the most suitable loan provider. When applying for a loan through MoneyShop, you will interact with Monty, their moneybot chatbot.
Monty requests your South African identification card, and you cannot continue with the application unless you pass the credit check. If you do not wish to register, you may instead request a free credit report.
MoneyShop’s information, along with your credit report, will help you determine the optimal method to proceed with your application.
In addition to locating loans, MoneyShop assists South Africans in locating insurance and investment opportunities.
Is MoneyShop a reliable and secure choice?
MoneyShop is a great resource for South Africans trying to get the right loan for their needs. But you might be concerned about MoneyShop’s security.
According to our investigation, the Olico Group, which is a part of the Direct Marketing Association of South Africa, is the one responsible for running MoneyShop. Since it has a valid company license and a VAT number, it seems to offer a respectable service.
What Services Does Moneyshop Provide?
The following are great products that you can apply for with this lender.
Debt Consolidation
A debt consolidation loan is a personal loan that you take out just to pay off your debts. Assume you have personal loans, payday loans, credit cards, and retail credit accounts.
When you obtain a debt consolidation loan from MoneyShop, you utilize the funds to repay all of your existing debts. This should leave you with a single debt that is simple to manage because you simply have a single monthly payment.
You can also save money if you can obtain a reduced interest rate. MoneyShop does not specify how much you can qualify for or the interest rate. These particulars will almost certainly be revealed after you submit your information and a thorough credit check is completed.
Personal Loans
Remember that MoneyShop is a loan matching service, so these facts are broad and will vary depending on the lender you choose.
Personal loans typically vary from R10,000 to R250,000. Furthermore, you can repay the loan over a period of 1-6 years (12-72 months). According to MoneyShop, the annual interest rate ranges between prime and 27.5%.
Short Term Loans
MoneyShop offers payday loans, which are short-term loans. These often offer R1,000 to R8,000 loans. They must also be paid back within 2 to 6 months.
Another difference is that they have higher interest rates than personal loans, ranging from 36 to 60% each year (3-5% per month). They are useful, though, if you require a little loan for a short period of time.
| Moneyshop Contact Details | |
|---|---|
| Telephone number | 010 010 0220 |
| WhatsApp number | 072 994 1518 |
| Website | Apply here |
