Frequently Asked Questions

A Loan Buddy loan is your quick, no-hassle way to get the cash you need. You can borrow anywhere between R1000 and R7000, because 7 is our lucky number, and it just might be yours too! With flexible repayment options to match your affordability, we’re here to support you—whether it’s for an unexpected expense or a big dream. At Loan Buddy, we keep it simple, fast, and totally transparent.

It’s super easy! Just hop onto our website, slide to choose your amount using our Loan Slider, and hit Apply Now. Then, complete the details about yourself (like your ID, income, etc.), and we’ll get back to you as soon as possible. No fuss, just speed and simplicity!

As a newbie, you can apply to borrow up to R4000. But here’s the fun part—repay your loan on time, and next time, you could unlock the full power of our lucky number 7 and apply for up to R7000! Keep in mind, the amount you can borrow will always depend on the outcome of your affordability assessment. If you don’t qualify for the full amount you’ve applied for, we’ll adjust the loan to match what’s comfortable for you.

We process loans manually and as quickly as possible! If your loan is approved during business hours, the funds are typically sent to your bank account the same day. However, if you apply after hours or on weekends, the money may arrive on the next business day.

Once approved, we aim to get the cash into your account on the same day! If it’s after business hours or on a weekend, no worries—it’ll be in your bank the next business day.

Life throws curveballs—we get it! If you’re struggling to repay, contact us as soon as possible. We can help you figure out a new repayment plan that fits your situation. Just remember, late or missed payments can affect your credit score, so it’s always best to get in touch before things go sideways.

Simple—your repayment will be automatically debited from your bank account on the agreed date. Just make sure the funds are there, and we’ll handle the rest!

Yes, absolutely! You can repay your loan early without any extra fees. Plus, early repayment means less interest, so you save money—win-win!

To apply, you’ll need:

• A valid South African ID
• Be at least 18 years old
• A bank account
• Proof of income (like a bank statement or payslip)
• A cell phone number

DebiCheck is like your personal debit order bodyguard! It ensures only approved debit orders go through your account, keeping you safe from unauthorized payments. You’ll need to approve it once you apply for a Loan Buddy loan, and we’ll guide you through the quick process.

After applying, your bank will ask you to approve the debit order via their app, USSD, or other channels. It’s a one-time approval, and don’t worry—we’ve got your back with step-by-step instructions!

If your bank details change, give us a heads-up. We’ll issue a new DebiCheck mandate to ensure your repayments continue smoothly without any issues.

Under the NCA, you’re entitled to clear and transparent information about your loan, including all costs, interest rates, and repayment terms. We ensure full compliance with these regulations to keep you informed and protected.

We take your security seriously. We comply with POPIA and FICA, meaning your personal data is protected with the highest security standards. You can trust that your info is in safe hands.

Of course! If your loan is declined, you can reapply after addressing the reasons for the decline. We’ll reassess your profile and give you another chance.

You can typically reapply after 30 days, but if your situation changes—like an increase in income or a better credit score—you might be eligible to apply sooner. Reach out, and we’ll keep you informed!

No problem! If you decide not to take the loan, just let us know before signing the agreement. There’s no obligation, and no fees for changing your mind.

We’re flexible! Give us a shout if you need to change your repayment date, and we’ll work with you to find one that suits your needs. Just be sure to let us know before the scheduled payment date to avoid any complications.

Interest amounts depend on your loan amount and repayment period. Don’t worry—everything is upfront. We show you all the fees and rates before you sign, so there are no hidden costs!

How is my interest rate determined?

You’re charged 5% per month for the first loan in the calendar year, and 3% per month for all subsequent loans within the same year.

Life happens, we get it! If you’re having trouble making repayments, get in touch with us. We’ll work with you to find a solution, and we can even recommend debt counselling services to help you manage your debt.

No stress! You can apply 24/7, but if it’s after hours or during the weekend, we’ll process your loan on the next business day. We’ll keep you updated every step of the way.

We’re all about responsible lending! We carefully assess your financial situation to make sure you’re borrowing only what you can comfortably repay. Plus, we encourage our customers to avoid unnecessary debt and borrow only what they need.We ensure our processes are compliant with the National Credit Act by carefully assessing your financial situation to make sure you borrow only what you can afford and comfortably repay.

NO. The National Credit Act prohibits you from accessing any further credit when you are under debt review or has applied for debt restructuring. If you have not applied for debt review with a debt counsellor, but your credit report reflects such a status, please contact us so that we can refer you the relevant department of the National Credit Regulator to lay a complaint.

We’re here for you anytime! Call us at 044 279 1151 or email us at support@loanbuddy.co.za. Got questions? We’ve got answers!