The essential requirement for any financial services is stable income proof. Being self-employed means an income, which might be irregular because you own your business. But several lenders at MoneyStar can help you with online loans for self-employed in South Africa.
You can get instant approval in just a few minutes only because the entire process is an online based process that saves you enough time and physical strength.
What is an online loans for self-employed people?
Online loans are unsecured loans for 1 to 2 weeks for self-employed. These loans are a quick cash solution to money shortages with no hassle of facing banking formalities. Such loans are more expensive than bank loans, so you must ensure loan repayment before applying.
The loan amount varies from lender to lender, but you can get funds from R100 to R5000 to cover additional expenses. A large number of borrowers apply for the funds during their unexpected financial problems which are unusual.
The best part is you can apply for funds from some online lenders anywhere and anytime, regardless of your credit score.
Can I get an online loan if I am self-employed in South Africa?
The simple answer is yes; you can get an online loan if you are self-employed, but you will have limited options. People with good credit scores can also get approval for such loans in South Africa.
Apart from this, you must prove your loan repayment ability to your lenders to get an instant approval for such online funds. There is a short and 100% online process for a loan application that you can complete in 2-5 minutes only.
What can self-employed online loans be used for?
You can use self-employed online loans to cover short-term sudden expenses before your next payday. Sometimes, additional expenses knock on your door and make you worried about tackling them with no money left.
Types of uses of online loans:
- Paying rent: You can use the funds to pay your rent.
- Home renovation: You can get your home renovated with the help of these funds.
- Medical bills: You can pay off medical bills for treatment purposes.
- Repair car: You can fix your car repairing problems by utilizing funds.
- Consolidate debts: You can consolidate your pending debts with online loans.
Who is eligible for a short-term online loan for the self-employed?
The loan eligibility for short-term online loans for self-employed is based on a straightforward eligibility criterion with fewer requirements.
Some eligibility criteria are:
- Age: Your minimum age is required to be 18 or above to meet loan eligibility criteria.
- Income: Make sure you have a stable income proof to show.
- A bank account: You need a bank account to receive money.
- A resident of South Africa: Your residential address proof of South Africa is essential.
- Contact information: You are required to share your contact details.
Can I get online loans for self-employed with bad credit?
Yes, if you have bad credit and need online loans to be self-employed. You can still get approval for such loans with your lower credit. Some lenders in South Africa are willing to work on your loan application despite your bad credit profile.
The only condition with such loans is you will have to pay high-interest rates due to your lower credit score. You may only expect to get such funds from traditional banks if you have a good credit score because your bad credit represents your payment-making habits.
How to apply for quick online loans for self-employed?
You can apply for quick online loans in 3-simple steps at MoneyStar and get instant approval with us.
- Fill application: You must fill out an application form with fewer banking details and personal details like name, income, etc.
- Sign loan contract: You have to sign a loan contract that you will get on your mail id after getting approval. Ensure you read the terms and conditions before signing the loan contract.
- Receive money: Now, you can receive your money in your bank account.
Does an online instant loan for self-employed affect your credit score?
No, online instant loans for self-employed commonly don’t affect your credit. They are not reported to credit agencies Experian, TransUnion and XDS by lenders in South Africa. Your credit is not affected until you stop making your loan payments on time.
Your regular payment-making strategy can even improve your credit score if it is bad. Conducting hard credit check affect your credit negatively by lending institutions.
But some online lenders at Money Star conduct a soft credit check. It doesn’t affect your credit score negatively.
Online Loans For Self Employed In South Africa- Some FAQ’s.
Can I get a loan if I’m self-employed in South Africa?
Yes, your income stability helps you get a loan if you are self-employed in South Africa.
How much can I borrow if I’m self-employed?
Loan amount varies from lender to lender and also depends on the condition of your credit score. Still, you can borrow loans up to R5,000 with online lenders if you are self-employed.
Can you get a loan without a salary slip?
Yes, you can get loans without showing your salary slip. But you must prove your ability to make your loan payments on time.
Can I use online loans for self-employed to consolidate my debts?
Yes, you can consolidate other pending debts and pay them all by using online loans for self-employed.
Using the MoneyStar, you may get from R100 to R35,000 in just 5 minutes.
Applying won’t affect your credit score
Micah Sedres
MoneyStar expert Micah strives to navigate finance niches like credit cards, loans, and mortgages easily. She helps hundreds of readers in credit building and provides money management tips. After regularly working for brands like Businesslive.co.za, she joined the MoneyStar.co.za team as a staff writer to develop credit product reviews and comprehensive guides mainly focused on credit scores and loan/card offers.
