FAQs

Steps to apply for a loan at LulaLona.co.za?

Once you've filled out our online form, we'll match you with a lender. Review and accept the loan agreement, and you'll have the funds transferred to your account.

Is LulaLona.co.za service free of charge?

Absolutely! LulaLona.co.za services are 100% free.

What's the loan amount I can apply for?

Our lender partners at LulaLona.co.za offer loans ranging from R500 to R350 000.

What's required to secure a loan at LulaLona.co.za?

To apply, you need to be a South African citizen, aged 18-80, with a bank account or debit card, a valid SASSA card or Tax ID Number, an income source, and personal email and phone number.

Can I still apply with a less than perfect credit history?

We work with lenders who consider your repayment ability and not just your credit history.

Can I repay my loan early?

Absolutely, early repayment is advisable. The earlier you settle, the less you pay in interest.

What to do if I can't repay my loan?

Contact your lender immediately if you're unable to make payments. They're often willing to provide helpful solutions.

What's the procedure for loan repayment?

The repayment process is determined by the specific lender. It is essential to carefully read and understand your loan agreement, as it will outline when payments are due, their frequency, and the duration of the repayment period. Contact your lender directly for any specific questions regarding loan repayment.

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Important Information from LulaLona.co.za

LulaLona.co.za is an online loan-finding service. We act as an intermediary, connecting South African consumers with NCR-licensed credit providers. LulaLona.co.za is not a direct lender and does not make credit decisions or issue loans. Our service is free to use for consumers.

Loan repayment terms offered by our partner credit providers can range from 3 months (91 days) to 72 months. The Annual Percentage Rate (APR) for loans found through our service will vary depending on the lender, the loan amount, the term, and the applicant's credit profile. The minimum APR offered by our partners is 5%, and the maximum APR is 60% per annum. All costs and the APR will be clearly disclosed to you by the credit provider in a Pre-Agreement Statement and Quotation (PQ) before you accept any loan offer, in accordance with the National Credit Act (NCA).

Representative Loan Example:

Consider a loan of R30,000 repaid over 36 months. At a maximum Annual Percentage Rate (APR) of 27.5% (inclusive of all permissible initiation and service fees as per the NCA for this example loan amount and term), your estimated monthly repayment would be approximately R1232.82. The estimated total amount repayable over 36 months would be approximately R44,381.52. This example is for illustrative purposes only. The actual terms, APR, fees, and repayment amounts will be determined by the specific credit provider based on your individual assessment and will be fully detailed in your Pre-Agreement Statement and Quotation.
General Loan Range: Our lending partners may offer loans ranging from R100 to R350,000, subject to their lending criteria and your affordability assessment.

Responsible Lending & Consumer Protection:

LulaLona.co.za is committed to promoting responsible lending. We only partner with credit providers who are registered with the National Credit Regulator (NCR) and adhere to the regulations set out in the National Credit Act. We encourage all users to borrow responsibly, only taking out loans they can comfortably afford to repay. All loan applications are subject to credit checks and affordability assessments conducted by the credit providers as required by law.

Loan Repayment:

LulaLona.co.za does not collect payments. Your lender will provide payment details and schedules.

Non-Payment:

Failing to make timely payments on your loan can have serious consequences, including negative impacts on your credit record (making it harder to obtain credit in the future), and potential legal action from the credit provider. If you anticipate difficulty in making a repayment, you should contact your credit provider directly and immediately to discuss possible arrangements.

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