6 Top Things You Need in Order to Do Your Loan Application

Nov 30, 2018

You’ve decided. You’ve made up your mind! You want to get a loan - and it's time to do your loan application! But, what do you need to apply for one? It’s outstandingly simple! Credit providers want your business. When you approach your loan application with the 6 things we cover below, with a healthy credit score, you are set up for finance success!

They won’t look for ways to chase you away - unless you are blacklisted of course.

The loan documents and requirements you usually need to file a loan application:

  • You must at least be 18 years of age.
  • A valid South African ID.
  • You must hold a bank account
  • You need to provide proof of residence.
  • You need to present 3 – 6 months of salary slips or bank statements.
  • You need to provide proof of your income.

18 Years and Older for a Legal Loan Application

In South Africa a person is of age by their 18th birthday. You need to be an adult according to the law to be enabled to be a legal person. A legal person is someone who can own assets and debts.

A South African Citizen for a Legal Loan Application in South Africa

It is required that you be a citizen of this country before you can be eligible for an online loan application. There is too much risk involved for the credit provider to give credit to a person that might never return to South Africa. Proof of residence is needed to discourage people living abroad for applying for online loans.

Proof of Income for a Legal Loan Application to validate trust

Credit providers need to know your monthly income. This is handy to determine if you possess of the capacity to repay the loan you are applying for.

Not that hard, is it? If you are still ready for your loan application, go check out the Fincheck Loan Comparison Page, make sure you have everything you need and apply for your loan application. Happy and responsible borrowing!

Never miss any Financial News, subscribe to the Fincheck newsletter and stay informed