Acquiring a loan is very difficult taking into account the requirements that are required by banks when one is applying for a loan. One might wonder whether there is a difference between loans for government employees and non-government employees.
The general truth is there is no difference even with some of the loans that are given to people who are not in government. The features and operation are all the same. One might also think that getting a government letter can make them skip the channels and routes required when one is applying for a bank loan such as: the long queues at the bank, face-to-face interviews with the bank consultants which can be a very stressful and time consuming situation.
Worth noting is that banks and other financial institutions do not share the same norms when it comes to evaluating loan applicants.
Their evaluation consider some of the following:
- Your employment status
- Previous payment history
Having said that, government employees have higher chances of obtaining a loan.
The advantage of working in a government are that even blacklisted government employees stand a high chance of getting a loan compared to other people who work in different sectors. The reason is that government is referred to as a dependable employer that pays high salaries for its employees therefore they are able to repay the loans.
Government loans is an institution that can give loans of up to R150, 000.
Below are reasons why you should consider applying for a loan with Govloans:
- You can apply at any time – very convenient.
- There are no face-to-face interviews. All the communication will happen via email or sms.
- You can apply for a personal loan even if you have bad credit or no credit.
- Blacklisted clients are more than welcome to apply.
- No security needed – they offer you unsecured loans.
- You can apply online – making it an easy process.
- After your application form is received, you will get a quote back the same day – fast.
Here are the requirements for the application:
- A copy of your ID.
- Latest 3 month’s bank statements (which of course are stamped by the bank)
- Proof of residence
- A copy of your latest payslip (stamped by your employer)
- Another great thing about being a government employee is the fact that you can apply for a cash loan on your bonus.
- You need to be employed for 2 years (or more)
- Must have an acceptable credit record
- You need to apply for the loan within 60 days (2 months) of your birthday
- You should not be over-indebted.
- Remember you need to calculate your estimated bonus before you can apply for a bonus loan.
If you are a government employee and you are in need of a loan, for let’s say getting a vehicle, then the place you need to visit is ZA Fast Loans. They will offer government employees a 100% success rate when you require vehicle finance.
When applying for a vehicle loan, all you need is the following;
- Bank account
- Valid South African ID Book.
- Your payslip.
