MoneyShop is ideal for borrowers who want to submit a single loan application that allows them access to several South African loan providers. MoneyShop allows you to borrow up to R250,000 depending on your financial situation.
MoneyShop is a service that helps you identify the perfect lender to provide you with the additional money you need. In other words, MoneyShop does not give the loan itself; rather, it connects you with a bank or financial institution that does.
MoneyShop’s personal loans summary.
- Ranging between R1,000 and R250,000
- From 2 months to seventy two months
- The interest rate is: Interest rates vary from loan to lender Interest rate type: Can be variable or fixed
- In most cases, the loans are unsecured.
- Qualification requirements: You must be a South African citizen with a minimum monthly income of R4000, and you cannot be in debt counseling.
MoneyShop claims to be the biggest loan matching service and has assisted thousands of South Africans in finding the appropriate loan at the right moment. This business is affiliated with Olico, which is affiliated with the Direct Marketing Association of South Africa.
MoneyShop provides access to four primary lending products: personal loans, credit cards, short-term loans, and debt consolidation loans. MoneyShop’s personal loans are long-term (up to 72 months) and may give up to R250,000. If you are interested in short-term loans, you may normally borrow up to R8000, but you must pay it back within 2 to 6 months.
MoneyShop now offers debt consolidation as an additional service. It’s a terrific alternative if you have many obligations that you want to consolidate into a single loan that’s easier to handle. MoneyShop further provides access to credit cards.
However, you may do it yourself if you do not want MoneyShop to handle the full loan application procedure for you. In this scenario, the only thing MoneyShop will do to aid you is to offer you with a free credit report. They will then instruct you on where to apply and how much to request in order to enhance your likelihood of acceptance.
Benefits of MoneyShop
Wide variety of possibilities. MoneyShop provides options for both short- and long-term loans. The loan amount is also variable. You may borrow anything between R1,000 and R250,000.
No cost credit report. MoneyShop provides you with a free credit report. They evaluate the information in your credit profile to determine the level of risk you present and the loan that may be ideal for you.
Online application submission. MoneyShop allows you to apply for a personal loan from the convenience of your own home.
No cost to use MoneyShop does not charge any fees.
Disadvantages of MoneyShop
There is no human contact. MoneyShop’s primary point of contact is Monty, their chatbot. Therefore, the user experience may not be as fluid as Monty contains automatic replies.
Automated credit checks. When you apply via MoneyShop, Monty states that he will do a credit check, but does not indicate whether it will be light or hard. This is also the case if you want to verify the status of your application. A high number of hard credit checks in a short period of time might negatively influence your credit score. A soft credit check will not, however, affect your credit score.
- MoneyShop utilizes artificial intelligence to match you with the most suitable loan source. When applying for a loan via MoneyShop, you will engage with Monty, their moneybot chatbot.
- Monty requests your South African identification card, and you cannot continue with the application until you pass the credit check. If you do not want to apply, you may instead get a free credit report.
- MoneyShop’s information, combined with your credit report, can help you choose the optimal method to proceed with your application.
- In addition to locating loans, MoneyShop assists South Africans in locating insurance and investment options.
MoneyShop offers the following main financial products:
MoneyShop is a loan-finding service, thus these particulars are broad and depend on the lender you choose. Personal loan amounts typically vary from R10,000 to R250,000. Additionally, you may repay the loan over 1 to 6 years (12-72months). According to MoneyShop, the annual percentage rate ranges between prime and 27.5%.
The short-term loans offered by MoneyShop are also referred to as payday loans. Typically, they provide smaller loans ranging from R1,000 to R8,000. Additionally, they must be repaid within 2 to 6 months.
In addition, they have interest rates that are 36 to 60% per year (3 to 5% per month) greater than personal loans. However, they may be useful if you need a little loan for a short period of time.
A debt consolidation loan is a form of personal loan used only for debt repayment. So, let’s suppose your current debt consists of personal loans, payday loans, credit cards, and retail credit accounts.
When you get a debt consolidation loan from MoneyShop, you utilize the funds to repay your existing debts. This will hopefully leave you with one debt that is simple to handle, since you will only have one monthly payment.
Obtaining a cheaper interest rate will also result in savings. Unfortunately, MoneyShop does not provide the maximum loan amount or the applicable interest rate. After you submit your information and a credit check is done, it is possible that these facts may be published.
MoneyShop is the ideal option for you if you:
- Want to apply to many lenders?
- Want assistance selecting the perfect loan?
- Earn in excess of R4,000
- Are not undertaking debt counselling
- Can pass a credit evaluation
Is MoneyShop a reliable and productive option?
MoneyShop gives assistance to South Africans seeking the most suitable loan for their circumstances. However, you may be concerned about MoneyShop’s security. Our investigation suggests that Olico Group, a member of the Direct Marketing Association of South Africa, owns and operates MoneyShop. Since it is a fully registered firm with a VAT registration, it looks to provide a respectable service.
How can I submit my application for a loan with MoneyShop?
Before taking out a loan, MyLoan.co.za always advises South Africans to study all they can about the lender. Therefore, we have given you with a comprehensive assessment of MoneyShop so that you can make an educated choice.
The good news is that we can assist you in determining how MoneyShop compares to other solutions. We have worked with various reputable and well-known South African lenders from all across the nation, and when you apply via us, you will have access to all of them in one location. Here’s a basic summary of the process:
- Complete our straightforward application form.
- We will submit your application to MoneyShop in addition to other lenders.
- Our loan partners will get out to you with their offer.
- Then, you choose the greatest option for you.
- Thereafter, you finish the application and get your funds!
- It’s that easy. You apply, and we complete the remaining steps. You also get to pick the offer you want, so you’re always in charge.
- Once you have the funds, you may use them for any lawful reason, such as paying for a vacation, a wedding, auto repairs, or whatever else. That is usually the most thrilling part!
MoneyShop contact details
The following is a list of the many methods you may get in touch with MoneyShop:
Address: 38 Dover Street, Ferndale, Randburg, 2194