Finance 27

Finance 27 registered with the NCR in 2014 and has spent the last few years making its online platforms accessible to all South Africans in need of financial assistance.

As a microfinance institution, they specialise in short-term loans. This means that when you apply for a quick loan, they waste no time getting you from application to money in your account.

Get paid instantly

Finance 27 automates its online loan application process. This means you can apply for quick loans at any time, day or night. Once the system has verified your information and a credit check has been performed, they’ll pay the funds directly into your bank account.

It takes 24 hours for the money to show in your account, but for a fee of R57, you can have the payment reflected immediately.

All fees are discussed upfront

Everything you need to know about your payday or quick loan is on the home page of their website.

Using a set of sliders, you can choose a loan amount and up to a 65-day repayment term. An estimated total, including fees, is shown below the sliders to help judge the loan's affordability.

The maximum APR (Annual Percentage Rate) you could be charged by Finance 27 is 38%. This percentage reflects the total you’ll pay in interest and fees calculated over a year. When comparing the cost of financial products from different lenders, this percentage is the best unit of measurement.

Affordability is the standard

Credit checks are mandatory and may affect the interest rate you’ll be charged, but a bad credit score isn’t the only factor considered.

Seeing as the maximum amount you can borrow is R 6,000, the risk assessment on a quick loan focuses more on whether you can afford to repay it in 60 to 65 days and not as much on your credit score.

While the entire loan process is completed online, you’re welcome to contact Finance 27s, well-trained financial experts. They can answer any further questions you may have or offer you financial advice.

Quick loans are a fast, convenient, and flexible solution to less expensive financial emergencies that crop up from time to time. They’re perfect for paying for an unexpected doctor's visit, replacing tires, or paying for repairs you didn’t have room for in your budget.

How to make the interest rate work

Using the provided sliders, you can choose the amount you’d like to borrow and a time frame for repayment. The site shows you an estimate of the fees and rates you may be charged.

When you play with the loan term, you’ll see that the interest you’ll pay significantly lessens when you choose a shorter term.

For example, a loan of R 2,500 with a repayment term of 15 days will cost you approximately R 104.52 in interest and R 419.75 in fees. In contrast, that same amount paid off over 64-day can cost  R 304.08 in interest and R497.95.

Rates and fees on quick loans are calculated by the day as per the National Credit Regulations. Once you’ve registered with Finance 27, you can request a quote for a detailed breakdown of your repayment amount. Interest rates may vary depending on your credit score, loan term, and the borrowed amount.

Finance 27 reward loyalty

You may be limited to R 2,400 on your initial credit application as a first-time customer. However, you’ll gain access to higher loan amounts as you build a good rapport by using this platform responsibly and not missing repayments.

Whether you’re looking to create a positive credit rating to qualify for phone contracts or simply want to improve your credit rating, this feature offers you a safe, timely, and affordable way to do so.

Easy and convenient repayment options

At finance 27, even repayment methods are flexible. Whether you prefer to pay via EFT or debit order, the choice is yours.

If you choose to use a debit order, you’ll need to consider that any fees charged by your bank are separate and won’t be included in your loan agreement.