Cobol Loans

• Short-term loans up to R5,000
• Low-interest starting from 124%
• Repayment up to 6 months

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Cobol Loans Online – Fast & convenient, when you need it

You can simply type in your South African identification number and choose a password.

Now you are one step closer to your simple, stress-free instant loan. If you prefer to call them, you can do that too as they will gladly assist in the most efficient and professional manner.

Steps when applying for a loan

Apply for your loan online by simply giving them your South African Identification number and setting up your own unique password.

Once this step has been completed you will be asked for your one-time pin. You’ll need to enter your South African cell phone number, the one-time password/pin will then be sent to your cell phone to verify your number.

Enter your unique one-time pin and the website will then generate an online loan application form for you to fill out.

They will get back to you shortly after your application has been processed.

Fast & convenient

On approval of your loan application, you will have five (5) business days to accept their offer. Thereafter, you would need to reapply for a loan offer. If you decide to accept their offer within the five (5) business days they will then send you a copy of the Credit Agreement, which will reflect everything that has been agreed upon. The loan amount will then be deposited directly into your account.

Loan repayment schedule

The repayment is just as quick and easy. The loan repayment amount will simply be deducted via debit order straight from your bank account, making missing a payment very unlikely and giving you peace of mind.

The interest rate is fixed for the duration of the agreement and is calculated on the daily closing balance and capitalised monthly. You will be charged a monthly service fee.

Simply provide them with the following details:

• Full name
• Cell phone and contact numbers
• E-mail address
• Physical address
• Banking details

Affordability explained

To find out if you are able to borrow money and are financially able to pay it back timeously, they have to ask you some personal questions. They are specifically designed to establish if you are able to afford a short-term with your current financial circumstances.

Cobol needs to establish that you:

• are not under debt review,
• not in the process of applying for another loan
• and that you are mentally fit to enter into a loan agreement.

Once you have answered their questions, your information will undergo a sophisticated credit assessment, these tools will determine whether you would be able to afford the loan or not.

How to keep track of my payments

To help make it easy for you to keep track of how much you have paid, and how much you still owe. Cobol has made it easy for you, by providing you with a mini statement every month and a full statement every three (3) months. Their statements are sent via email for your added convenience.

Do they accept early repayment

If you would like to settle your loan early, e-mail them and they will then give you a settlement amount. If you send them an email and ask them to, they can even have the full amount deducted from your bank account. How is that for a fast and simple solution to paying back the money?

What if I am unable to repay the money

If you are unable to repay your short-term loan due to unforeseen circumstances, they will help you through all the correct channels, including seeing a debt counsellor. They will then come up with a payment plan that you can indeed afford.

Cobol Loans is a trusted & reliable provider of short-term loans

In our review, Cobol Loans adheres to the compliance criteria in accordance with the National Credit Act, where the granting the loan will not cause financial distress to the consumer.

✅ Cobol Loans is a registered credit provider in South Africa: NCRCP 7055