Frequently Asked Questions
What do I need to qualify for a loan?
You need to be a South African citizen and above 18 years of age. You also need to be employed and have a valid bank account. Upon competition of the your online application, you have to send us a copy of your ID, proof of income and 3 months bank statement to info@tnloans.co.za. Your application cannot be processed if we don’t receive these documents.
How much can I borrow?
If you are a new client, we will limit you to a R3 000.00 loan for up to one month. If you’ve been making use of our services for a while, you will be able to borrow up to R4 000.00.
How long before I receive the money?
We always make payments the same day that your loan is approved. We aim to process and pay out loans in under 2 hours.
What if I have a bad credit record?
We do a credit check on your name, but if you have a bad credit record, it does not mean that we will not be able to assist you. We consider a lot of other factors as well, and if we feel comfortable that you will be able to repay the loan, we will consider your application.
Will I be able to receive the money in cash or is it paid into my bank account?
Payments are made directly into the same bank account that you use to receive your salary. Therefore, your bank account needs to be active and you be able to make cash withdrawals on that account.
What personal info does TN PAYDAY LOANS need to process my loan application?
You will need to complete the online application form section online. On this form you need to give us your contact details, physical address and postal address and employer details. You need to provide us with your banking details as well, as we need to pay the money into your account and load the debit order(s) for your instalment(s).
Is it safe to give all the required information to TN PAYDAY LOANS?
Yes, it is. Please go to our privacy policy where you can read more about the ins-and-outs of what we do with your information.
Who is TN PAYDAY LOANS accredited with?
We are accredited with the National Credit Regulator and that enables us to provide short term loans to the whole of South Africa. We are fully compliant and active.
Do I need to be employed?
Yes, you need to be employed and earn a regular salary that is paid into your bank account.
Do I need a bank account, or can I use a relative or friend’s account?
You need to have an active bank account that is registered in your name. We will not be able to make any payments to a 3rd party bank account.
Can I qualify for a loan if I have existing debt?
We always do a credit check and a financial needs analysis when you apply for a loan. This means that we evaluate your financial situation every time you apply. This enables us to lend you money, even if you have existing debt.
How do the repayments work?
Our loans are payday loans which means that the loan must be paid on your salary. We load a debit order on your account and every time you get paid an installment is deducted from your account. This means that you don’t have to worry about making cash deposits or any other form of repayment arrangement; everything is done automatically.
How does it work if I am not able to pay back the agreed installment in time?
We understand that certain things happen in life that you have no control over. That is why we will always try and accommodate your situation and make alternative arrangements where we can. The most important part to remember is to always communicate with us. We will not be able to assist you and come to some form of arrangement if we don’t know what’s going on.
How does it work if I don’t repay my loan at all?
If we are not able to work out some form of arrangement with you and you don’t repay your loan, we will be forced to hand your account over to the legal department, and ultimately to a debt collecting company. This will result in unnecessary costs for you, and it will also affect your chances of qualifying for a loan anywhere else in future. That is why we urge our clients to communicate with us if they are experiencing some financial difficulties, we are always willing to revise your repayment plan and help you out where we can.
Is TN PAYDAY LOANS POPIA Compliant?
Yes, TN PAYDAY LOANS is POPIA Compliant. Upon application we may confirm your employment, credit records and any additional information that may be required to process your loan application.