Loans for Zimbabwean residents in South Africa
South Africa is a country that is full of opportunity. With mega cities such as Johannesburg and Cape Town; there is a lot of economic opportunity to be had by many by both South African citizens and foreign nationals. Opportunity can arise from something as simple as being an informal trader with a sustainable business of trading fruit and vegetables to a formal business of delivering technical services to different companies across the city or simply finding employment from a company. In South Africa there are a large number of Zimbabwean nationals that have found work in the country.
Every business man knows that credit can be leveraged as a beneficial instrument towards developing a successful enterprise. Acquiring a loan as a foreign national is South Africa can be very challenging. Banks may be unwilling to offer a loan to a national foreigner due to a number of reasons. The most common reason that South African banks do not offer foreign nationals access to loans is because they do not have an established credit record and this means that there is no concrete evidence that a foreign national will be able to repay the amount loaned to them. This does seem a bit dreadful however; not all is lost as it is not the end of the road.
Types of loans for Zimbabwean residents leaving in SA
The digital era has taken the world by storm and it is through this medium that loan opportunities exist for foreign nationals in South Africa. The online personal loans that are accessible by foreign nationals are as follows:
- Personal Loans
- Vehicle Finance
- Home loans
- Consolidation Loans
- Payday Loans
In order to be considered for a loan you will need to have the following documentation at your disposal:
- Work Permit.
- 3 Month’s Bank statement.
- Your latest payslip.
- An employment contract.
- You must be between the ages of 18 and 65.
Having these documents and presenting them to a financial consultant at any bank will make it easier and even possible for you to be granted a loan. S.A. Personal loans is an online financial platform that has assisted over 220 000 foreign nationals in obtaining a loan in South Africa. S.A. Loans offers its client’s loan amounts of up to R20 000 and their clients have the peace of mind knowing that they have up to 24 months to repay the loan on a month to month basis with fixed interest rates which will allow you as a client to pay a consistent amount on a daily basis.
It may be a bit challenging to obtain a credit score in South Africa as a Zimbabwean national however; a simple solution to the matter is to find a retail store and apply for a small amount with them that you pay consistently over a period of 6 to 12 months. By paying the credit on time; this will increase your chances of being approved for a loan and will be beneficial to you in the future when you need to apply for a loan again.