Frequently Asked Questions
What do I need to qualify for a loan?
- A valid SA ID
- Latest three months bank statements and payslip
- Must be permanently employed and earning a monthly salary
- A valid cell phone number
- A valid SA bank account
- Must be 18 years or older
How much can I borrow?
If you are a new client we will limit you to a R2000 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 an amount of R8000.
How long before I receive the money?
We make payments the same day that your loan and DebiCheck is approved. It then takes less than 24 hours for the money to reflect in your account.
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 necessarily 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 that you made, we will definitely consider your application.
Will I be able to receive the money in cash or is it paid into my bank account?
We do not make any cash pay-outs to any of our clients. All 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 have to be able to make cash withdrawals on that account.
Who is Boost 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.
Can I qualify for a loan if I have existing debt?
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. It is very important that you give us true and accurate information in your application and that you carefully read and double-check the information, as well as the terms and conditions. If there is anything you don’t understand, you are welcome to Contact Us.
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 mean a LOT of unnecessary costs for you, and it will also affect your chances of qualifying for a loan anywhere else in the 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.
What You Need to Know about Debit Order Authorisation (DebiCheck)
The South African Reserve Bank and the Payments Association of South Africa have introduced a new initiative called DebiCheck, as a way to help protect South Africans against fraudulent and incorrect debit order authorisations.
We have now also adopted DebiCheck as part of our processes – This simply means that, should you decide to take out a loan with us, we will ask you to authorise your debit order with your bank. You can learn more on the DebiCheck website.