South Africans come in all different financial standings, and sometimes it becomes complicated for some individuals to qualify for legal loans, such provided by institutions such as commercial banks. This situation leads to innocent people getting snared into traps such as loan sharks.

T o combat this, there is Micro Loans South Africa; compared to the average amount of loans awarded by commercial bank, these loans have a lower principal value.

They have become very popular because they even cater for black listed people and those with bad credit rating, consequently boosting the finance loan industry in South Africa.

The Micro Loans accommodates and provides for the target market going through a rough financial patch; individuals going through a period of being unable to take care of even the most basic expenses.

The interest rates are affordably low because these loans are intended to provide the applicant with funds to either finance a small business, further their education/that of a family member, build/renovate the home etc.
Some of the companies that offer Micro Loans in South Africa include:
JustLoans
Atlas Finance

Debt calculator