About Lime24
Lime Loans is a digital lending service in South Africa that offers quick and transparent payday loans from R500 to R8,000. The application is simple, all you need is your SA ID number, cellphone number and bank account details and the latest 3 months bank statements to verify your income. Lime24 is proud of its fast service, loan approvals in minutes and funding in minutes upon acceptance of the loan offer.
By following the strict regulatory guidelines set by the National Credit Regulator and the National Credit Act, Lime Loans South Africa is a registered credit provider offering secure and reliable financial services. Our mission is to make loans more accessible while promoting financial responsibility, Lime24 gives you competitive rates, personalized loan terms and the option to pay back early without any extra charges.
Features
- From R500 to R8,000, Lime Loans caters for all your financial needs, so you can choose an amount that suits you.
- With repayment terms up to 37 days, Lime Loans gives you the flexibility to choose a period that suits you, so you don’t feel the burden of repayment.
- Lime Loans prioritizes data security, we use robust encryption to protect your personal and financial information. We comply with regulatory standards to ensure a safe and secure lending environment.
- Offers competitive interest rates, borrowing is affordable for you. You may also qualify for interest discounts if you pay back your loan on time, making it even more affordable.
- Lime Loans has dedicated customer support to assist you throughout the loan application process and beyond. Whether it’s through phone, email or online chat, our knowledgeable representatives are available to help you with your queries and guide you.
Pros and Cons
Pros
- Lime Loans simplifies the application process, all you need is your SA ID number, cellphone number and bank account details and the latest 3 months bank statements to verify your income.
- Upon acceptance of the loan offer and signing the agreement, funds will be transferred to your bank account instantly, so you can get financial relief now.
- Lime Loans allows you to pay back your loan earlier than the agreed date without any extra charges. You can save on interest by paying back your debt sooner.
Cons
- Although Lime Loans is flexible with loan amounts, the maximum amount may not be enough for bigger financial needs, so it may not be suitable for some borrowers.
- The convenience of payday loans online may lead some borrowers to over rely on short term borrowing solutions and may worsen financial instability in the long run.
- As with any form of borrowing, there is a risk of default. Borrowers should consider their ability to pay back the loan within the given timeframe to avoid extra charges or negatively impact their credit score.
Reliability
Registered with both the Company Intellectual Property Commission and the National Credit Regulator, Lime Loans operates in strict accordance with regulatory requirements, ensuring compliance with the National Credit Act.
Assessing Lime Loans' reliability within the South African financial landscape is challenging given the limited availability of Lime Loans review pool.
How to Apply for a Lime Loans Loan?
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Go to the Lime Loans Website. Start by going to the Lime Loans website using a web browser on your computer or mobile device.
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Create Your Loan Profile. Once on the website, start the loan application process by entering your personal information, including your SA ID number, race, province, cellphone number and email address.
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Provide Basic Information. Follow the prompts to input basic information required for the loan application, such as your bank account details and employment information.
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Upload Required Documents. Lime Loans requires documentation to verify your income. You need to upload your latest 3 months bank statements showing your income. You can do this through the website’s secure upload feature or via email.
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Customize Your Loan Conditions. After submitting your information and documents, Lime Loans will provide you with personalized loan terms based on your financial profile. Review the terms carefully to make sure they suit you.
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Read and Sign Agreement. Once you’ve reviewed and accepted the loan terms, you’ll need to read and sign the Pre-Agreement and Loan Agreement electronically. This means you’ve accepted the loan terms and agree to pay back the borrowed amount within the given timeframe.
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Get Instant Loan Funding. Upon signing the agreement, Lime Loans will initiate the transfer of funds to your bank account. Funds are transferred instantly upon acceptance of the loan offer, so you can get the borrowed amount now.
Conditions and Requirements
Conditions
- Borrowers can get payday loans from R500 to R8,000 to cater to different financial needs.
- Lime Loans has flexible repayment terms of up to 37 days so borrowers can choose a timeframe that suits them.
- Daily interest rates between 0.1% and 0.16% are applied to loans. Borrowers may also qualify for interest discounts if they pay back their loans on time.
- Payments made before 2:00 pm from Monday to Friday will be credited to the borrower’s bank account by 7 pm on the same business day. This is the fastest way to get your funds if you need it urgently.
- For payments made after 2:00 pm or on holidays, Lime Loans will credit the funds to the borrower’s bank account on the next business day by 7 pm. This is a slightly delayed transfer but still gets you your funds fast.
Requirements
- South African ID Number.
- Cellphone Number.
- Bank Account Details.
- Latest 3 Months Bank Statements.
- Employment Details.
- During the application process you need to provide basic personal information like full name, address and email address to create your loan profile and complete the application.
Ways to Receive the Money
Direct Bank Transfer. Once your loan application is approved and you accept the loan offer, Lime Loans will transfer the funds directly to your bank account. This happens instantly so you get your funds fast.
Products
Payday Loans. Lime Loans offers quick and secure payday loans. Borrowers can get payday loans from R500 to R8,000 with repayment terms up to 37 days.
Reasons You May Be Denied a Lime Loans Loan
- Sketchy Information. Providing incorrect or incomplete information during the application process will result in your loan application being declined. Make sure all information provided is accurate and up to date.
- Insufficient Income. Lime Loans requires borrowers to show a stable income source to be able to repay the loan. If the income information provided does not meet the minimum requirements or cannot be verified through the bank statements uploaded, the application will be declined.
- Bad Credit History. While Lime Loans considers many factors beyond just credit score, a history of late payments, defaults or other negative credit listings may impact the approval decision. Borrowers with bad credit history may be considered high risk and may have their application declined.Existing
- Debt Obligations. Lime Loans assesses borrowers’ debt-to-income ratio to see if they can afford to take on more debt. If the borrower’s existing debt obligations are too high compared to their income, the application may be declined to mitigate the risk of default.
- Bank Account Issues. Lime Loans requires borrowers to have an active South African bank account to receive the loan and set up automatic repayments. If there are issues with the bank account details provided such as incorrect information or inactive account, the application will be declined.
How to Repay a Lime Loans Loan
- Debit Order Setup. Once your loan application is approved, Lime Loans will set up the repayment amount to be debited from your bank account on the due date. This is done through a debit order setup.
- Loan Agreement Terms. Refer to the loan agreement signed during the application process to see the repayment terms including the repayment amount and due date.
- Ensure You Have Enough Funds. Make sure you have enough funds in your bank account to cover the repayment amount on the due date. If you don’t have enough funds, you may be charged additional fees.
- Automatic Debit. On the due date, Lime Loans will automatically debit the repayment amount from your bank account. This is a seamless process and requires no action from you.
- Repayment Confirmation. Once the repayment is processed, Lime Loans will consider the loan repaid and the obligation fulfilled as per the loan agreement.
- Early Repayment Option. If you want to repay the loan before the due date, you can do so without any additional fees. Simply log in to your Lime Loans account, sign in with your phone number and password used during registration and initiate the early repayment settlement.
