About Lime 24
Lime 24 is a South African personal loans fintech company. It is a subsidiary of Lime Credit Group, an international company established in 2013 to take care of customers loan requirements in 4 operating regions. Lime24 loans has a solid profile, having dealt with 400,000 clients to date.
Lime loans uses a secure online system, which is supported by the latest technology to assess loan applications so that an answer is given within minutes of making an application. Their staff are based in South Africa and understand the local short-term loans environment, as well as the rules and regulations governing this industry in South Africa.
As you transact more with Lime 24 loans and earn their trust by repaying loans, the amount you qualify for increases.
What is the loan limit?
There are three tiers of loan amounts you can qualify for:
- First time borrowers qualify for between R 300 and R 1,200.
- Second time borrowers qualify for between R 300 and R 2,100.
- Third time borrowers qualify for between R 300 and R 3,000.00. Fourth time borrowers can borrow up to R5,100.
What is the loan period?
Loans must be repaid within a maximum of 35 days and not before 4 days from accessing the loan.
Loan interest rate?
A regular borrowers’ interest rates are reduced with Lime loans.
For the first loan, you will be charged the maximum interest rate depending on your risk profile up to a maximum of 5% per month as per the law.
As soon as you become a regular customer with Lime24 loans you will be assured of reduced interest rates provided you all your loans are serviced as per the loan agreement. These interest rate discounts will range from a 25% discount, as worked out by the system to a 50% discount.
Is it possible to get fast money using the simplified procedure?
Lime loans uses the latest technology, artificial intelligence and complex algorithms to calculate your interest rate as soon as your information is submitted to them. This means that you can get your loan approved and transferred to your bank account within a matter of minutes. This is the only way to apply for a loan from Lime.
Taxes, processing fees and other additional fees
Lime24 is registered with the National Credit Regulator, and it is governed by the credit laws of South Africa. This means the interest rate cannot be more than 5% per month and a reasonable admin fee can be added as a fee for processing of the loan.
How is confidentiality and protection of personal data implemented?
Lime24 uses the latest most sophisticated technology to make sure that all personal information you submit to them online is stored securely and is not compromised by anyone working for Lime 24 loans. All data is encrypted end to end when being sent to Lime24 Loans.
They are also bound by the protection of information law in South Africa.
Minimum requirements for the borrower
In order to make a loan application from Lime 24 Loans, the applicant must:
- Be employed
- Have 3 months’ payslips.
- Have a working cellphone number in South Africa.
- Operate a South African bank account.
- Have a valid South African ID or a valid passport.
- Be 18 years or older.
- Have a credit record in good standing.
Personal account functionality
When you apply for a personal loan from Lime Loans you must go to www.lime24.co.za. Registration process is necessary, because you will transact everything through your account.
The personal account allows the system to calculate how much you qualify for and the interest rate that will be assigned to you depending on factors such as how many times you have borrowed from Lime24 loans and your risk profile.
You must create a personal account in order to transact with Lime24 as this is where all your information and history will reside.
To create your Lime24 profile click on the Register button at the top right corner of the website and follow the directions the system gives you.
How to apply for a loan
The process of applying for a loan from Lime24 is simple and straightforward. On the Lime24 website, you just register your profile by undergoing the Lime24 registration process and the system will guide you through the steps till your loan is approved and the amount is transferred to your bank account all within a matter of minutes.
The whole process from registration to submission will take less than 5 minutes if you have all the information that is required. The registration process also then gives you your lime login details which you can use when accessing your Lime24 profile for any transactions with Lime24 loans.
You can get your loan approved and transferred into your bank account just minutes after completing the application process.
When you use Lime24 Loans, you can apply at any time of day as the application is assessed using the latest technology with little or no human intervention.
If you have any queries during the application process, you can always turn to customer support. While the phone consultation option is only open from 8:30AM to 5PM from Monday to Friday, you can be helped 24 hours a day 7 days a week by using the online support option and emailing firstname.lastname@example.org.
If you call during office hours above you will be answered immediately. Online support gives you instant feedback.
How to repay the loan
Lime24 Loans are usually repaid in one instalment. The system will calculate your interest rate and admin charges and based on your requested repayment date, the system will calculate the total amount that will be required as repayment. This can be set as a debit order on your bank account.
If you have problems repaying your loan on time, contact Lime 24 Loans to make an alternative arrangement otherwise this will negatively affect your credit rating and may result in increased charges on your loan.
If Lime 24 Loans agrees to an extension of your loan repayment, there will be a penalty charged for late repayment and interest will continue to be charged on the outstanding amount
The same applies where the loan has been restructured. A late payment penalty will be charged and interest will continue to be charged until the full loan amount is repaid.
Lime Loans reviews
According to online reviews, people really like the speed of the loan application process with Lime Loans (South Africa) which in most cases is a couple of minutes.
Advantages and disadvantages
Lime 24 Loans biggest advantage is that everything is done online. All lending is unsecured, meaning that you do not have to leave any item of value with them in case you are not able to pay them.
- Phone: 010 442 6722
- E-mail: email@example.com
- Website www.lime24.co.za
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