Support
Loobi™ is a proudly South African digital based Microfinance business which provides individuals with financial support when they need it most.
We are a client-focused digital-based platform that offers our platform users a multi-lingual user experience for the convenience of understanding our service offering in multiple languages.
We offer our clients highly competitive rates relative to our fee structure.
Our client-centric approach focuses on providing an easy-to-use engagement platform.
We also offer a relatively fast turnaround time for clients to receive their Loobi™ Microfinance in a timely manner.
Yes, we are registered with the National Credit Regulator with registration number NCRCP16465.
Yes, the fees charged by Loobi™ are as per the regulated prescribed fees and limitations thereof. Loobi™ charges the following fees:
Initiation Fee | Service Fee | Interest
All Loobi™ fees applied to your Loobi™ Microfinance are calculated based on the provisions set out in Chapter 5 of the National Credit Act.
Our Initiation Fee:
R165 plus 10% on the loan amount above R1 000.00 plus 15% VAT. Our fee is limited to 15% of the capital/loan amount plus 15% VAT.
Our Service Fee:
R60 per month plus 15% VAT.
Our Interest Rate:
0.17% per day plus 15% VAT.
- Must have a valid South African ID
- Must be over the age of 18 years
- Must have verifiable income
- Must have a valid bank account registered in your own name
No, however if you are self-employed or an entrepreneur and pay yourself a monthly salary into your own personal account, then you can submit your personal bank statements reflecting the monthly income.
You can borrow at minimum R500.00 and maximum of R5000.00
Our maximum repayment period is one month (30/31 Days).
Yes, it depends on the extent of your bad credit. We perform thorough credit checks and affordability assessments to establish your credit risk profile and consider other aspects when reviewing your application.
We made our fully digital process as effortless as possible for you with 4 simple steps and our process takes between 24 – 48 hours to complete.
After you have successfully passed the checks, verifications and we have confirmed your affordability. We will provide you with a quote. Once you have accepted the quote, we will pay out your Loobi™ Microfinance amount into your desired bank account.
As a fully digital-based microfinancier, we use a debit order collection system for all loan repayments. You will have to provide us authorisation through our debit-check system and sign a debit order mandate for repayment of your loan.
Should you get declined due to affordability or credit risk or other reasons, you can re-apply only after 30 days from the date of being declined.
First-time applicants can apply for a maximum of R3000 and returning clients with a good repayment record can apply for a maximum of R5000.
We are firm believers of good and timely communication. We advise that you communicate at least a week in advance in order to align on alternative repayment arrangements
