EC Loans South Africa

EC Loans operates under a simple principle – when you need a loan, you deserve an answer as quickly as possible. They also believe that all South Africans deserve a fair chance to access financing, no matter what their credit history is.

Having a bad credit history is not automatically a disqualifying factor with EC Loans. The company understands that everyone makes mistakes or goes through bad patches from time to time. They do not hold that against.

Their aim is to help you start to achieve financial freedom by finding the perfect loan for you.

How Do EC Loans Work?

That does not mean that you will automatically get a loan, regardless of your credit history. But, unlike standard credit retailers who might disqualify you immediately, EC Loans will take a more holistic view of the situation.

Have you been working to improve your credit worthiness? Perhaps it was a once-off mistake months ago and since then things have been going better.

EC Loans looks to see if you can afford the new loan in addition to the expenses that you already have.

So, if you are truly able to afford the repayments, apply for an amount between R1 000 and R100 000. The minimum loan term offered is 12 months and the maximum loan term offered is 84 months. The company does not offer short-term or so-called payday loans.

All the loans are unsecured, but the client may be required to cede life insurance cover depending on the amount of the loan. This would cover the total outstanding balance in the case that the lender dies.

You would be able to cede an existing policy or start a completely new one as required.

How Much Will it Cost?

This will depend on the credit provider that the loan is secured through. You will be provided with a complete quote, detailing how much you will pay back in full if your application is successful.

You will then be able to decide whether or not to continue with the application.

EC Loans South AfricaTypically, though, you will pay an initiation fee that is a percentage of the loan amount. You will also pay a monthly administration fee. In addition, you will pay interest at the rate determined by the credit provider.

You should also take into account the cost of insurance that may be required by certain credit providers.

Who Qualifies to Apply?

You must be either a permanent resident or citizen of South Africa. You must be at least 18 years old and be able to provide a valid government-issued ID document. You will have to be able to provide proof of your residential address and also have your salary deposited to a bank account in your own name.

Applicants must earn a minimum of R1 500 per month.

EC Loans makes it simple – apply online and they will help match you to your perfect loan solution. Why schlep all the way to the bank to wait in endless queues and deal with some bored and disinterested staff member when you can just apply online quickly and easily?


Next step: complete and submit the form on this page to request a loan


All info was correct at time of publishing