What you should know about Cobol loans
Cobol is a lender to thousands of South Africans who take advantage of this trusted & registered credit provider. Borrowing money from Cobol is possible since the company launched in 2006. Cobol personal loans are a simple, stress-free solution that is available online to permanently employed South African citizens. These types of quick and convenient loans are designed to offer emergency credit in times of financial difficulty. Therefore, you can trust this lender to be around 24/7, ready to give you short-term micro-loans that make a difference.
Cobol loans: The basics
Cobol finance fast, online loans that offer a minimum amount of R250, and a maximum amount of R5,000. The repayment can be anywhere between 1 month and 6 months, which is the maximum length of time allowed. The application process is straightforward, and if you meet the requirements, you can get approved in a few minutes. Generally, here’s how it works:
- Check if you qualify. You should be a permanently employed South African citizen.
- Fill in the application form, submit, and accept the quote.
- Receive the cash loan and use it for your needs.
- Repayments are collected every month through a debit order until you have fully settled your debt.
What are the fees and interest rates for Cobol loans?
The company charges an Annual Percentage Rate between 124% and 212% per annum. In order to better understand how Cobol loan interest rates and fees works, you can look at the following example:
- Amount: R3 000
- Term: 6 months
- Monthly repayment: R 696.07
- Total repayment: R 4 189.78
- Interest: 3%
- Initiation fee: R 416.10
- Monthly fee: R68.4
- APR: 124%
The fees and rates listed above are useful in showing you what to expect. In addition, keep in mind that your credit’s actual cost will be provided in the quote supplied by the bank at the time you apply.
What is needed to apply for Cobol personal loans?
Like many other finance solution providers, Cobol has specific requirements that you need to meet if they are to lend you money. The requirements are quite basic and are as follows:
- You should be between the ages of 18 and 65 years;
- Have a good credit rating;
- Have access to an active email account;
- Provide your phone number and debit card details;
- You should supply proof of residence; and
- 3 months payslips/bank statements.
How to apply for a Cobol loan
The online application process is quite quick and straightforward, and it involves the following steps.
- Firstly, select your desired amount & duration on our calculator. Once you’ve selected your product, click “Go to Site.”
- New clients must sign up by entering their ID number and creating a password.
- Input your phone number and receive a one time pin that you will also input on the site.
- Next, enter your name, and address.
- Then, provide your employment information, including your employer, salary, and their number.
- From there, the site will provide a quote via email, which you can accept or decline. If the offer meets your individual needs, you can proceed with the application.
With Cobol, you will know in a few minutes whether you qualify for the credit or not. If you accept the offer, they will deposit the amount into your account on the same day. This is all done without having to travel or visit any branch.
Cobol short term loan application
The application process for Cobol short term loans is the same as that for Cobol personal loans. You can apply, get approved, and get paid on the same day. They strictly offer short term credit of up to R5, 000 to South African citizens who are permanent employees and earning more than R3000 per month.
Are Cobol loans safe?
Cobol is a registered and licensed credit provider in South Africa. Hence, you don’t have to worry about legality matters. The company fully abides by the rules and regulations put in place by the National Credit Regulator. They will also lend you responsibly, reducing the chances of crippling debt situations to develop.
How do you make sure you’re dealing with the real Cobol?
From time to time, you might get scammers who might want to pose as Cobol. Before you proceed to apply for quick cash, please check out the following details:
- Cobol finance has a specific range of products. The maximum amount offered is R5000 for new clients and R8000 for returning clients.
- The insitution does not ask their clients to pay any upfront fees. All the costs are spread over the monthly installments. The monthly repayments include all costs.
- You can only apply for a Cobol loan through their website.
- The bank does not use any other name except Cobol Finance.
- Their repayment terms range from 1 to 6 months only.
What are the main advantages of Cobol personal loans?
- Applications can be made at any time of the day.
- The turnaround time is speedy. You know whether you qualify for a Cobol personal loan within minutes.
- The company is registered with the National Credit Regulator, and they have experience in offering this type of service.
- Cobol loans have a relatively low and competitive interest rate in comparison to other lenders.
- The cash is deposited in your bank account.
- The lender has a simple and easy to use website and application.
- All actions are automated with easy to follow application guidelines.
Disadvantages of Cobol loans
- You will not get a Cobol personal loan if you are not a permanent employee.
Are there Cobol personal loans for the blacklisted?
While everyone wants to get approved for their credit, Cobol is one of the lenders that looks at your credit score. Therefore, if you have bad credit or have taken out other debts that you have not yet paid up, you might not qualify.
This is done to protect you from borrowing what you can’t afford. It is always best to finish repayments for any existing credit before applying for another. Furthermore, while it is easy to take out a loan, the monthly repayments can leave you struggling and dependent on more borrowed money. This lender, therefore, values the financial stability of its customers and encourages responsible borrowing.
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