Mashonisa loans in Soweto – There are many lenders in Soweto who are popularly known as mashonisa. They specialize in offering loans to residents with the aim of helping them out of financial crisis. As we know Soweto consists about 32 different townships and has a population of 1.3 million people.
Mashonisa in Soweto are offering loans to many people and have remained a very helpful option for individuals who find themselves in need of a loanshark as they are pupularly known in Soweto.
Are Mashonisa Loans In Soweto Registered With NCR?
The popular name for Mashonisa is loans sharks and that must tell you something. The term came to existence simply because it is widely believed that there are here to bite. They are only able to bite a huge chunk from you because they operate outside of any regulation. They are not registered!
Being unregistered affords them the opportunity to increase interest on your loan repayment. Many people from Soweto and around who have used their services are not so happy. We hear of instances where your bank card is confiscated until you finish repaying your loan. This does not mean they all do so.
What Makes Mashonisa Loans In Soweto Risky?
Often than not a loan shark will be someone in your area. When you borrow from them they will surely keep your identity. Like we heard of instances where identity documents were kept until the loan is fully repaid. We once heard of instances also where the amount borrowed was doubled. Poor record keeping make it very difficult to argue with a loan shark.
The danger of borrowing from a mashonisa is that if you happen to disagree and your relationship lapses, your safely get compromised. If you report the matter to authorities you might get charged also because the law does not allow money laundering in South Africa.
Mashonisa Loans In Soweto (Approved by NCR)
People tend to avoid using the services of Mashonisa in Soweto like anywhere in South Africa because they fear the risk associated with them. They also know that Mashonisa might want to charge very high interest on the initial loan amount taken.
There are stories of people having to leave their ID documents with the mashonisa until they fully pay back the money. All these leave a very bad name for these lenders who are spread all over the country.
Mashonisa In Soweto – Loan Alternatives
People who find themselves looking for loans are always advised to know their credit status. Most who end up going to mashonisa do so because they suspect that they are blacklisted. This is not always the case which is why we encourage you to first check your credit record.
Alternatively we encourage people to approach registered lenders and apply for a loan to see if they are declined on basis of bad credit score.
Below is the list of lenders who are alternative to Mashonisa in Soweto. Thes are registered lenders that operate under the guideline of the National Credit Regulators (NCR).
Loan Application Requirements
To apply for a loan you need to have the following requirements:
- Your SA identity document (ID)
- Three months latest bank statement
- Your proof of salary (payslip)
Additionally you will need to be employed and receive a salary that get paid into your bank account. The bank statements that you furnish the lender must be of the account into which your salary gets paid.
Our list is only limited to mashonisas (cash loans) in Soweto and townships falling under the area. Here is the list:
Atlas Finance Soweto
Physical Address: Shop G07A, cnr Patrick and Chris Hani Road, Diepkloof Black Chain Centre, Soweto
Contact Number: 087 701 8668
Email Address: [email protected]
Hao Cash Loans Soweto
Physical Address: Shop 44 Maponya Mall, 2127 Chris Hani Rd, Pimville, Soweto, 1809
African Brothers Cash Loans Soweto
Physical Address: 6 Black Chain Shopping Centre, Diepkloof Zone, Bara