Atlas Finance - Easy, Reliable & Fast Loans Online

1. Atlas Finance Loan Terms
2. Requirements
3. How to Apply for an Atlas Finance Loan
4. How to Repay an Atlas Finance Loan
5. Features

Atlas Finance is a South African short-term credit provider offering cash loans from R500 to R20,000. Atlas Finance has operated since 1994 and is registered as a credit provider under NCRCP3994 and as an authorised financial services provider under FSP 46412.

Customers can apply online or at one of its branches, and loan approval depends on an affordability and credit assessment. 

Atlas Finance Loan Terms

• Loan amount: R500 to R20,000
• Repayment term: 61 to 270 days, or up to 9 months
• APR: from 36% to a maximum of 60%
• Interest: 5% per month on the total deferred amount
• Subsequent loans in the same calendar year: 3% interest per month
• Service fee: R60 per month + 15% VAT
• Initiation fee: R165 on the first R1,000, plus 10% above R1,000
• Maximum initiation fee: R1,050 + 15% VAT
• Credit life cover: R5.50 per R1,000 borrowed
• Repayment: debit order on the agreed repayment date

The final amount available depends on the applicant's affordability and credit score. All loan costs are disclosed before the borrower accepts the agreement.

Credit life cover protects the outstanding loan in specified circumstances including death, retrenchment and disability, subject to the policy terms.

Requirements

To apply for an Atlas Finance loan, you need:

• An original South African ID; or
• A passport and valid work permit for foreign applicants
• Your latest payslip
• Three months' bank statements

Atlas Finance assesses the applicant's affordability and credit score and confirms employment as part of the approval process.

Atlas Finance does not issue loans to applicants who are currently under debt review. A SASSA grant cannot be used to qualify because a payslip and bank statements are required.

How to Apply for an Atlas Finance Loan

You can apply online, visit an Atlas Finance branch or contact its Customer Care Centre.

For an online application:

1. Start the loan application.
2. Enter the requested personal and financial information.
3. Provide your ID or qualifying passport and work permit.
4. Submit your latest payslip.
5. Provide three months' bank statements.
6. Atlas Finance assesses your affordability and credit score.
7. Review the loan amount, interest, fees and repayment terms offered.
8. Accept the agreement if the terms are suitable.

Once an online loan is approved, the funds can be transferred directly to your bank account. Atlas Finance states that qualifying emergency loans of up to R20,000 may be paid out in as little as 24 hours.

For branch applications, employment is confirmed and the application is approved or declined after the affordability and credit assessment. Approved branch loans can be deposited onto a NuCard.

How to Repay an Atlas Finance Loan

Atlas Finance collects repayments by debit order from your specified bank account on the agreed repayment date. The repayment schedule and total amount payable are disclosed as part of the credit agreement.

Making repayments on time is important because missed payments can affect your credit record.

Features

Atlas Finance offers both online and branch-based applications, with more than 290 branches across South Africa's nine provinces.

Loan amounts and repayment terms are tailored according to affordability and credit scoring rather than guaranteed to every applicant. Foreign workers can also apply using a passport and valid work permit together with the required income documentation.

Existing Atlas Finance clients can participate in the Refer2Earn programme. A successful referral of a new borrower can earn the existing client 7.5% of the new customer's loan value.