Nora Finance - Apply for a loan online

1. Nora Finance Loan Terms
2. Requirements
3. How to Apply for a Nora Finance Loan
4. Repaying a Nora Finance Loan
5. Features

Nora Finance is a South African registered credit provider offering short-term personal loans online. New customers can apply for up to R2,500, while existing customers may qualify for up to R5,000, with a repayment period of 35 days. 

Nora Finance is registered with the National Credit Regulator under NCRCP13950 and is also an authorised Financial Services Provider, FSP No. 51273. The company also provides business funding products, including purchase order finance, invoice discounting/debtor financing and project equity finance for SMEs.

Nora Finance Loan Terms

• Loan amount: from R500 to R5,000
• New customers: up to R2,500
• Existing customers: up to R5,000
• Repayment term: 35 days
• Loan type: short-term personal loan
• Application: online

The loan calculator on the Nora Finance website allows customers to select amounts starting from R500. Nora Finance states that its application process is transparent and that there are no hidden charges.

Requirements

To apply for a Nora Finance personal loan, you need:

• A South African ID number
• A cellphone number
• Bank account details
• Your most recent proof of income

How to Apply for a Nora Finance Loan

The application can be completed online:

1. Choose the amount you want to borrow.
2. Start the online application.
3. Create or access your Nora Finance account.
4. Enter the required personal information.
5. Provide your bank account details.
6. Submit your most recent proof of income.
7. Wait for the application to be assessed.

If the loan is approved, the money is transferred to the borrower's bank account. External information about Nora Finance indicates that approved applications may be paid within one business day.

Customers can also create an account and access the Nora Finance Dashboard to manage their account online.

Repaying a Nora Finance Loan

Personal loans have a 35-day repayment period. Repayment information published about Nora Finance indicates that the amount due is collected from the borrower's bank account by debit order on the agreed due date. Customers who want to settle the loan earlier can contact Nora Finance to confirm the outstanding settlement amount and payment details.

Features

Nora Finance offers both personal and SME financing products. Its short-term personal loans have an online application process and separate borrowing limits for new and returning customers.

For businesses, Nora Finance provides funding from R50,000 to R5 million for viable SMEs requiring capital for expansion or working capital. Its business funding products include:

• Project Equity Finance
• Invoice Discounting/Debtor Financing
• Purchase Order Finance

Under invoice discounting, Nora Finance may advance up to 90% of an eligible invoice value rather than requiring the business to wait through normal 30-, 60- or 90-day payment terms.