Sheshisa Loan - Quick short-term loans with 24-hour approval

1. Sheshisa Loan Terms
2. Requirements
3. How to Apply for a Sheshisa Loan
4. How Sheshisa Pays Out Loans
5. How to Repay a Sheshisa Loan
6. Early Repayment
7. Late Payments
8. Features

Sheshisa Loan is a South African short-term lender operated by Sheshisa Finance (Pty) Ltd, offering personal and emergency loans through its online application portal and physical branches. The lender focuses on small, short-term credit and allows borrowers up to 3 months to repay. Completed applications can be approved within 24 hours.

Sheshisa also lends to qualifying SASSA grant recipients and assesses each application individually based on the applicant’s ability to repay.

Sheshisa Loan Terms

• Loan type: short-term personal and emergency loans
• Loan amount: determined according to income, credit profile and affordability
• Repayment term: up to 3 months
• Interest rate: depends on the loan type, amount and repayment period
• Upfront fees: none
• Approval time: up to 24 hours after a complete application
• Repayment frequency: scheduled according to the borrower’s pay date

The application system generates an individual quotation showing the capital borrowed, total interest, total fees, repayment period, monthly interest rate, instalment amount and repayment dates before the loan is concluded.

Requirements

Applicants need:

• To be at least 18 years old
• To be a South African resident
• A valid South African ID
• Proof of residence
• 3 months’ payslips
• 3 months’ bank statements
• Proof of income
• Bank account details

Sheshisa may request additional documentation depending on the type of loan. Applications are also assessed according to affordability and creditworthiness.

SASSA grant recipients may also qualify for a loan.

How to Apply for a Sheshisa Loan

A loan application can be completed online through the Sheshisa application portal or at a Sheshisa branch.

The online process includes:

1. Enter your employment type and how often you are paid.
2. Provide your monthly income and expenses.
3. Enter the amount you want to borrow.
4. Select how long you need to repay it.
5. Provide your next payday.
6. Review the personalised loan quotation.
7. Enter your personal and identification details.
8. Provide employment information.
9. Add your bank account details.
10. Sign and submit the application.

The application asks for details such as income, expenses, employment and banking information so that Sheshisa can assess affordability. After submission, the applicant receives the outcome by SMS.

How Sheshisa Pays Out Loans

Once a loan is approved, Sheshisa can make the funds available immediately via e-Wallet or a FEZA Card. A FEZA Card can also be provided to the borrower.

How to Repay a Sheshisa Loan

Loan repayments are collected through scheduled debit orders from the borrower’s bank account on their pay date.

Early Repayment

A Sheshisa loan can be settled before the agreed end date without an early-settlement penalty.

Late Payments

Late repayment may result in additional fees under the loan agreement. Borrowers who expect difficulty making a payment are encouraged to contact Sheshisa before the due date to discuss the situation and reduce the risk of damaging their credit record.

Features

Sheshisa uses an affordability-based lending process rather than offering every applicant the same loan amount. Income, expenses, employment details and credit information can be considered when evaluating an application.

The lender offers:

• Online and branch applications
• Personal and emergency loans
• Repayment periods of up to 3 months
• Loans for qualifying SASSA grant recipients
• Individual loan quotations before completion
• e-Wallet and FEZA Card payouts
• Debit-order repayments
• Early settlement without a penalty