Are you in need of a loan and located in the Soweto area? People living in and around Soweto can take advantage of the loan options that we give.
Mashonisa, a name derived from the Shona word for “money lender,” usually work from modest shopfronts or even their own houses. They provide loans to people and businesses, usually with little paperwork and speedy approval. This accessibility is especially beneficial for people who have been rejected loans by traditional financial institutions owing to bad credit records or a lack of collateral.
The simplicity and quickness of mashonisa loans come with a cost. Borrowers sometimes face high interest rates, which accumulate on a daily or monthly basis. This may soon become a debt trap as people struggle to repay the principal and interest.
For people who are excluded from the regular financial system, mashonisa may be their only choice.
Efforts are underway to resolve the issues raised by mashonisa. Government efforts and non-profit organisations are aiming to increase financial literacy and provide cheap loans.
Still need a loan? Mashonisa.co.za might be your best bet. We’re not the bank directly, but we align you with reputable lenders licensed by the NCR in SA. The final rate you get depends on your credit history and other factors – some lenders are stricter than others!