MYCASH LOAN - SHORT TERM LOAN
Ithala MyCash Loan is a micro loan introduced for the purpose of financing Ithala clients. The product is a short term loan issued and repaid within a month.
It offers clients loan amounts between R500 and R5000 depending on their income, affordability and credit worthiness.
The advance is strictly paid to the applicant’s salary transactional account held with Ithala.
Repayment is through a debit order or a stop order from the same salary transactional account held with Ithala.
Services and Benefits
- The purpose of the loan is for the use by applicants for any of their immediate needs.
Who Qualifies For The MyCash Loan?
- The product is targeted to clients who have a transactional account with Ithala SOC Limited.
- Basic requirement for eligibility to MyCash Loan is the deposit of salary to Ithala transactional account.
Installments and Fees
- The product only has one fee structure called Initiation fee.
- The cost is 10% of the loan value which is due on the date of disbursement and added to the loan amount.
Apply now at your nearest Ithala BranchThese are the minimum required documents:
- South African Bar Coded ID document holders earning a verifiable salary / wage.
- Applicant’s monthly income is paid to an active Ithala transactional account.
- Employed for at least 3 months or received monthly income for the last three months.
- Minimum age: 18 years
- Maximum age: statutory retirement age except applicants older than statutory retirement age earning income other than a state pension
- Exception: applications older than statutory retirement age will be referred to Credit Risk
- Minimum income: R2500 gross per month
- Must meet affordability requirements
- Must be credit worthy