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Iemas Loans South Africa: 2024 Review

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Iemas Financial Services offers a range of financial product. Read our full Iemas loans review for all the details.

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Iemas Financial Services Limited is a financial co-operative owned and operated by its members. 

The co-operative offers a wide range of financial products from vehicle financing and insurance to personal and household loans. The company also partners with employer groups to provide workplace financial services and wellness training. 

Iemas was founded in 1937 as a small loan facility within Iscor and is now one of the largest Trade Co-operatives in South Africa. 

In 2021, the company rebranded from Iemas Financial Services Co-operative Limited to iMasFinance Co-operative Limited. Although the company has its headquarters in Centurion, it conducts business throughout the Republic.


✔️ Multiple types of loans

✔️ Low interest rates

✔️ Member rewards

✔️ Online and brick-and-mortar branches


❌ Must be a member to qualify


This is a profit-sharing financial services provider where every member enjoys benefits and can have a say in how the business is run. 

Unlike some traditional financial institutions that focus on maximising profits, the co-operative strives to impact communities positively through consumer education, donations, and sponsorships.


Existing members have access to a variety of loans at competitive rates. If you work for an Employer Partner, you automatically become a member when you take up an iMasFinance product. 

If you’re not a member already, and don’t have an iMasFinance product yet, you can apply to become a Prospect member. 


  • Working for an affiliated employer group
  • Interested in a lender with a wide product range
  • Interested in the membership benefits, such as personalised credit reports

Full Iemas Personal Loans Review

Learn more about Iemas personal loans and other related products: Weigh the advantages and disadvantages of an iMasFinance loan and check if you qualify.

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Pros Explained

Wide Range of Financial Products

As one of the largest financial co-operatives in South Africa, Iemas offers a comprehensive suite of financial products. 

The company specialises in many industries, including financial services, exchanges, life insurance, commodity brokers, dealers, and security services. 

Member borrowers have access to a number of loan options, such as a purchase card, unsecured personal loans, vehicle finance, home loans, and educational loan products. These financial solutions can meet the varied financial and wellness needs of members. 

If you qualify, an Iemas loan could be right for you, whether you want to buy a new or used car, make a purchase, cover education expenses, buy insurance, invest in your homeownership journey, or more.

Competitive Interest Rates and Fees

iMasFinance differentiates itself from traditional banks in many ways. For starters, the co-operative is a non-profit organisation owned and operated by members. 

In contrast, traditional financial institutions are owned by shareholders who expect big profits. Since the co-operative works on a not-for-profit basis, it exists to serve members’ financial needs in the form of lower interest rates and affordable fees. 

The business model is based on the principle that the organisation is owned and operated for the benefit of the people who actually use the services. Considering that many lenders in South Africa are profit-driven, it may be tough to find better loan deals elsewhere.

Shared Benefits for All Members

Besides affordable financing options, members also enjoy additional benefits, called iMasRewards. 

When an individual takes out an iMasFinance product, they become a member of the co-operative and can share in the profits. 

iMasRewards is a loyalty programme with different levels where members are rewarded based on their product usage throughout the years. One portion of the annual benefit is paid to members and the other is paid into a reserve fund that earns annual interest. 

The savings component helps borrowers build a nest egg, thus rewarding financially healthy behaviour. In addition to shared financial rewards, the company also offers free financial wellness workshops for the benefit of employer partners. 

Other benefits include:

  • Free Wills Consultation
  • Personalised credit reports
  • Wellness indicator to show current financial standing
  • Free vehicle licence registration reminder
  • Free electronic iMasFinance Life Vault

Apply Online Or In Person

This provider has been in business for over 80 years and has successfully expanded to include numerous branches, regional offices, service points, and a contact centre. 

Services are available in almost all South African provinces, including Gauteng, Mpumalanga, Kwazulu Natal, and the Northern Cape. 

At the same time, the company has improved its digital capabilities. Members can use digital solutions to apply for Iemas loans online. They can also conveniently access products and services via telephone, SMS, or email anytime and from anywhere. 

The lender even offers on-site delivery at large employers to ensure easy access to financial services for members.

Cons Explained 

Products Are Only Available to Members

As a co-operative, membership criteria for Iemas loans include working for a certain employer. 

iMasFinance has partnered with over 600 employers countrywide, and only employees of these companies can use and benefit from iMasFinance’s products and services. If you’re not an employee of an affiliated organisation, you’re not eligible to apply.

How Do Iemas Loans Work?

iMasFinance offers the following loan products:

  • Vehicle Finance: Options include balloon payments, instalment finance, leisure finance, or refinancing for new or used cars. The provider has partnered with reputable dealers to make life easier for borrowers.
  • Personal Loans: Members have access to short to medium term loans. These personal loans can be secured or unsecured and are designed to meet a wide range of personal needs, such as debt consolidation and emergency expenses.
  • Purchase Card: You can use the iMasFinance Credit or Debit Purchase Card to cover everyday expenses like groceries. The lender has partnered with over 12,000 retailers nationwide and using this product earns you more iMasRewards points.
  • GradUCare: This product is designed specifically to cover education expenses – from pre-school to tertiary, whether it’s tuition, fees, books, or accommodation.
  • Home Loans: This provider finances homes (R500 000 minimum), and also offers a pension-backed home loan to cover renovations, the cost of building, deposits, and related expenses.

Is Iemas a Safe and Trusted Option?

Yes, this lender is legit. iMasFinance Co-operative Limited is a registered credit provider and Iemas Insurance Brokers (Pty) Ltd is an authorised financial services provider. 

The co-operative has been in business for over 80 years, solidifying its experience in the financial services industry. 

It has partnered with many large listed employer groups, such as Exxaro, Sasol Ltd., Anglo Coal, Avusa, Astral Foods Ltd, and Medi-Clinic. Be sure to check out Iemas loans reviews online to help you decide if this lender is right for you.

How to Apply for an iMasFinance Loan

Before you submit your loan application, check whether you meet the qualification requirements below.

Loan Requirements

You must be over 18 years old. In addition, you’ll need to provide the following documents:

  • Valid ID/SmartCard/Passport
  • Valid driver’s licence (vehicle finance)
  • Proof of address
  • 3 most recent payslips
  • 3 months bank statements (most recent)
  • Confirmation of employment

If you’re applying for educational lending, you must also provide a quotation for tuition, books, and accommodation. Other requirements vary based on the type of product you’re applying for.

Iemas Online Loan Application Process 

You can either apply to be a Prospect member or take out a loan product, which automatically makes you a member. 

Visit the website to fill in the registration form to become a Prospect member. Alternatively, select the product you want to use and complete the online application form. 

You can also apply for a personal loan or other product via WhatsApp or by visiting the nearest branch. The provider has an online branch locator that can help you with this. 

Iemas Loans Contact Details

📌Contact number: 086 104 3627

📌WhatsApp number: 087 240 5626

📌Primary address: Corner Embankment Road & Kwikkie Street, Zwartkop x 7, Centurion, Gauteng 0157, ZA

Frequently Asked Questions

Are there Iemas loans for debt review clients?

No. If you have a debt review flag on your credit profile, you cannot qualify for a loan according to the rules and regulations set by the National Credit Regulator (NCR).

Can I apply for Iemas loans for blacklisted people?

iMasFinance does not offer a specific product for members with bad credit. Approval is not guaranteed and is based on your risk profile and personal and financial circumstances.

Can I apply for a loan online on Iemas?

Yes. Visit the lender’s website to apply for Iemas loans online

How long does it take for Iemas to pay a loan?

If you have applied for an Iemas purchase card, 48 hours is the maximum expected time for the funds to become available on the card.

Does Iemas offer debt consolidation loans?

iMasFinance does not appear to have a specific product for debt consolidation. However, you’re free to use an Ieamas personal loan to pay off existing debts.

Watch: Iemas Loans Video

Our Research Expert

Gracie Makowe is a full-time personal finance writer with 10 years of experience and a Bachelor of Commerce in Financial Management from UNISA. Learn more.