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Lime loans are a well-known feature on the payday loans market in South Africa.
Like most payday lenders, Lime24 makes life easier for borrowers by offering a quick and easy way to get emergency cash for short-term situations. Read our full Lime Loans review to see if you should apply.
✅ How Much Do You Need?
WHO IS LIME?
Lime South Africa is a financial technology company that provides loans through its online lending platform. The company was launched in 2016 and belongs to a larger company called Lime Credit Group, which was founded in 2013 in Russia by Alexey Nefedov and Stanislav Sergushkin. The company also has operations in Poland, Mexico, and other markets.
KEY FEATURES
- Loan amounts from R300 to R5400
- Borrow for between 5 days and 7 weeks
- Interest rate of 0.16% per day for new clients and 1% per day for existing clients
PROS
✔️ 100% online, convenient application
✔️ Fast application processing with instant transfers
✔️ Lower interest rates for returning clients
✔️ No penalties for early repayments
CONS
❌ Higher interest rates for new borrowers
❌ Limited borrowing power
❌ You pay back the money in one instalment
WHY WE LIKE IT
Lime loans are quick and easy and offer the simplicity most borrowers are looking for. In addition, if you need to borrow again, you can get an interest discount as long as you make repayments on time.
SUMMARY
This lender offers payday loans ranging from R300 to R5400 over a time period of 5 days up to 7 weeks. This is one of the most convenient and fast options for people with short-term cash flow gaps since you can apply online and receive an instant transfer if approved.
LIME 24 LOANS ARE BEST FOR YOU IF YOU:
- Have a verifiable income as shown on bank statements
- Want the option for early repayment
- Need money in your bank account as soon as possible
Full Lime Personal Loans Review
Get more details about Lime 24 loans to make a fully informed decision:
Pros Explained
Apply via an easy-to-use online lending platform
All you need is an internet connection and a smart device to access the cash you need. The application process takes little time, and you only need to provide basic information.
Receive money in your bank account ASAP upon approval
Another sweet benefit of Lime cash loans is you don’t have to wait long to get the money once your application is approved. Same day loans are available for those who apply before 2:00 pm on a business day.
Get a lower interest rate as a returning customer
If you’re a returning customer, you can receive a discount. New clients are charged an interest rate of 0.16% per day, which gets lowered to 0.10% for subsequent clients.
Pay back the loan earlier and save with no extra charge
Remember, this lender charges a daily interest rate. So, you can save money by repaying the debt sooner than the due date. The good news is that you can do so without penalties or restrictions.
Cons Explained
It’s a payday loan, so expect high interest rates
Like most payday loans, this option carries high interest rates. This is probably why you only get a short-term loan, and the repayments are not too much. Still, it’s in your best interests to pay back the money as soon as possible.
Small loan sizes, so limited uses
What can you use a Lime loan for? The answer is pretty limited since you can only do so much with a maximum loan size of R5400.
For example, this loan is not the best option for buying a car or renovating your home. Instead, it’s better suited for emergencies that can’t wait until payday, like car repairs, transport money, or urgent bill payments.
You repay the loan in one go in a short time
Some lenders offer the option of splitting your repayments into several instalments. But with Lime, you’ll have to pay back the money all at once on your payday, within 7 weeks, and this could affect your cash flow for that month, forcing you to borrow again.
How Do Lime Loans Work?
The lender offers short term loans (5 days to 7 weeks) from R300 to R5400. It’s one of the digital lending platforms in South Africa that differentiates itself from traditional lenders like banks by offering online convenience.
Representative Example
If you borrow R4000 for 30 days, the total amount to repay is R4713,8. Charges include an interest rate of 0.16% if you’re a new client and 0.1% if you’re a returning client. The initial fee is 16.5% of the first R1000 you borrow plus 10% of loan amount over R1000 (+VAT). Limited to the lesser of 15% of loan amount (+VAT).
Is Lime a Safe and Trusted Option?
Lime Loans South Africa (PTY) LTD is a registered credit provider with a verifiable NCR certificate. The company operates in strict accordance with the regulations under the National Credit Act. Your information is safe because the lender uses encrypted pages protected by modern security tools.
In 2021, the company issued over 60,000 loans worth EUR 5,6 million with a customer retention rate of over 80%. So, it appears to be a popular and trusted option among South Africans.
How to Apply for a Lime Loan
What You Need to Qualify
- SA ID number
- Cellphone number and Email
- Bank account details
- Bank statements for the last 3 months showing income
Application Process
Step 1: Create Your Profile. Visit the lender’s homepage and use the sliders to find your preferred loan amount and repayment period. Next, click ‘Apply Now’ and provide your personal information and contact details.
Step 2: Get Available Conditions. Enter the details for your salary bank account. Then, provide your latest bank statements for the last 3 months. You can choose to upload your bank statements manually or allow Lime24 to connect directly with your bank for faster processing.
Step 3: Get an instant transfer. You’ll only receive a loan offer once the lender checks your affordability. When you confirm your income and select your loan amount and term, the last step is to accept the offer by reading and signing your loan contract. Then the money will be paid to your bank account.
Applying for Your Second Loan
Step 1: Log In to Your Profile. Simply enter the mobile number you used to register to access your account.
Step 2: Verify Your Information. Confirm that your personal data and bank account are still correct. Fill out information about your income and costs in a form on the site. You need to provide bank statements for the last 3 months showing your income.
Step 3: Finalize your application. Choose the loan amount you wish and sign the loan contract electronically. Money will be delivered to your bank account.
Lime Loans Contact Details
📌 Contact number: 010 442 6722
📌 Email: support@lime24.co.za
📌 Address: C505, Bridgewater 3, Century City, Cape Town, 7441
Other Loans Like Lime
If you’re looking for similar loans that can offer more value, it’s good to compare lenders and consider factors like cost, loan amounts, and loan terms. Top alternatives include:
- Wonga Loans – Wonga may be a better alternative because you get R500 – R4000 for up to 3 months as a new customer and up to R8000 for up to 6 months. The loan amounts and terms are more flexible.
- FASTA Loans – FASTA may also be a better option because you get up to R8000, which you can repay in 1, 2, or 3 monthly instalments.
- Unifi Loans – Unifi offers R2000 up to R8000 with repayment periods of 1, 3, or 6 months. Everything happens online, and the biggest bonus is you could get same-day approval, which is handy in an emergency.
Frequently Asked Questions
Lime Credit Group is an international fintech holding with operations in South Africa and Mexico. Lime South Africa is a subsidiary of Lime Credit Group.
Lime aims to provide instant access to personal loans, so you can expect your application to be processed as quickly as possible.
Lime will deposit money into your bank account once you’re approved. Payments made before 2:00 p.m. will be credited to your account on the same day. But if the payment is made after 2:00 p.m. or on a holiday, it will be credited to your account on the next business day by 7:00 p.m.
When you accept your loan offer, you also have to confirm your debit order. That way, the money will be deducted automatically from your bank account on the due date. You can also repay your Lime 24 loan before the repayment date. Just log in to your profile and click ‘Repay.’
Yes, Lime 24 is a registered credit provider with the NCR.
The most common reason for a declined application is if you provided incorrect information. However, Lime uses many factors for loan approvals, so the best thing is to contact the lender to discover the reason behind a declined loan application.
Watch: Lime Loans – Anytime, Anywhere
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.