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If you’re looking for Qwiekfin loans, the company offers a service that makes it easier to find the right loan from the right lender.
With so many online loan options available in South Africa, it’s not always easy to get a read on the lending market. Here, we provide a closer look at what Qwiekfin has to offer.
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WHO IS Qwiekfin?
Qwiekfin is an online loan broker, meaning the company acts as a middleman between borrowers and lenders. The brokerage firm says it operates nationwide and has over 25 years of experience in the credit industry. The company claims to help South Africans to get personal loans.
KEY FEATURES
- Loan Amounts: Up to R150,000
- Loan Terms: 12 to 60 months
- Interest Rates: Maximum APR 32% – 38% per annum
- Loan Options: Personal loans and business loans
ILLUSTRATIVE EXAMPLE: If you borrow R100,000 over 36 months (Annual Percentage Rate of 28%), your monthly repayment would be R4558. Keep in mind that the overall cost of your loan will depend on how much you borrow, the repayment period, and your credit profile.
PROS
✔️ Access to a panel of lenders in one place
✔️ Fast and simple online application
✔️ Save time and avoid hassle
✔️ Wide range of personal loans
CONS
❌ This is not a direct lender
❌ The company charges R250 for the service
WHY WE LIKE IT
Qwiekfin connects borrowers to a panel of lenders registered with the NCR. This can be helpful to some South Africans who need extra help sourcing a loan from an online lender. Not all borrowers are tech-savvy. The right broker can help you navigate the online lending marketplace and find the best financial product to meet your needs.
SUMMARY
The company is a loan broker or middleman that connects you to multiple credit providers. It helps South Africans source personal loans of up to R150 000 and charges a R250 fee.
Qwiekfin LOANS ARE BEST FOR YOU IF YOU:
- Need help shopping around for a loan
- Need a loan quickly and want to concentrate your options
- Don’t mind paying a fee of R250 for the service
Full Qwiekfin Personal Loans Review
Learn more about how this loan broker works, the benefits, what could be improved, and more.
Pros Explained
Convenient Online Loan Directory Service
The company says it only works with registered credit providers certified with the NCR.
When you apply for a loan, the broker introduces you to a wide range of lenders or providers of financial services.
You should note that the service is continuous, and you can subscribe monthly to ensure you always have access to up to 25 financial institutions.
This may make it easier to find the right loan if you plan to apply again in the future.
The convenient online loan directory offers access to reputable lenders under one roof. The list includes Sanlam, Absa, and African Bank.
Easy Online Loan Application
This loan broker offers a quick and paperless online application process that can save you a lot of hassle. Completing the application takes a few minutes.
You don’t need to submit any paperwork to get access to top financial institutions in South Africa that may be willing to offer you credit. You can unlock multiple loan options with a single application.
Shop for a Loan Without the Leg Work
A loan broker like Qwiekfin is ideal for borrowers who want to narrow down options quickly without the hassle of sifting through the lending market.
The company says they will be your middleman, whose job is to review your application and match it to lender requirements.
If you’re short on time, the loan broker does the legwork and shops around for a suitable loan on your behalf.
Many Loan Options Available
Since the broker has partnered with several financial institutions, a Qwiekfin loan application is the gateway to a wide range of personal loans.
Loan amounts go up to R150 000, so this option looks ideal for all types of borrowers, whether you’re looking for a small, short-term loan, or a large, long-term loan.
The loan broker also says it offers blacklisted personal loans. So if you have a bad credit history, using the service may be able to help you get credit from different providers.
Cons Explained
The Company is Just the Middleman
Some borrowers may have trouble differentiating between a loan broker and a direct lender.
A loan broker doesn’t offer loans, it only shops around on your behalf and tells you which lenders are likely to offer you credit.
That means Qwiekfin can’t guarantee you’ll get approved for a loan. It’s up to the lender to make a decision based on your credit profile. In addition, the service offered by Qwiekfin is something you can do yourself.
You can search online and compare loans on your own. Working with a loan broker might not be for you if you prefer to communicate directly with lenders and get answers from the source.
The Loan Sourcing Service is NOT Free
Although the loan broker is upfront about the fees they charge and there are no hidden fees, not everyone takes the time to read the fine print.
Borrowers may easily assume that this service is free since most similar comparison websites don’t charge anything.
It’s important to note that Qwiekin will charge you a steep fee of R250 for sourcing a loan on your behalf. They also charge R79 per month for continued access to the lender directory (membership fee).
The worst thing about this is that this fee is charged, whether your loan application is approved or declined. Be sure to read all the terms and conditions carefully before agreeing to such a deal.
Once you give the company permission to debit your account, the company will submit a collection on the payment day.
If there’s no money in your account, Qwiekfin will keep tracking your account and resubmit the collection until it’s successful.
How Does Qwiekfin Work?
Keep in mind that the company is not a direct lender. The company is what’s known as a “loan broker.”
The company operates as a loan broker with an online comparison website. You can submit an online loan application via the website and Qwiekfin will provide a list of lender options. The company says they offer the following as part of their service:
- Variety of personal loan options up to R150 000
- Flexible repayment terms from 12 to 60 months
- Competitive interest rates
- Fixed monthly repayments
- Funds paid straight into your current account
Is Qwiekfin a Safe and Trusted Option?
Before you apply for a loan, you may want to first verify whether the company is reputable.
If you look at Qwiekfin loans reviews, you’ll find that many borrowers complain about the company. That’s because the company charges a once-off fee of R250 and R79 per month thereafter.
It doesn’t matter whether you get the loan or not. As long as you agree to the terms and conditions, there will be debit orders on your bank account.
This explains why Qwiekfin has been accused by many borrowers of being scammers. You should also be aware of other parties that run a similar operation, impersonating Qwiekfin to attract borrowers.
⚠️ WARNING: Qwiefkin will debit R250 from your account and R79 every month after that if you use its service.
How to Apply for a Qwiekfin Loan
Here’s what you need to know about applying for a loan online.
Qwiekfin Loan Requirements
To qualify, you must:
- Be between the ages of 18 and 63
- Be a permanent SA resident with a green bar coded ID
- Provide proof of home address (up to 3 months old)
- Be permanently employed and working at your current workplace for at least 6 months
- Have a monthly salary of more than R3000 paid directly into your bank account
- Provide proof of income – your last payslip and 3 months’ bank statements
You’ll not qualify if you’re under or have applied for debt administration, sequestration, liquidation, or debt review (debt counselling). Similarly, people who are temp workers, domestic workers, self-employed, or only earn commission are not eligible.
Online Application Process
To get started visit the website and click on Apply Now. You must complete the online application form with the required details.
You’ll first need to fill in your personal details, including your name, email, phone number, physical address, and South African ID number.
Next, you provide the loan details, such as how much you want, employment information, and your net and gross salary.
Qwiekfin also requires your banking information and other details about your next of kin. Once you complete the online loan application, you must agree to the terms and conditions, and sign the agreement electronically.
You’ll receive an email asking you to confirm the agreement via DebiCheck, which allows Qwiekfin to debit your account whether you get a loan or not.
Qwiekfin Loans Contact Details
📌Contact number: 010 006 7286
📌WhatsApp: 061 587 2557 / 067 890 2892
📌Email address: support@qwiekfinloans.co.za
📌Physical address: 154 Kock Street, Rustenburg
Business Hours
Monday to Friday – 8:00 to 16:30
Sat, Sun & Public Holidays – Closed
Other Loans Like Qwiekfin
If you’re looking for similar options, several companies can help you compare loans online. It’s best to explore alternative options that are free and don’t charge a steep fee:
- Arcadia Finance: Arcadia Finance partners with different banks and lenders to help you search for the right loan. You can apply for loans of up to R250,000.
- MyLoan co za: MyLoan offers a free service where you can get loan offers in seconds and compare your options in one place. All offers are non-binding.
- Moneyshop: Moneyshop is a loan and insurance finding service that uses artificial intelligence to match borrowers to the right lender.
Frequently Asked Questions
Qwiekfin is a loan broker – a middleman – and not a direct lender. Please note that Qwiekfin charges a once-off fee of R250 and a recurring fee of R79 per month if you apply for a loan.
Once you agree to the Debi-check, Qwiekfin will place a debit order on your account whether your loan application is declined or approved, even if you don’t accept the loan.
Yes, when you apply for a loan with Qwiekfin, you give the company and its lender partners to perform a hard credit check. Too many hard credit checks in a short time can negatively impact your credit score.
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.