Mashonisa Loans In Durban – Get Better Alternatives

by

Mashonisa Loans in Durban CBD – lenders who are known as mashonisa are basically private lenders that will help loan seekers secure a loan. If you are in Durban CBD and you are looking for mashonisa, you might be lucky to get help without having to travel too far.

People with bad credit record can also be assisted by mashonisa in Durban CBD to secure a loan that suits your needs.

What Makes Mashonisa Loans A High Risk?

Often than not a mashonisa is a person well known in the area. When you take money from them they will surely keep your identity as to help them when they have to recover their money. Like we heard of caes where identity documents end up confiscated until the loan is fully repaid. There are also cases where the amount borrowed ends up doubling. Poor record keeping make it very difficult to argue with a loan shark in instances of miscalcualtions.

The risk of borrowing from a mashonisa is that if you happen to disagree and your relationship lapses, your safely get compromised. If you report the matter to authorities you might get charged also because the law does not allow money laundering in South Africa.

Are Providers of Mashonisa Loans In Durban Registered?

The popular name for Mashonisa is loans sharks and that must tell you something. The term came to existence simply because it is widely believed that there are here to bite. They are only able to bite a huge chunk from you because they operate outside of any regulation. They are not registered!

Being unregistered affords them the opportunity to increase interest on your loan repayment. Many people from Durban and surrounding locations who have used their services are not so happy. We hear of instances where your bank card is confiscated until you finish repaying your loan. This does not mean they all do so.

Mashonisa Loans In Durban (Approved by NCR)

People tend to avoid using the services of Mashonisa in Durban like anywhere in South Africa because they fear the risk associated with them. They also know that Mashonisa might want to charge very high interest on the initial loan amount taken.

There are stories of people having to leave their ID documents with the mashonisa until they fully pay back the money. All these leave a very bad name for these lenders who are spread all over the country.

Mashonisa In Durban – Loan Alternatives

Looking for mashonisa (private lenders) who can help you has become much easier with internet. People in Durban CBD have access to the internet where you can easily find mashonisa near you.

Loan Sharks Durban CBD

No one plans to visit loan shark or mashonisa to borrow money but it happens because life is unpredictable. There are events that need money to keep us breathing until the next pay.

Some of us have a bad credit record and approaching a bank for a loan is pointless. You will be declined if you are blacklisted. This is where mashonisa or loan sharks step in to help.

Loan Application Requirements

To apply for a loan you need to have the following requirements:

  • Your SA identity document (ID)
  • Three months latest bank statement
  • Your proof of salary (payslip)

Additionally you must be employed and receive a salary that get paid into your bank account. The bank statements that you furnish the lender must be of the account into which your salary gets paid.

Our list is only limited to mashonisas (cash loans) around Durban CBD and townships falling under the area. Here is the list:

Other Loan Service Providers in Durban: