Mashonisa In Johannesburg – List of Better Loan Alternatives

Mashonisa in Johannesburg – There are many money lenders who operate privately in Johannesburg commonly known as mashonisa who are offer cash loans to residents to help them out of financial crisis. As we know Johannesburg is home to many people and is surrounded by a number of townships.

Mashonisa in Johannesburg are servicing a big number of people and have remained a very financially via option for individuals who find themselves in need of a loansharks as they are popular in Johannesburg.

Are Providers of Mashonisa In Johannesburg 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 Johannesburg and around 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.

What Makes Mashonisa In Johannesburg Dangerous?

Often than not a loan shark will be someone in your area. When you borrow from them they will surely keep your identity. Like we heard of instances where identity documents were kept until the loan is fully repaid. We once heard of instances also where the amount borrowed was doubled. Poor record keeping make it very difficult to argue with a loan shark.

The danger 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.

Mashonisa In Johannesburg (Approved by NCR)

People are aware of how these lenders operate and they to avoid using the services of Mashonisa in Johannesburg like anywhere in South Africa because they fear the risk associated with them. They are also aware that Mashonisa tend to want to charge very high interest on the initial loan amount taken.

There are terrifying stories we hear 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 Johannesburg (Alternatives)

People who find themselves looking for cash loans are always advised to know their credit status. Most individuals who end up going to mashonisa do so because they suspect that they are blacklisted. This is not always the case which is why we encourage you to first check your credit record.

Alternatively we encourage people to rather opt for registered lenders and apply for a loan to see if they are declined on basis of bad credit score.

Below we have put together a the list of lenders who are alternative to Mashonisa in Johannesburg. These are lenders are registered which means that they operate under the guideline of the National Credit Regulators (NCR).

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 will need to 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) in Johannesburg and surrounding areas. Here is the list:

Atlas Finance (Johannesburg)

Physical Address: Surry House, Lilian Ngoyi St, CBD, Johannesburg, 2001

Contact number: 087 701 3629

Fu Long Cash Loans (Johannesburg)

Physical Address:171 Helen Joseph St, Hillbrow, Johannesburg, 2001

BFS Cash Loans (Johannesburg)

Physical Address: Booysens Road, Booysens, Johannesburg, 2016

Contact number: 011 039 2626

Flexible Quick Loans (Johannesburg)

Physical Address: Kingston Avenue, Auckland Park, Johannesburg, 2092

Contact number: 074 503 5173

GSM Financial Services (Johannesburg)

Physical Address: Elephant House, 107 Albertina Sisulu Road, Johannesburg, 2000

Contact number: 079 068 3943

Letsatsi Finance (Johannesburg)

Physical Address: Shop 0001, Galleries, 72 Eloff Street, Johannesburg, 2001

Contact number: 011 333 8906

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