Mashonisa loans in Soweto – There are many private lenders in Soweto commonly known as mashonisa who are providing loans to residents to help them out of financial crisis. As we know Soweto houses about 32 different townships and has a population of 1.3 million people.
Mashonisa in Soweto are servicing a big number of people and have remained a very helpful option for individuals who find themselves in need of a loanshark as they are pupularly known in Soweto.
Are Providers of Mashonisa Loans In Soweto 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 Soweto 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 Loans In Soweto 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 Loans In Soweto (Approved by NCR)
People tend to avoid using the services of Mashonisa in Soweto 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.
Alternatives to Mashonisa in Soweto
There are a number of alternatives to mashonisa in Soweto. Some of these alternatives include:
- Microfinance institutions: Microfinance institutions (MFIs) offer small loans to individuals and businesses. MFIs typically charge lower interest rates than mashonisa.
- Savings cooperatives: Savings cooperatives are owned and operated by their members. They offer a variety of financial services, including loans and savings accounts. Savings cooperatives typically charge lower interest rates on loans than mashonisa.
- Government loan programs: The South African government offers a number of loan programs to individuals and businesses. These loan programs typically have lower interest rates than mashonisa.
Mashonisa can be a convenient way to get a quick loan in Soweto. However, it is important to be aware of the risks involved, such as high interest rates and aggressive collection tactics. If you are considering using a mashonisa, it is important to shop around for the best interest rates, understand the terms and conditions of the loan, borrow what you can afford to repay, and have a plan for how you will repay the loan.
There are also a number of alternatives to mashonisa, such as microfinance institutions, savings cooperatives, and government loan programs.
Here are some additional tips to help you use mashonisa safely:
- Only borrow money from a mashonisa that you know and trust.
- Get everything in writing. This includes the amount of the loan, the interest rate, the repayment schedule, and any penalties for late repayment.
- Tell a friend or family member about the loan. This way, someone will know where you are and how much money you owe.
- If you have any problems repaying the loan, contact the mashonisa as soon as possible.
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 Soweto and townships falling under the area. Here is the list:
Atlas Finance Soweto
Physical Address: Shop G07A, cnr Patrick and Chris Hani Road, Diepkloof Black Chain Centre, Soweto
Contact Number: 087 701 8668
Email Address: [email protected]
Hao Cash Loans Soweto
Physical Address: Shop 44 Maponya Mall, 2127 Chris Hani Rd, Pimville, Soweto, 1809
African Brothers Cash Loans Soweto
Physical Address: 6 Black Chain Shopping Centre, Diepkloof Zone, Bara
1. PRISCA GUGU MTHEMBU CASH LOAN
Physical Address: 1432C White City Jabavu Radebe Street, Soweto, 6201
Phone Number: 060 458 8753
2. ATISA MICRO FINANCE
Physical Address: 5428 Kabanyane Street, Orlando East, Soweto, 6201
Phone Number: 010 035 2792
3. THUSOU YA RONA MICRONLOANS (PTY) LTD
Physical Address: 5535 Moshoeshoe Street, Orlando, East 1804
Phone Number: 078 263 3581
4. INCREDIBLE MONEY
Physical Address: Shop 67, Protea Glen Shopping Centre, Protea Glen Ext 2 Soweto, 1818
Contact Number: 081 277 9700
5. THOLA UNGCENDO (PTY) LTD
Physical Address: 1100 Mbhele Street, Zola North, PO Kwa-Xuma, Soweto, 6201
Phone Number: 084 356 6855
The above list for mashonisa in Soweto is not exhaustive and we work hard to improve it so that you get more credit providers to help you with a loan you are looking for. Apply for loans that are secure and easier online.
Other Loan Service Providers: