With many bogus financial service and credit providers in South Africa it is always wise to check if the company you are dealing with is legit. In this article we are going to take a look at Letsatsi Finance and Loan and the products they provide.
So the short answer to the question whether Letsatsi Finance and Loan is legit is that yes they are definitely legit.
What You Should Know About Letsatsi Finance And Loan
Letsatsi Finance and Loan (Pty) Ltd is an Authorised Financial Services and Credit Provider (NCRCP895).
They have been in operation for more than 20 years in South Africa. Letsatsi has established itself as a leading Micro Finance Company covering the length and breadth of the nation, with over 50 branches countrywide.
Their branches are currently operating in all 9 provinces.
Letsatsi’s mission is to provide financial products to their clients at an affordable price.
So what are some of the products they do? Let’s take a look.
Letsatsi Finance And Loan Products
1. One Month Loans
This is ideal when you need a small or medium amount of money in a hurry. You can view it as a hassle-free solution to help with unexpected expenses such as medical emergencies, special events and more.
Loans Amount: From R 500 to R 7 000
Repayment Terms: 1 month repayment period (usually on your next payday)
To apply, you need your SA ID, 2months latest payslips and 3 months latest bank statements.
2. Short Term Loans
This option is ideal for large unexpected expenses. The difference between the one-month loans and the short-term loans is the repayment period. Short-term loans give you terms of up to 6 months.
Loans Amount: From R 500 to R 7 000
Repayment Terms: 2 – 6 months repayment period
To apply, you need your SA ID, 2months latest payslips and 3 months latest bank statements.
3. Long Term Loans
As the name suggests these are loans that are available to be taken over a longer period. Letsatsi long term loans can be used for vehicle expenses, education, funerals, medical emergencies and more.
Whatever the purpose of the loan, they have 3 long term repayment options to help you realize those dreams and goals!
Loans Amount: From R 1 000 to R 50 000
Repayment Terms: 7-, 9-, or 13-months repayment period
To apply, you need your SA ID, 2months latest payslips and 3 months latest bank statements.
4. Debt Consolidation
A Debt consolidation loan allows you to combine all your smaller loans or accounts into one monthly instalment. This means you will repay all your expenses such as personal loans, store cards and credit cards under one consolidated loan.
This will assist if you are battling to manage all your loans and debt, in arrears with your accounts and/or been listed on the credit bureau.
One benefit is you get to save money through less fees, service charges and debit order charges.
With other loans are paid off, you will have a good credit record.
Loans Amount: Loans up to R 50 000
Repayment Terms: 9 – 36 months repayment period
To apply, you need your SA ID, 2months latest payslips and 3 months latest bank statements.
5. Insurance Cover
Funeral cover for you and your loved ones and extended family members, from only R92 per month.
A lot of people see funeral cover as something unnecessary until their loved ones die. Please do not make this mistake and make sure you and your family are covered.
Key features:
- Family and Single Cover Available
- Letsatsi Lifestyle – Discounts and Benefit Points
- Additional – Value Added Benefits
- Additional – Extended Family Member Cover
- Affordable monthly premiums
To apply, please visit your nearest Letsatsi Finance And Loan branch.
6. Financial Wellness
Letsatsi will assist you to understand and be aware of your financial situation. Taking care of it in such a way that you are prepared and in control for financial changes.
They are able to assist those that are under administration, debt review and if you have paid up judgements and default listings.
Additional Information You Need To Know
When we looked at each product provided by Letsatsi Finance And Loan we gave you the documentation needed. Now we will give you the criteria you need to meet in order to qualify for a loan.
What is required to apply for a personal loan?
- You need to be a South African citizen
- Applicant needs to be between the ages of 21 and 60
- You need to be earning at least R3500 per month
- Applicants must be permanently employed for more than 6 months
- Your salary must be paid into your bank account
How do you apply for a personal loan?
Application is done online by completing the online application form which will only take a few minutes.
Alternatively, you can find a branch using the branch locator on their website or contact their call centre on 0860 992 998
What are Letsatsi interest rates and charges?
Their interest rate in regulated according to the NCR
Service Fee – A standard service fee is charged on a monthly basis which is applied to your loan account.
Credit Protection Insurance – A credit Life premium is charged on a monthly basis which is applied to your loan repayments.
Are there and Pro’s and Cons?
Yes, there are definitely pro’s and cons as it is with any financial services provider.
Letsatsi won’t assist anyone under debt review or administration. However, there is good news for those that are blacklisted and have judgements. These ones can apply for a loan. Letsatsi’s friendly consultants will perform the necessary credit checks and calculate their affordability.
You can apply for a second loan. Letsatsi’s friendly consultants will perform the necessary credit checks and calculate their affordability.
You cannot apply for a loan if you have just started a new job you would need to be permanently employed for minimum 6 months to qualify.
Letsatsi Finance And Loan Contact Details
If you wish to get more information on the products from Letsatsi you can contact them directly using the details below.
Website: www.letsatsifinance.co.za
Telephone: 011 802 4073 / 0860 992 998
Email: info@letsatsifinance.co.za
Branch Trading Hours
Monday – Friday: 08h00 – 17h00
Saturday: 08h00 – 12h00
Address
222 Rivonia Rd, Crn Alon & Michelle Str,
Morningside Close Office Park,
Unit F Morningside,
Sandton
Letsatsi Finance And Loan Reviews
Letsatsi Finance & Loan has received mixed reviews from customers. Here’s a summary of some of the feedback:
- Hellopeter Reviews:
- The overall TrustIndex for Letsatsi Finance is 2.3 out of 5.
- The Net Promoter Score (NPS) is -87, indicating that customers are unlikely to recommend Letsatsi.
- Some customers express dissatisfaction with service delays, lack of communication, and issues related to loan applications and repayments.
- Specific Customer Experiences:
- Negative Reviews:
- Some customers report delays in processing documents for debt review clearance.
- Others mention receiving emails despite not applying for loans.
- A few express frustration with the lack of response to complaints.
- One customer highlights discrepancies between a paid-up letter and credit profile listing.
- Positive Reviews:
- Some customers recommend Letsatsi for its fast and easy loan process.
- Payouts are generally done without significant delays.
- Negative Reviews:
- Conclusion:
- While some customers have positive experiences, others express dissatisfaction with Letsatsi’s service quality and communication.
Remember that individual experiences may vary, and it’s essential to consider both positive and negative feedback when evaluating a financial service provider.