Cobol loans has simplified their loan borrowing program, making it one of the easiest, quickest, and most painless loan providing services that you can find in South Africa. Cobol offers a variety of different loans of up to R3000, all with a fixed repayment term of six months.
By keeping the loans to a relatively low amount of R3000 max, and by fixing the length of the repayment plans, Cobol provides a simple, easy to understand solution for those in financial need. The application can be filled out very quickly online, your loan can be approved in a matter of minutes, and you can find the cash in your bank account the same day that you applied. Cobol offers a simple loan solution ideal for those who want to cut through complications in the loan process.
Cobol Loans Services
Since Cobol has simplified their loan process – and only offers loans up to R3000, while each loan comes stock with a six month repayment plan – they have established themselves as one of the most user friendly small loan providers in South Africa. If you are in need of a small loan, and are looking for an easy to use and easy to understand loan program, Cobol is recommended. Cobol Loans operates a bit differently than other loan providers. Normally, a loan provider will assess an applicant’s financial situation and needs and offer a loan based on these variables, so that there may be a different loan package for each person who applies.
However Cobol has simplified their program such that there are only five loan packages from which to choose, regardless of your financial situation. On their website Cobol lists these packages clearly – noting how much is borrowed, the monthly prepayment fee, the monthly charge, and the total you will pay back in the six months. Cobol Loans is one of the most transparent loan companies on the market.
Cobol Loans wants to ensure that its clients, or potential clients, do not get themselves into financial trouble when it comes to loans. Cobol therefore takes precautions in this regard and not only warns its potential clients about the dangers of taking too many loans, but also provides a link to a debt counselor for those in need. Cobol notes that fees and interest rates make loan borrowing somewhat expensive and warns that you should never take out more than you need and can pay back in time. Cobol notes that you should only take a loan in time of need – such as during an unexpected medical emergency. Cobol suggests that those who are already overburdened by their debt should consult a debt counselor before taking out any more loans.
Applying for a Cobol loan
In order to apply for a loan from Cobol, you must be a South African citizen who is currently permanently employed making at least R3000 per month. To apply, simply visit their website and fill out their easy to use online application. Based on how much you would like to borrow, and what you can afford to pay back within the six month time slot, you will choose one of five loan packages offered. During the application, certain documentation will be required from you. Once the application is complete, Cobol will get back in touch with you with a quote for your loan. If you decide to accept the quote, Cobol deposits the loan amount immediately into your bank account.
Cobol Loan Details
Cobol Loans is very transparent when it comes to the details of its loans, including the repayment fees and total amount that is to be repaid. Often times, loan providers will hide these details, so that you as a client will not know exactly what you are getting into. Cobol, on the underhand, is upfront with this information and lists its clearly on their website.
There are five different loan options that you may choose from, each of which has a six month repayment period: you may borrow R1000, R1500, R2000, R2500, or R3000. Each loan comes stock with its own repayment figures.
• R1000: your monthly repayment will be R284.33 with a R68.40 monthly fee, and the total repayment will be R1705.93.
• R1500: the monthly repayment will be R390.19 with a monthly fee of R68.40, totaling at R2341.10.
• R2000: here the monthly repayment is R492.89 and the monthly fee is R68.40, with the total repayment at R2957.32.
• R2500: the monthly repayment for this loan is 595.60 while the monthly fee is R68.40, with a grand repayment total at R3573.56.
• R3000: your monthly repayment will be R698.30 with a R68.40 monthly fee, totaling at R4189.78.
Cobol Loans Contact Details
To find out more about Cobol Loans, or to apply for a loan, visit their website. To make any inquiries you may call Cobol Loans by telephone, email or fax them, or walk in to their physical address (open weekdays from 8:00 am to 5:00 pm, and Saturdays 8:00 am to 1:00 pm).
Telephone: 021 421 8811
Fax: 086 668 7572
Physical Address: 702 Boland Bank Building, 18 Lower Burg Street, Cape Town, 8001