Minimum and maximum loan periods vary between 1 months and 10 years. Comparison interest rates vary between 6.55% and 60% p.a. Total interest repayments vary between R685.05 and R844.12 over the life of the loan. *Comparison rate is based on an unsecured loan of R20,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.
What you should know about Cobol loans
Cobol is a loan provider to thousands of South Africans who have been taking advantage of its trusted financial services. This option has been available ever since the company launched in 2006. Cobol personal loans are a simple, stress-free solution that is available online to permanently employed South African citizens. These types of quick and convenient loans are designed to offer emergency credit in times of financial difficulty. Therefore, you can trust Cobol to be around 24/7, ready to give you short-term microloans that make a difference.
Cobol loans: The basics
Cobol loans are fast, online loans that offer a minimum amount of R250, and a maximum loan amount of R3,000. The repayment can be anywhere between 1 month and 6 months, which is the maximum length of time allowed. These loans have a straightforward application process, and if you meet the requirements, you can get approved in a few minutes. Generally, here’s how it works with Cobol loans:
- Check if you qualify. You should be a permanently employed South African citizen.
- Fill in the application form, submit, and accept the quote from Cobol.
- Receive the cash loan and use it for your needs.
- Repayments are collected every month through a debit order until you have fully settled the loan.
What are the fees and interest rates for Cobol loans?
The company charges an interest rate of 124% to 212% per annum. To better understand how Cobol loan interest rates and fees works, you can look at the following example:
- Loan amount: R3 000
- Loan term: 6 months
- Monthly repayment: R 696.07
- Total repayment: R 4 189.78
- Interest: 3%
- Initiation fee: R 416.10
- Monthly fee: R68.4
- APR: 124%
The fees and rates listed above are useful in showing you what to expect. Just keep in mind that your loan’s actual cost will be provided in the quote supplied by Cobol at the time you apply.
What is needed to apply for Cobol personal loans?
Like many other loan providers, Cobol has specific requirements that have to be met if they are to offer you a loan. The requirements are quite basic and are as follows:
- You should be between the ages of 18 and 65 years;
- Have a good credit rating;
- Have access to an active email account;
- Provide your phone number and debit card details;
- You should supply proof of residence; and
- 3 months payslips/bank statements.
How to apply for a Cobol loan
The online application process is quite quick and straightforward, and it involves the following steps.
- Select your desired amount & duration on our calculator. Once you’ve selected your loan, click “Go to Site.”
- New clients are required to sign up by entering their ID number and creating a password.
- Input your phone number and receive a one time pin that you will also input on the site.
- Next, enter your name, and address.
- Then, provide your employment information, including your employer, salary, and their number.
- From there, the site will provide a quote via email, which you can accept or decline. If the offer meets your individual needs, you can proceed with the application.
With Cobol, you will know in a few minutes whether you qualify for a loan or not. If you accept the offer, Cobol will deposit the specified loan amount into your account on the same day. This is all done without having to travel or visit any branch.
Cobol short term loan application
The application process for Cobol short term loans is the same as that for Cobol personal loans. You can apply, get approved, and get paid on the same day. Cobol strictly offers short term loans of up to R5, 000 to South African citizens who are permanently employed and earning more than R3000 per month.
Are Cobol loans safe?
Cobol is a registered and licensed credit provider in South Africa. Hence, you don’t have to worry about legality matters. The company fully abides by the rules and regulations put in place by the National Credit Regulator.
How do you make sure you’re dealing with the real Cobol?
From time to time, you might get scammers who might want to pose as Cobol. Before you proceed to apply for a quick loan, please check out the following details:
- Cobol finance has a specified range of loan offers. The maximum loan amounts offered by Cobol are R5000 for new clients and R8000 for returning clients.
- The insitution does not ask their clients to pay any upfront fees. All the costs involved are spread over the monthly installments. Even the initiation fee is included in the monthly repayment.
- Cobol loans can only be applied through their website. Any other site with Cobol loan information should redirect you to https: cobol.co.za for application.
- The bank does not use any other name except Cobol.
- Cobol’s repayment terms range from 1 to 6 months only.
What are the main advantages of Cobol personal loans?
- Cobol loan applications can be made at any time of the day.
- The turnaround time is speedy. You know whether you qualify for a Cobol personal loan within minutes.
- The company is registered with the National Credit Regulator, and they have experience in offering this type of service.
- Cobol loans have a relatively low and competitive interest rate in comparison to other lenders.
- The cash loan is deposited in your bank account. This means you don’t have to travel to pick it up.
- Cobol has a simple and easy to use website and application.
- All actions are automated with easy to follow application guidelines.
Disadvantages of Cobol loans
- You will not get a Cobol personal loan if you are not permanently employed
Are there Cobol personal loans for the blacklisted?
While everyone wants to get approved for a loan, Cobol is one of the lenders that looks at your credit score. If you have bad credit or have taken out other loans that you have not yet paid up, you might not qualify for a Cobol loan.
This is done to protect you from borrowing what you can’t afford. It is always best to finish repayments for any existing loan before applying for another. While taking out a loan can be easy, the monthly repayments can leave you struggling and dependent on more loans. Cobol, therefore, values the financial stability of its customers and encourages responsible borrowing.
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