Lime Personal Loan Full Review

It is not uncommon to find yourself short of money at the end of a tough month, especially if you are facing an unexpected expense.

Thinking about that, Lime is offering a short-term personal loan with amounts as high as R5,400 that can come in handy if you need money right away.

Below, you’ll learn everything you need to know about a Lime’s personal loan, including its features, requirements, advantages, and much more.

Who is Lime?

Operating since 2007, Lime has become a really popular lender in South Africa by providing online and unsecured personal loans to their customers.

The company has specialized in low-amount, short-term personal loans directed at customers who are often neglected by the larger banks.

By being entirely online, Lime has a fast and efficient loan application process, and customers can typically receive their loan funds within a few hours after submitting their application.

How does a Lime personal loan work?

Created to cover an unexpected expense or financial emergency, Lime is offering a short-term and unsecured personal loan that can be requested online.

New customers can borrow anywhere from R300 up to R5,400 to be used for whatever reason they might need it.

As short-term funding, Lime’s personal loan must be repaid between 5 days and 7 weeks, with you choosing how much time you need.

When it comes to interest, the rates for a Lime Personal Loan are around 0.16% per day. Still, the interest rate can range from 4.4% to 35.9% per month.

By offering an unsecured loan, Lime does not require any collateral, such as a car or a house, to back up the loan’s payments.

Instead, when granting your personal loan, Lime relies 100% on your creditworthiness and ability to repay the loan.

Main Benefits

Lime personal loans offer a range of benefits to borrowers, especially those in need of quick access to funds.

That is why Lime has a fast and straightforward application process that can be completed entirely online.

Once approved, funds are typically disbursed between 24 and 48 hours later, providing borrowers with rapid access to the money they need.

Still, one of the major advantages of Lime’s personal loan is the really competitive interest rate, especially for an unsecured loan.

The rates for Lime Personal Work are averaging 0.16% per day, which is well below its competitor.

Enjoy a loyalty program

Like many other lenders, Lime has a loyalty program for customers who pay their personal loans on time. But unlike its competitor, Lime is offering tangible benefits.

Customers who haven’t delayed any payments will be eligible for an interest rate discount of up to 50% when taking out new loans with Lime.

Finally, Lime provides their clients with a personal loan calculator that allows you to preview how much you will need to pay back over the loan’s course.

Main Drawbacks

As with many other financial services, Lime does have a few points of attention, so it is important to consider the potential drawbacks before applying.

One of the main drawbacks is the fee associated with the loan, since Lime will charge you an initiation fee and monthly service fees.

As of today, Lime charges a service fee of R69 per month and an initiation fee calculated on top of the amount borrowed.

These fees make Lime’s personal loans quite expensive, and often the fees themselves can be higher than the loan’s interest.

For example, if you borrow R3500 with Lime and choose a repayment term of one month, you will end up paying approximately R472 just on fees.

Another potential issue is the risk of a debt spiral, which can occur if borrowers are unable to repay the loan on time and incur additional fees and penalties.

How to Apply for a Lime Personal Loan?

In conclusion, Lime offers a flexible and convenient solution for customers looking for an easy-approval, unsecured, and short-term personal loan.

If you’re interested in applying, tap the green button below and check out all the requirements to get approved for a Lime Personal Loan!

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