Letsatsi Finance loans: terms, fees and requirements

Letsatsi’s site lists four products. A one-month loan is repaid in one instalment on your next pay date. A short-term loan runs 2 to 6 months. Long-term loans start from R3 000 with a choice of 7, 9 or 13 months. Debt consolidation combines smaller loans and accounts into one monthly instalment. One-month and short-term loans are for R500 to R7 000. The Apply button in the site menu opens the loans page, where Letsatsi asks you to call its call centre or leave your details so it contacts you. You can also apply at a branch.

Letsatsi says approval rests on proof of ID, payslips and bank statements, a credit check and an affordability calculation, and that applications “can be approved within 1 hour”. On payout the site gives two timings: the loans page says the money reaches your bank account on the same day, once the contract is signed and all payment details are captured; the FAQ says “within 24hrs”. Plan for the longer one if you have a deadline.

The FAQ lists who can apply:

• a South African citizen, aged 21 to 60;
• earning at least R3 500 a month;
• permanently employed for more than 6 months, with your salary paid into your bank account;
• not under debt review or administration.

Documents: a valid SA ID, your latest 2 months of payslips, 3 months of bank statements and proof of residence not older than 3 months. The loans overview and the long-term loan page ask for 3 months of payslips, so check which applies to your loan. New clients must bring originals: an electronic payslip printed with the company stamp, and a bank statement with a bank stamp. Existing clients can use electronic ones. A bank statement counts as proof of residence if it shows your initials, surname and full current address.

Does Letsatsi lend to people with judgements or under debt review?

On judgements the FAQ says you can apply and the consultants will do the credit checks and calculate affordability. On debt review it is plain: “We can’t assist anyone under debt review or administration.” If that is your situation, read loans under debt review. The FAQ also says you can apply for a second loan, subject to the same checks.

The Login button in the menu of letsatsifinance.co.za opens its client portal. For a balance, the FAQ sends you to your branch for a loan statement. A settlement letter needs a request form at a branch or the head office and arrives in 3 to 5 working days; a paid-up letter comes from your branch.

Loans call centre: 0860 992 998. Head office: 011 802 4073, Monday to Friday 08:00 to 17:00 and Saturday 08:00 to 12:00. Email: callcentre@letsatsifinance.co.za. The Find a branch page has a page for each of the nine provinces. Letsatsi does not list a WhatsApp number on its home, loans, FAQ or contact pages.

Letsatsi’s limits are age 21 to 60, R3 500 a month and more than 6 months in a permanent job. Other lenders set their own. Compare Crediwise and Creditbar first, then the loans list, and check each lender’s requirements block before you apply. Capfin and FASTA have cards with their own requirements, the personal loans guide compares the options, and debt consolidation loans covers the fourth Letsatsi product.