We all know that to get a loan can sometimes be very difficult; some might even describe it as a process that takes a lot of effort (a strenuous process).
But reading the headline, you might be thinking to yourself – is there a difference between loans for government employees and non-government employees?
Is there a difference?
Well, in terms of features and operation – no, they do not differ from other loans for people, even if they are blacklisted. But you can expect a higher interest rate.
Let’s be honest, getting a loan is no walk in the park.
There are the long queues at the bank that you have to deal with, as well as the face-to-face interviews with the bank consultants which can be a very stressful and time consuming situation.
Keep in mind that the lending institutions (banks and private lenders) may have different criteria for assessing you and to decide if you as client deserve to be awarded with a loan.
When they assess you, various factors are taken into consideration such as:
- Your employment status
- Previous payment history
Government employees have better chances of getting a loan.
The truth is when it comes to loans, whether you are blacklisted or not, if you are a government employee the chances of you getting a loan is pretty good. This is due to the fact that the Government is considered a very reliable employer and the salary are also considered as high enough – meaning there will be enough money to repay the loan.
Just like non-government persons, government employees also go to banks and private lenders when they want to obtain a loan. But if they really need a large amount of money they will go to Government Loans.
So why should you make use of Govloans?
Here are a few reasons:
- You can apply at any time – very convenient.
- There are no face-to-face interviews. All the communication will happen via email or sms.
- You can apply for a personal loan even if you have bad credit or no credit.
- Blacklisted clients are more than welcome to apply.
- No security needed – they offer you unsecured loans.
- You can apply online – making it an easy process.
- After your application form is received, you will get a quote back the same day – fast.
All you need now is the following requirements for the application:
- A copy of your ID.
- Latest 3 month’s bank statements (which of course are stamped by the bank)
- Proof of residence
- A copy of your latest payslip (stamped by your employer)
Another great thing about being a government employee is the fact that you can apply for a cash loan on your bonus.
Yes you read correct, government employees in South Africa are all guaranteed a bonus each year.
And want to know what the best part is?
The bonus is paid on their birthdays, making your birthday an extra special day – therefor it is called a birthday bonus.
There is a place called BonusBuddy where you can qualify for a bonus loan throughout the whole year (if you are of course a government employee)
How does it work?
Well, let’s say for instance that you want to celebrate your birthday in style but don’t have the necessary money. The good news is that now you will be able to celebrate your birthday early by borrowing on your bonus 60 days before your actual birthday/bonus pay out. Then when you do get your bonus, you can pay it back once off.
Now the question you’ve all been waiting for – how do you as government employee qualify for a bonus loan?
- You need to be employed for 2 years (or more)
- Must have an acceptable credit record
- You need to apply for the loan within 60 days (2 months) of your birthday
- You should not be over-indebted.
Remember you need to calculate your estimated bonus before you can apply for a bonus loan.
How do calculate your bonus?
Well Bonus Buddy allows you to borrow a maximum of 20% of your bonus.
So it’s real easy, all you have to do is use the amount of your gross salary (on your payslip) and then work out how much (the amount) you would like to borrow (keep in mind the 20% maximum)
Here are some advantages of Bonus Buddy:
- It’s very easy to qualify if you’re a government employee, simply because you are guaranteed a bonus every year.
- You can apply online – easy and fast.
- You don’t have to deal with extra supporting documents that are needed, because your bonus is the same amount as your total gross income.
Getting a loan has never been easier.
If you are a government employee and you are in need of a loan, for let’s say getting a vehicle, then the place you need to visit is ZA Fast Loans. They will offer government employees a 100% success rate when you require vehicle finance.
(Financing is also a loan, but the difference is that with a personal loan, you can use the money for anything you want, and with financing it is used for a specific item – like a car or home).
All you need to apply for vehicle financing is the following;
- Bank account
- Valid South African ID Book.
- Your payslip.
When you make use of ZA Fast Loans, you can get up to R200 000 vehicle financing and it only takes 45 minutes for approval, making it very fast and convenient.
You can also be assured that your monthly installment will never increase and they offer their clients No Deposit Loans. Of course you don’t need to make use of GovLoans, Bonus Buddy or ZA Fast Loans; you can always just visit your nearest bank for a loan.
We all know that banks are in some cases the easiest source of finance, but in keep in mind that there are nowadays a lot of private places that could also offer you simple and quick loans just by applying online.
Government employees have great advantages when getting a loan.
You are more likely to getting your application approved, even if you are blacklisted which might sometimes be the case. But remember, you should only apply for a loan if you really need it.
You don’t want to end up with more debt than you can handle.