LendPlus Review

LendPlus describes itself as "a service for providing loans electronically, which does not require visiting the office and providing unnecessary documents," with an application its own materials say takes about 7 minutes to complete. Its loan range is R500 to R4,000 over 5 to 35 days, at a stated rate of 60% per year.

LendPlus's own published information doesn't state a South African company registration number or NCR registration number — worth asking LendPlus directly for its registration details, and checking any number it provides at ncr.org.za, before applying.

Bottom line: LendPlus is worth comparing if a fast application and a clearly disclosed annual rate matter to you, and you meet its fairly specific eligibility criteria (formal employment, no overdue debt). The absence of a published registration number is worth resolving directly with LendPlus before you apply, particularly if verified NCR registration is a priority for you.

LendPlus states its requirements as: an age between 20 and 64, South African citizenship, at least three months of formal employment, official income plus a three-month income statement, and no overdue debt on loans or credit. It states it does not accept lawyers, law firms, military personnel, the self-employed, or pensioners.

LendPlus also states it does not accept applications from: lawyers and law firms, military, self-employed, pensioners.

If LendPlus doesn't turn out to be the right fit, here are 3 other direct lenders on our panel worth comparing:

• Crediwise — R500 – R4,000, 5 – 35 days, Commission varies by amount and term.
• Jabulani Money — R500 – R4,000, Payday (repayable on your next salary date), Not published — confirm on application.
• Prime Loans — R500 – R4,000, 5 – 35 days, Approx. 29.25% per year.

• What is the exact total amount I'll repay, in Rand, including interest and all fees — not just the interest rate?
• Are you a registered credit provider yourself, or will I be contracting with a different, matched provider?
• What happens if I repay early, or if I miss a payment — are there early settlement discounts or specific default charges?
• Is the pre-agreement quotation you've given me valid for the full 5 business days required by law, and does it match what I'm asked to sign?

A registered credit provider should be able to answer all four clearly and in writing. Hesitation, evasiveness, or pressure to sign immediately without a proper quotation is worth treating as a warning sign, regardless of which lender you're speaking to.