FAQ’s - Borrowers
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1. Who can get a FunderJet loan?
 

As a responsible lender, we take several things into account to help us decide if we can offer you a loan. Here are the main criteria that you will need to…
 

  • Tell us who you are

  • Be at least 18 years old

  • Be a SA resident with a valid address

  • Be employed

  • Have an Income of at least R15 000 per month before tax.

  • Have a credit history that we can see and a good track record of repaying debt, utility bills and credit cards.

 

It takes about 5 minutes to find out if you are eligible. This will not affect your credit score.

 

 

2. How do I apply for a FunderJet loan?

You can apply in a few minutes online, on our mobile app. You will get an instant decision online.
 

How to apply in 3 simple steps:
 

 

  • Verify your identity

  • Choose how much you want to borrow. We offer personal loans from R5 000 to R250 000 over 1 to 3 years.

  • See your personal rate in 5 minutes and then decide.
     

If we cannot approve your loan instantly, due to unforeseen circumstances, our underwriting team will review your application in up to 2 working days.

 

3. Why should I choose a FunderJet loan?


We believe money should be simple and fair. Here are the reasons why customers choose FunderJet:
 

  • Our rates are often lower than normal banks

  • Our turnaround times for approval is much shorter than normal banks

  • Simple online application.

  • No hidden charges

  • Great customer service.

     

 

4. How much can I borrow and for how long?
 

  • We offer personal loans from R5 000 to R250 000 over 1 to 3 years

  • You can apply for a personal loan and use it to consolidate a more expensive loan.

  • Spread the cost of a wedding

  • Pay off some credit cards

 

5. Why is my personalised rate different to the advertised rate?

We calculate your personalized rate based on your individual circumstances. A lot of thought goes into this, but some of the main things that impact your rate is your income, monthly expenditure, existing level of debt and your credit history.
 

  • We can only confirm your rate if you tell us a few details about yourself.

  • The good news is that your personalized rate is fixed for 30 days. If you choose to accept our offer, it is exactly the rate you will get when we approve your loan.

 

6. What happens if my loan is declined?

We know this can be a concern for many people, but the good news is that in most cases, we will tell you as soon as you have captured your details and amount. At this stage you will only have a soft credit search and it will only take 3 minutes of your time to find out.
 

Sometimes you might pass the credit check, but the calculated loan amount is less than R5 000 and you do not qualify for a loan.

 

If your circumstances do change within 3 months, please reapply again!


7. What kind of bank account do I need to use when I apply?

  • You will need to use your personal; current account and you need to be the named person on that account.

  • If your loan is approved, that is where we will send the loan money.

  • We will also use this account to take your monthly payments by direct debit.



​8. Do you accept rental earnings as a type of income?
 

Unfortunately, not because these transactions are paid directly into your bank account so we cannot verify.

9. How quickly could I get the money?

  • You could get the money in 15 minutes once your loan is approved and fully funded. Fully funded means your full loan has been funded by Investors.
     

  • Once approved, we will send the money to your chosen bank account. This will take 15 minutes and at most 2 days.
     

  • Funderjet strives to fully fund your loan within 14 days, if there are any issues, Funderjet will communicate them to you.

 

 

10. Do I have to send anything by post?

  • No, there is no paperwork to send or receive through the post. We may need you to upload documents online, if required.

  • If you need any help, you can send us your query.

 

 

11. Why was my loan application declined?

We are sorry that we could not offer you a loan right now. For security reasons, we cannot tell you why, due to privacy issues.
 

Possible reasons why we could say no could be:
 

  • Your level of debt is high

  • There is not enough credit information available.

  • You cannot afford the repayment based on your income versus cost statement.

  • There is insufficient proof that you have managed credit well in the past.

  • Your credit score is low.

  • You have applied previously to us in the last 3 months and were declined.

 

 

12. How do I cancel my loan application?
 

  • You can cancel your application before we give you a decision on your loan.

  • Just cancel online.