Loans

Lekalakala Financial Services we believe it is important that consumers, who are looking for finance opportunities, to have a variety of options available to them. Whether you need a short term cash loan to assist you in paying bills or unexpected expenses, or you would like to take out a loan to help you pay for your education, we want to provide you with fast and easy loans solutions.

Cash loans can be a great way to deal with unexpected expenses or buying some luxury item that you don’t have the time to save for. We do however support responsible lending and will never grant a loan that you will not be able to afford.

Even though our cash loans are unsecured, there is certain basic criterion that needs to be met in order to get your cash loans approved.

How do cash loans work?

The application and approval process is quite simple. You start out by completing our application, and we will guide you through the rest of the steps in getting your cash loans approved and paid within 24 to 48 hours.

Will I qualify for loans from your company?

There really is no way for us to say whether you will qualify for one of our loan options, unless we have your application in process. So the easiest way to find out whether you will qualify or not, is to complete our application and we will be in contact with you ASAP.

Car Finance

Together with our partners, we are South Africa's biggest car finance broker. We help thousands of people each month to get the best finance deal for their cars, commercial vehicles, motorcycles and caravans, and we can help you too! No matter what finance package you are looking for, we can help you get it approved in just a few hours.

Our application process is quick and easy! Simply just complete our application form and our experts will do the rest…they'll find you the best deal in the market and will set up everything you need to help you purchase your vehicle, either through a motor dealership, or through a private seller.

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We offer services like:

Car Finance

Auto Loans

Rent to own

Judgements, admin orders, defaults, garnishee orders, debt review

— Refers to the removal, improvement or management of the above so that your credit score can improve so that you may qualify for loans again OR so that we can protect you from the harassment of creditors and their debt collectors.

Credit bureaus are businesses which maintain and make available to contracted subscribers and the consumer (you), information concerning the manner in which consumers conduct their credit and business dealings. The bureaus will record adverse listings in their records of individuals who have been handed over for collection, in instances where:

    debts have been written off as bad,

    where a debtor is reflected as a poor payer

    or for other good cause. (Judgments, Admin Orders, Defaults, Garnishee Orders or Debt Review)

To have the adverse listing removed – at the very least you will have to pay the amount owing in full and then hope the creditor will write a letter to the bureau concerned to delete the blacklisting.

Creditors are not obliged to assist you.

Having a Bad Credit Record can have a devastating effect on your life.

You can’t buy the things you want, open a bank account or even get that job you have dreamed of.IF you are able to get finance, it is likely that you will have to pay a much higher interest rate or put down a large deposit. It is NEVER a good idea to be blacklisted and if you are, it is important to clear your name as soon as you can.

Once blacklisted, you will have a bad credit record for 3 to 30 years, depending on the type of listing. Even after this period of time a judgment can be issued against you if you have not paid the money that you owe. It is unfortunately very difficult to have your name cleared once you have a bad credit record.

Even if you have a good excuse for not paying your debt, like you were; Retrenched or sick, it will not be enough to have your name cleared.

Paying back the money that you owe is also not enough to clear your credit record.

Lekalakala Financial Services  is one of the few legal entities that prides itself in assisting people who have been “blacklisted” by Creditors in order to repair their credit worthiness, under its B-Legal Division.

We need the following documents:

1. Certified ID copy

2. Proof of address

3. 3 in 1 credit report from Shoprite

4. R850 for opening a file

Price list

1. Default - R4 500

2. Debt Review - R 9 500

3. Judgement - R 5 500

4. Admin Order - R 8 500

5. Sequestration - R 8 500

6. Fraud Alert - R 16 000

Legal Advice Service (Legal Assist)

As part of our offering we offer legal advice to all our members. Legal advice can cost you large sums of money and we take this burden off you. Often people do not know what their rights are and find it daunting to access the right legal channels to resolve disputes. This leads to many people ignoring their legal problems, in the hope that it will go away. Or they simply hope it won’t happen to them. Research reveals that 9 out of 10 people will need legal assistance in their lifetime, but when considering that the Court only finalizes about 55% of its cases within a year and on average, litigation attorneys charge over R2000per hour, it becomes clear that most people are left without recourse.

We have developed the fastest way to apply for a loan. Our loan process only takes 3 minutes to complete. What makes us unique is our service package that has a wide range of services for you. We even assist clients that have a poor credit rating, garnishee and defaults. There is no need to submit any documents as the entire process is done online. One of our key products that is included in your membership is our legal assist services, you will receive unlimited telephonic legal services, contract assist services. You can use your Lekalakala Financial Services loan for whatever you like: Home improvements, Debt consolidation, School fees, Business, Family emergency, Medical, Wedding or even a vacation

Debt Consolidation

Most South Africans have some form of debt. It could be in the form of Credit Card debt, HP Instalments, Personal Loans, Mortgage Payments etc.

If you are currently overwhelmed by debt, then a debt consolidation loan might be right for you. Instead of having multiple payments at a high interest rate, you get to consolidate everything into one payment at a lower rate.

If you would like to find out more about debt consolidation view our Free Reports section. To find out how much you could save by consolidating your debt, complete the calculation below.

Home Loan (Bond)

Buying a home is one of the biggest investments a person will make in his or her lifetime.  Because your home purchase is probably the most expensive one you will make, the homeloan itself is an important financial decision.

The prospect of owning a home is exciting, but it can also be a time of anxiety.  This is a time when emotions must be kept in check, and one should make an informed financial decision.  Our aim is to help you understand, from start to finish.

From your first contact until your final approval of your loan, everyone at Lekalakala Financial Services is dedicated to saving you money and getting you the home loans you need.  Fast & effective, without any sweat from your side.

By making the process a simple and uncomplicated as possible, AND BY SUBSIDISING SOME OF YOUR COSTS, we guarantee your total satisfaction.

When purchasing a property, there are normally two major costs involved, namely transfer and registration costs.  This is where Lekalakala Financial Services plays a major cost saving role to the buyer.

We get you 50 % off the attorney bond registration fee fee (when using our preferred attorney).  For example, on a R1 000 000 bond a saving of +- R15 000 applies.  In addition, on a bond of R1 000 000 @ a rate of 2.5% below prime, over a 30 year term could save you R300 000.

If you are thinking about a new purchase it helps to understand the options available to you which ultimately saves you money.

STEP 1: House hunting

STEP 2: Sign offer to purchase

STEP 3: Seller accepts offer

STEP 4: Contact Lekalakala Financial Services MORTGAGE

STEP 5: Financial Institution will confirm requirements

STEP 6: Property Valuation done by bank

STEP 7: Decision taken by bank

STEP 8: Final approval (Letter of Grant)

STEP 9: Registration attorney instructed to attend to the registration of the bond

STEP 10: Customer to sign documents at 2 sets of attorneys (transfer & registration

STEP 11: Homeloan registered in buyers name at Deeds Office by registering attorney

STEP 12: First monthly instalment due within 30 days of registration date

STEP 13: Title deed & Mortgage Bond document sent from attorney to Bank for safekeeping

Debt Mediation

What is Debt Mediation?

Debt mediation is a process that is intended to help consumers who are experiencing a cash flow problem that might only last a few months. An alternative arrangement affordable to the consumer and acceptable to the creditor is made on the consumer's behalf.

What are the benefits of Debt Mediation?

    If not already listed, you will be protected from being blacklisted;
    Legal action, including repossession of your assets will be prevented where possible;
    Alternative arrangements will be made with your credit providers, on your behalf, to lower your instalments;
    If you are over indebted, we can, instead of taking your case to court, apply the industry restructuring rules. If the rules are applied correctly, credit providers that are members of the NDMA are obliged to automatically accept the proposal;
    You will be provided with an agreed, affordable and realistic monthly budget in order to resolve the situation in the shortest possible time;
    Improved overall financial position.

How do I pay and know how much to pay?

We will provide you with a repayment plan containing the agreed new instalment amounts per creditor. You may make these payments to creditors directly or we will instruct a PDA (Payment Distribution Agency) to collect payment from you and pay creditors on your behalf. One payment (the sum of your new monthly instalments) will normally be deducted via debt order and paid to your creditors based on the repayment plan.

Can I prepare my own repayment plan?

No, it is not advisable. The model used to prepare a repayment plan, is based on a set of pre-agreed "rules". The application of the rules is complex and a computer program would be required to prepare and table such proposals. If an unaccredited system is used, credit providers may question the proposal / plan and possibly reject it.


If Debt Mediation fails or a creditor does not accept a reduced instalment, can I still apply for Debt Counselling or Debt Administration?

Yes. You have the right to negotiate with credit providers, directly or through a representative. This right does not affect your right to debt counselling services, when you are unable to meet your repayment obligations, or bar an application for administration.