Tell Me More
Who are we?
Yes Loans (PTY) LTD is an authorised provider of affordable unsecured personal loans as well as home loans where your pension is used as surety, available to permanent employees within the LEGA group of companies. Yes Loans is a registered credit provider with the NCR – License Number NCRCP6247.
Why take a loan from Yes Loans?
Yes loans apply to a wide range of personal needs and are not limited to emergencies.
What types of loans are available?
We provide loans for pressing expenses, including school uniform, school fees, home appliances or furniture, and repairs to your house, vehicle, cellphone or TV. Debt consolidation loans are available to help reduce legal costs of garnishee orders and other debt collection methods. We also do Pension Backed Home Loans as well as Personal/Emergency Loans and Personal/Study Loans. Each loan type has its own requirements, which can be found below.
What interest rates will apply?
We will apply a competitive market related interest rate, depending on your risk profile. We will check your risk profile and give feedback on your specific needs and whether you qualify for a loan. More details are provided below.
Who may apply and qualify for the loans?
Any permanent employee within the LEGA Group may apply, especially staff in financial distress and needing help with garnishee orders and debt consolidation, purchase a house or do renovations/improvements to your property, or needing to pay for school fees.
| Home Loans (Pension backed) | Personal/ Consolidation Loans | Personal/ Emergency Loans | Personal/ Study Loans | |
| How do I qualify for the loan? | Being a member of the LEZA Pension Fund for the Purchasing land, purchasing a house, building or renovating a house, as regulated by the Pension Fund Act and not NCR. | For any personal consumption or for debt consolidation | Death (direct family), illness, catastrophe or unforeseen circumstances | School fees for your children, further studies of the employee |
| Does a means test/affordability check need to be done for this loan | Yes | Yes | Yes | Yes |
| Repayment terms of the loan | 12 - 240 months | 1 – 36 months | 1 – 24 months | 1 – 24 months |
| Loan amounts | Up to a maximum of 60% of the members share of the pension fund (min R5000) | R500 – R50 000 | R100 – R20 000 | R100 – R 20 000 |
| Interest Rates | Prime | Maximum interest rate allowed by the NCR | Prime plus 5% | Prime plus 2.5% |
| What fees are charged on the various loans? | An initiation fee of R500 plus R40,00 per month (per loan) admin fee will be charged | An initiation fee as prescribed by the NCR plus R60.00 per month admin fee is charged | An initiation fee as prescribed by the NCR plus R60.00 per month admin fee is charged | An initiation fee as prescribed by the NCR plus R60.00 per month admin fee is charged |
| Repayment amount | Not to exceed 25% of Nett Salary | Not to exceed 25% of Nett Salary | Not to exceed 25% of Nett Salary | Not to exceed 25% of Nett Salary |
| Is a credit report from a bureau required? | Yes. We use Compuscan for credit reports | Yes. We use Compuscan for credit reports | Yes. We use Compuscan for credit reports | Yes. We use Compuscan for credit reports |
| Documentation required for the loan | Details of all documents required can be found on the application form on our website | Details of all documents required can be found on the application form on our website | Details of all documents required can be found on the application form on our website | Details of all documents required can be found on the application form on our website |
| Can I get a loan if I am under debt review? | No | No | No | No |
| Turn Around Time from receipt of all required documents | 1 Week | 72 Hours | 48 Hours | 48 Hours |
| Does the money get transferred directly into my bank account? | Yes, you can opt for the money to be paid directly to you instead of the 3rd party | For personal loans, Yes. If you consolidate your debt, we will pay the credit providers directly | No, the money is paid directly to the 3rd party to whom the money is due | No, the money is paid directly to the institution for the studies |