Frequently asked questions about Arcadia Finance

Discover all you need to know about loan applications, payment plans, and financial advice. Have more inquiries? Our dedicated Arcadia Finance customer support team is ready to assist you.


What exactly is Arcadia Finance?

Arcadia Finance is an online platform designed to aid users in finding suitable loans by comparing different options from various banks and lenders. It caters to a wide range of financing needs, including personal, emergency, and other specific loan types, ensuring access to quality financial products from certified loan providers in South Africa.

How do I go about comparing loans on Arcadia Finance?

With the plethora of loan options available, selecting the optimal one can prove to be quite a task. This is where Arcadia Finance steps in to simplify your life.

Arcadia Finance is here to assist you, offering a diverse array of loans from major banks to specialized lenders. You’re truly spoiled for choice! While numerous websites offer loan comparisons, they may not always provide the most up-to-date information due to the rapidly changing landscape.

To avoid confusion and ensure you’re on the right track, Arcadia Finance has compiled a comprehensive guide. This guide aims to help you grasp the intricacies of borrowing money so you can choose the loan that best suits your needs.

How does comparing loans work?

The process starts with filling in our short application, including your details and desired loan amount. After submitting your loan application to us, we will send it over to a number of different banks and lenders for review. Within minutes, you’ll receive a variety of loan options that are available for you. Select the one that best fits your needs. Remember, all offers are no-binding, so if you don’t find what you’re looking for, you’re free to decline.

What loan amounts can be obtained through Arcadia Finance?

Arcadia Finance facilitates loans ranging from R100 to R250,000, with repayment terms spanning from 3 to 72 months. The Annual Percentage Rate (APR) for these loans starts as low as 5% and can go up to 60%, depending on various factors such as the borrower’s creditworthiness and the specific terms set by the lender.

What personal details are necessary for applying?

To apply through Arcadia Finance services, it’s essential to provide personal information such as your email address and cellphone number. Applicants must meet specific criteria: being over 18 years old, having been employed for more than six months, and the loan amount not exceeding eight times their monthly income.

Is user data protected at Arcadia Finance?

Arcadia Finance requires applicants to consent to its terms and privacy policy, indicating that the platform has measures in place to safeguard personal data. While the specifics of their data protection measures aren’t outlined, this requirement demonstrates a commitment to user privacy.

Is Arcadia Finance considered a bank?

Arcadia Finance functions as an online loan broker, rather than a bank. It collaborates with several NCR-licensed lenders in South Africa to provide brokerage services, acting as an intermediary between borrowers and financial institutions.

Online loan application

Can I apply for the loan completely online?

Yes, the loan application process can be completed entirely online. This offers a convenient way for applicants to apply for a loan from the comfort of their home, ensuring a quick and flexible application process.

Can the loan agreement be canceled?

Typically, loan agreements include specific terms regarding cancellation or revocation rights. It is advisable to closely review your particular loan agreement’s terms or directly consult with the respective provider for accurate guidance on this matter.

What documents are typically needed for loan brokerage applications?

1. The completed and signed loan application form.
2. Employees, workers, and civil servants must provide a recent payslip, whereas pensioners should supply a copy of their pension notification.

When seeking a loan, it’s typically required to present personal identification (such as a Passport or ID), recent payslips, and bank statements covering the last three months to verify income and financial stability, and, when applicable, collateral documentation.

What is the typical duration for submitting a loan application?

Submitting a loan application through Arcadia Finance is designed to be a quick process. While the precise duration can vary depending on the individual’s readiness with the necessary documents and information, the platform aims for efficiency to ensure a swift application experience.

How long does it typically take to process a loan application?

Once you’ve submitted your loan application, we’ll email and post you all the details and documents we need to review your request. After you’ve provided all your paperwork, the loan provider will assess it, and if everything is in order, approve your loan. This usually takes about 1 to 3 working days for the cash to be disbursed. Just a heads up, bank transfers can take up to three working days to reflect in your account, and no transactions occur over weekends or public holidays.

A helpful tip: Ensure you include your email and phone number in your application, so if there’s anything we need to clarify, we can reach you promptly. If you’re applying for a loan that doesn’t require a credit check, bear in mind that the review and processing might take a bit longer, up to a week.

Upon approval, how quickly are funds deposited into the account?

Following loan application approval, the funds are generally deposited into the borrower’s account within 24 hours. This swift disbursement is particularly advantageous for those requiring urgent financial assistance. However, the actual time until receipt may be influenced by factors such as application submission time and banking processes.

Requirements and creditworthiness

Is a credit check carried out?

Yes, credit checks are a standard part of the loan application process. Lenders utilize credit reports from credit bureaus like TransUnion, Experian, and Compuscan to assess an applicant’s creditworthiness. If your credit rating is less than ideal, you may still qualify for a loan without a credit check.

How does the loan request affect my credit score?

A hard inquiry from a lender can temporarily lower your credit score. However, this impact is generally minor and short-lived. Making multiple loan applications within a brief period can have a more significant effect.

Can I get a loan as a job seeker?

Obtaining a loan as a job seeker can be challenging due to the requirement for proof of income. Nonetheless, some lenders may consider alternative forms of stable income or require a co-signer.

Can I take out a loan as a self-employed person?

Yes, self-employed individuals can apply for loans, but they may need to provide additional documentation, such as bank statements and proof of income, to verify their earnings.

Can trainees and students take out a loan?

Trainees and students can apply for loans, though they might encounter stricter requirements or require a guarantor. Some financial institutions offer products specifically tailored for students.

Is it possible to get a personal loan despite having a poor credit history?

While having a poor credit history makes it more challenging to secure a loan, some lenders offer loans designed for individuals with low credit scores, often at higher interest rates.

What is a “loan without a credit check”?

A “loan without a credit check” refers to a loan where the lender does not conduct a formal credit bureau inquiry. These loans are typically for smaller amounts and may come with higher interest rates to mitigate the lender’s risk.

Costs and fees

What costs will I incur when taking out a loan?

When taking out a loan, there are several costs to consider:

Interest Rates: This is the primary cost of borrowing money. Interest rates can vary widely based on the type of loan, the loan term, and the lender’s policies.

Origination Fees: Some lenders charge an origination fee to cover the cost of processing a new loan.

Service and Administration Fees: There may be monthly or annual fees for administering the loan.

Early Repayment Penalties: If you repay your loan early, some lenders may charge a fee.

Late Payment Fees: Missing loan repayments can result in late payment fees.

What factors determine the interest rate?

The interest rate on a loan depends on several factors:

Credit Score and History: A higher credit score usually qualifies for lower interest rates.

Income and Employment Stability: Lenders consider stable employment and income as indicators of your ability to repay the loan.

Loan Amount and Term: The amount borrowed and the length of time you take to repay it can affect the interest rate.

Type of Loan: Secured loans typically have lower interest rates than unsecured loans.

Market Conditions: Economic factors and central bank policies can influence interest rates.

What is residual debt insurance?

Residual debt insurance is an insurance policy designed to cover the remaining balance on a loan in the event of the borrower’s death, disability, or unemployment, ensuring the debt is not passed on to family members. It’s optional but can be recommended by lenders for added security.

Are there any costs when using Arcadia Finance?

The process of making an inquiry and comparing loans on our platform is completely free. We do not charge any fees for our services. Additionally, should you secure a loan via our portal, we do not impose a brokerage fee.

Personal and Installment loans

What can I use an installment loan for?

A personal loan can serve various purposes, including consolidating debt, financing significant purchases like cars or homes, covering unforeseen expenses, or funding personal projects and vacations. The flexibility in the usage of installment loans makes them a popular choice for individuals needing to spread out the cost of large expenses over time.

Can I take out multiple loans at the same time?

While it’s possible, this depends on your creditworthiness and ability to repay the loans. Lenders will assess your debt-to-income ratio and credit history before approving additional loans. Taking on multiple loans should be approached cautiously, as it can lead to financial strain.

How long is the typical term of a personal loan?

The typical term of a personal loan can vary significantly, ranging from a few months to several years, with most terms falling between one to seven years. The length of the loan term affects both the monthly payment amount and the total interest paid over the life of the loan.

How quickly is the personal loan paid out?

Personal loans often have a quick payout speed, with many lenders offering decisions within minutes and funds transferred to your bank account within one to a few business days after approval. This rapid access to funds is beneficial for those in need of immediate financial assistance.

How is the loan repaid?

Repayment of a loan typically occurs through fixed monthly installments over the loan term, comprising part of the principal amount plus interest. This structure allows for predictable payments that can be budgeted for. Some lenders also offer the option to make extra payments or pay off the loan early without penalties, reducing the total interest paid.

What alternatives are there to installment loans?

Alternatives to installment loans include credit cards, lines of credit, payday loans, and borrowing from friends or family. Each alternative comes with its own set of advantages and disadvantages, such as differing interest rates, repayment terms, and potential impacts on your credit score. It’s crucial to consider these factors and select the option that best aligns with your financial situation and needs.

Short-term loans

What is a short-term loan?

A short-term loan is crafted for swift access to funds without necessitating collateral, making it apt for handling emergencies or unforeseen expenses. Typically, these loans are accessible to individuals based on their credit score, income, and existing debts. The term for such loans ranges from 3 to 18 months, providing a solution for immediate financial needs with the potential for funds to be available in less than 24 hours post-approval. Nonetheless, they come with higher interest rates. Short-term loans don’t mandate an excellent credit score for eligibility, rendering them accessible to a broader spectrum of borrowers.

Who can obtain a short-term loan?

To qualify, you generally need to be a South African resident, aged at least 18, employed with a regular income, and possess a bank account. While your credit score may be considered, some lenders extend loans to individuals with poor credit, prioritizing their current financial situation.

What is the term of a short-term loan?

The repayment period for short-term loans varies but typically spans from 30 days to 6 months. This brief duration aligns with the intended purpose of addressing immediate financial needs.

What is the maximum amount for a short-term loan?

The maximum borrowing amount for a short-term loan usually ranges from a few hundred to a few thousand Rand, contingent on the lender. Some lenders may extend amounts up to R15,000 for returning customers.

What are the interest rates on a short-term loan?

Interest rates for short-term loans are capped at 21% plus the prevailing repo rate. Additionally, lenders may levy initiation fees, commencing at R165 plus 10% of the loan amount over R1,000, with a maximum fee of R1,050.

Can I repay a short-term loan early?

Many lenders permit borrowers to settle their short-term loans ahead of schedule without incurring extra charges, although it’s advisable to review the specific terms and conditions provided by the lender.

Is immediate payment available for a short-term loan?

Yes, certain lenders offer short-term loans with same-day payment, particularly if you possess valuable assets for collateralizing asset-based loans. This can be especially beneficial for urgent financial needs.

Is a credit check conducted?

Typically, a credit check is conducted for short-term loans. Nevertheless, some lenders may approve loans for individuals with poor credit, placing greater emphasis on the applicant’s present financial circumstances.

What can be financed with a short-term loan?

Short-term loans can cover emergency requirements such as unforeseen medical bills, funeral expenses without coverage, car breakdowns, or any unexpected financial need necessitating immediate attention.

Quick loans

What is a quick loan?

A quick loan is a financial solution crafted to provide rapid access to funds, typically within 24 to 48 hours. These loans encompass payday loans, personal loans, and bridging loans, each catering to diverse financial needs ranging from covering unforeseen expenses to bridging cash flow gaps.

How can I obtain an affordable quick loan?

To secure a cheap quick loan, it’s essential to compare rates and terms from multiple lenders. Seek out options with low-interest rates, minimal fees, and flexible repayment terms. Arcadia Finance is particularly valuable for assessing various options and finding the most cost-effective loan suited to your requirements.

How swiftly can I acquire a quick loan?

The approval and disbursement process for quick loans can be exceptionally rapid, with certain lenders capable of transferring funds to your bank account on the same day of approval. This expeditious turnaround renders quick loans a viable solution for swiftly addressing financial emergencies.

Is there an early repayment option for quick loans?

While early repayment options may vary among lenders, many quick loans do offer the flexibility of early repayment. This can be advantageous for borrowers seeking to reduce interest charges. However, it’s imperative to verify with the lender regarding any potential fees or penalties associated with early loan repayment.

What are the consequences of failing to repay a quick loan?

Defaulting on a quick loan can result in severe financial repercussions, including additional fees, penalties, and adverse effects on your credit score. In certain instances, assets utilized as collateral (in secured loans) may be susceptible to repossession. It’s essential to communicate with your lender if you anticipate challenges in repayment to explore potential solutions or modifications to your repayment plan.


Get in Touch

Our Arcadia Finance support team is on standby to guide you to the right financial solutions and offer continuous assistance on your journey to financial well-being.