🇿🇦 SpotMoney Loan Review [2023] : How It Works, Application, Payment, Contacts

SpotMoney is a loan service provided by Spot Money SA (Pty) Ltd in partnership with Bidvest bank in the provision of digital loans to South African residents.

SPOTMONEY LOAN REQUIREMENTS/ELIGIBILITY

To apply for SpotMoney loan, applicants are required to be a South African resident who is at least 18-60 years old and is permanently employed.

In terms of documentation, provide a national ID, original proof of residence e.g utility bill, 3-month bank statement and latest payslip.

SPOTMONEY LOAN REGISTRATION AND APPLICATION

a) Via App

1. Download the Spot app available from both the Playstore or Appstore.
2. Input email address and South African phone number so as to receive an OTP via SMS.
3. Enter the OTP, create and confirm your own 4-digit PIN.
4. Input your name, ID number, job description and residential address.
5. Read, understand and accept the app’s terms and conditions to finalize the account creation process.
6. Proceed to the verification process that requires scanning of ID card as well as a biometric liveness check whereby your image will be captured and digitally cross-referenced with your information on record at the Department of Home Affairs.

b) Via Website

1. Go to SpotMoney application page
2. Enter your name, surname, mobile number, email address and ID number
3. Read the terms and conditions and give consent by checking the box.
4. Click ‘Next’ to proceed.

SPOTMONEY LOAN AMOUNT LIMITS

Spot loan amounts range from a minimum of R1,000 to a maximum of R250,000

SPOTMONEY LOAN INTEREST RATES

Spot interest rates vary according to an individual’s credit score whereby they are charged annually from as low as 12.9%

SPOTMONEY LOAN TERM

Spot loans are repayable within 1-84 months

SPOTMONEY LOAN CONTACTS

Email: hello@spotmoney