How does RainFin work?
RainFin uses technology to operate a credit marketplace at a lower cost than traditional bank loan programmes, passing the savings onto Borrowers in the form of competitive rates, and to Investors in the form of attractive risk-adjusted returns. A single offer is presented to the Borrower.
Who owns RainFin?
RainFin was co-founded by Sean Emery and Hannes van der Merwe in 2012. Sean and Hannes shared the belief that marketplace lending has the potential to fundamentally transform the financial services industry.
How do I apply for a business loan in South Africa?
If you’re in a rush, here’s a summary of the key steps in the business loan application process:
- Decide on what you need from a business loan.
- Determine the minimum requirements to see if you qualify, e.g., collateral, credit score.
- Gather all the relevant documents.
- Study the repayment terms.
- Apply.
Which banks offer business loans in South Africa?
Best Brands
- Betterbanc – Best for flat-fee option.
- Fundrr – Best for quick online applications.
- Lulalend – Best for funding across all industries.
- Merchant Capital – Best for retail businesses.
- Retail Capital – Best for Unrestricted Funding.
How can I get a million dollar loan?
Banks, credit unions and online lenders frequently offer loans up to $1 million for established businesses. The Small Business Association (SBA) also backs loans of $1 million, but to apply for funding, you will need to submit an application through an SBA-approved lender.
Does capitec give self employed loans?
We now offer loans of up to R250 000 to self-employed clients who earn a monthly salary from their business. As a business owner, you’ll apply for credit in your own personal capacity and not as a business.
Do banks give loans to start a business?
Collateral As I explained above, banks do lend money to startups. One exception to the rule is that the federal Small Business Administration (SBA) has programs that guarantee some portion of startup costs for new businesses so banks can lend them money with the government, reducing the banks’ risk.
Can you borrow a million dollars from the bank?
What are the 4 common types of consumer loans?
Types of Consumer Loans
- Mortgages.
- Credit cards: Used by consumers to finance everyday purchases.
- Auto loans: Used by consumers to finance the purchase of a vehicle.
- Student loans: Used by consumers to finance education.
- Personal loans: Used by consumers for personal purposes.
Can you get a loan from capitec If you are blacklisted?
If you are blacklisted, you will not qualify for credit. Capitec Bank has its own internal Credit Granting Policy which governs the granting of credit, in order to manage the various risks associated with the granting of credit.
What does rainfin credit marketplace do for You?
RainFin’s pioneering online Credit Marketplace enables Borrowers to access affordable debt capital and Investors (Institutional and Retail) to access a new asset class, i.e Alternative Credit, thereby earning attractive, fixed income returns.
How does rainfin pay out a business loan?
Once your loan is fully funded, RainFin issues you with a loan agreement to sign online. The loan is paid out to your business’ bank account within 24 hours. RainFin will collect your fixed monthly instalments and distribute it to the respective investors.
Who are the founders of the company rainfin?
RainFin’s vision is to remove traditional costs and or barriers for Borrowers and Investors through innovative technology, creating a truly transparent and fair marketplace. RainFin was co-founded by Sean Emery and Hannes van der Merwe in 2012.
When did rainfin first start in South Africa?
Launched in 2012, in response to the increased cost of traditional lending, RainFin was South Africa’s first lending marketplace. RainFin’s vision is to remove traditional costs and or barriers for Borrowers and Investors through innovative technology, creating a truly transparent and fair marketplace.