Home Finance Top 8 Uses for a Shoprite Loan

Top 8 Uses for a Shoprite Loan


Life can happen at any point in time, whether you have a good job sometimes you might find yourself in need of some financial help, especially when you encounter some unplanned expenses.

Shoprite has been servicing thousands of South Africans with their low cost goods, and a few years ago decided to extend its offering to include financial services such as money transfers, short-term personal loans and so forth.

Through their collaboration with Mfin Cash Loans they are able to provide credit seekers with affordable short-term credit of up to R7 500, which you can easily apply for at their money market kiosks as long as you meet their qualifying requirements.

To ease the otherwise mundane loan application procedures that many people have been accustomed, they simply need you to only provide your South African identity document and lodge in your application, along with your latest payslips, bank statements for the past 3 months and proof of address that is not older than 3 months.

Take your ID to any money market kiosk at your local Shoprite to apply; a financial expert will contact you as soon as possible after that.

Why apply for a Shoprite Loan?

One of the many advantages of taking out a Shoprite Loan is the fact that it offers you an alternative of accessing quick cash when you need it the most, and best of all there is no collateral requirement needed on your part.

Top Uses of a Shoprite Loan

01. Meeting your financial obligations

Sometimes unexpected financial obligations might arise when you least expect or plan for it, things such as having a burst geyser that is causing water to flood your whole house, damaging your ceilings and walls – these are examples that will require you to look for quick cash to address them.

Having a loan from Shoprite in a quick and efficient manner helps you in addressing these situations.

02. Paying for unforeseen Medical Emergencies

Family or personal medical expenses always pop up when you least prepared for them, and a Shoprite Loan can help you address all your medical expenses. The good thing about these credit solution is that you get quick access to the money which you can get the very same day.

03. Finance Your Educational Studies

You can use these short-term credit solution to help finance your studies or your children’s educational expenses. We all know that education is now expensive, and like most people who might be going through some financial challenges you might want some financial boost.

04. Consolidation of Debts

Another good use of applying for a Shoprite Loan is that you can use these to consolidate smaller loans that you might be owing. Debt consolidation helps with managing your debts that you might be struggling with, and in turn helps sort out your credit score.

Using this loan as a consolidation loan will provide you with benefits that include better money management, lower interest rates and flexible repayment terms.

05. Better Credit Score

One of the advantages of taking out smaller loans and paying them back is the fact that they in turn help improve your credit score. This is one of the easiest ways of building a credit profile for yourself, and when you repay a Shoprite Loan in time the better it will reflect on your credit profile, and will come in handy when you decide to take a larger loan from other big lenders.

06. Finance your Holiday trip

The routine of daily life may have an impact on us, reducing our ability to concentrate and raising our stress levels.

Consequently, taking a brief vacation from your regular routine is crucial.

You might get a great sense of joy and refreshment when you go on vacation or travel with your loved ones.

But planning a trip isn’t cheap, and you might not be able to take the trip you’ve been wanting to.

If you’re planning the perfect vacation, think about getting a personal loan.

07. Grow your Business

If you’ve been thinking about expanding your business, you’re in luck.

To help small and medium-sized enterprises expand, several banks, including Standard Bank, offer small company loans in the form of personal loans.

Additionally, there won’t be any restrictions on how you can use the funds!

08. Carry out some Home Renovations

Getting a Shoprite loan is something that many people do when they need to make repairs or change the layout of their property.

Whether you need to refurbish your home before festival season or you have a big family event coming up, you may easily obtain a personal loan without any collateral.

By doing this, you can repay the loan in manageable, little installments as opposed to making a single, huge payment.