With emergencies coming up when you least expect, with out any funds. Instant online loans could actually save the day. You can borrow money online without leaving your home, the money reflects in your mobile money wallet in an within 5 – 10 minutes. The interesting part is that there is No Paperwork involved, No Collateral Required and Deposits in Just 5 – 10 minutes

What is an instant loan in Zimbabwe

An instant loan is a micro-loan ranging from $1 – $100 offered over a period of 7 days – 30 days. It is usually applied 100% via mobile or online, with the money deposited into the applicant’s mobile money wallet (Ecocash / Innbucks / OneMoney) within 5 – 10 minutes. Unlike traditional banks , this loan is approved instantly upon application.

Instant Loan Companies in Zimbabwe

Zimloan

It is an independent Microfinance company that is registered with the Reserve Bank of Zimbabwe. The application process is simple, it can be completed by anyone with internet access on their smartphone or laptop. One has to visit their website zimloan.com, fill in their contact details, fill in their next of kin then gets instant decision. If approved loan is received in their mobile money wallet of choice in 5 minutes.

Pros

• Available for both Econet & Netone Subscribers

• Instant application & processing

• Funds received in 5 minutes

Cons

• Very high interest rates

• A maximum of $100 borrowing capacity

• Frequent calls on late payments of loans

• Short repayment period

Ecocash Kashagi

This is an instant  short- term loan facility from Ecocash and it’s sister company Steward Bank. The loan is only available to active Ecocash account holders and those with Steward Bank Accounts. THe limit to the borrowing capacity is mainly depended on  an individual’s transaction history thus different customers have different limits. To borrow one has to use dial *151*6# ,  Approval of loan is instant and it s deposited into their Ecocash Mobile wallet.

Pros 

• Unlimited borrowing capacity ( Depends on account transactions)

• Instant application & processing

• Funds received in 5 minutes

• Cons

• Very high interest rates

• Only available to Ecocash and Steward Subscribers

• Automatic funds deduction from Account

• Short repayment period

POSB Mobiloan

This is an instant micro-loan facility by POSB, only available to those with OneMoney accounts. To apply one has to simply dial *226# on their NetOne line then select Emergency Mobiloan and follow the prompts. Funds are instantly received into the applicant’s  OneMoney Account.

• Pros

• Instant application & processing

• Available to all

• Funds received instantly

• Cons

• Very high interest rates

• Only available on OneMoney

• Automatic funds deduction from Account

• Short repayment period

EezyCredit

It is offered by CABS to it’s customers. The instant loan facility is available to CABS account holders only, with the loan amount being 50% of an individual’s net salary  payable the next pay day on  a 25 day Tenure. To apply one has to dial *227# on their Econet line , select option 4 and follow screen prompt. Funds are instantly deposited in their CABS account

Pros

• Unlimited borrowing capacity ( Depends on salary)

• Instant application & processing

• Funds received instantly

Cons

• Very high interest rates

• Only available to CABS account holders with formal employment

• Automatic funds deduction from Account

• Short repayment period