Frequently Asked Questions
1. Who is eligible for a TC Student Loan?
Any registered student at a recognized institution in South Africa is eligible to apply. You must provide proof of registration and meet our basic documentation requirements.
2. What is the loan amount I can apply for?
We offer loans ranging from R100 to R1000 to help students cover essential educational expenses like tuition, books, and living costs.
3. What documents do I need to apply?
To apply for a loan, you’ll need the following documents:
- Proof of registration at your educational institution
- Proof of residence
- An ID photo
- Your bursary letter or recent bank statement
- Your social media handles (Instagram/Facebook)
4. How long does it take to get approved?
Once you submit your application and required documents, we aim to approve loans within minutes. Upon approval, your funds will be deposited directly into your bank account.
5. What is the interest rate?
Our loans come with a fixed 40% interest rate over a 1-month repayment period.
6. How do I repay the loan?
Loan repayment is due within 30 days from the day you receive the loan. Payments can be made via EFT or direct bank deposit to our provided banking details.
7. Can I apply for another loan if I haven’t repaid my current one?
No, you must fully repay your current loan before applying for another loan.
8. What happens if I can’t repay the loan on time?
If you’re unable to repay the loan on time, contact us immediately to discuss possible arrangements. Failing to do so may result in additional fees and could affect your future ability to borrow.
9. Can I use the loan for non-educational purposes?
While we provide loans to assist with student-related expenses, how you use the loan is entirely up to you. However, we encourage you to use it for academic needs such as tuition, books, or living expenses.
10. How do I apply for a TC Student Loan?
The process is simple:
- Choose your loan amount.
- Fill out the online application form and upload your required documents.
- Wait for approval, and once approved, receive your cash directly into your bank account.
11. Is there an application fee?
No, there are no application fees. The only cost is the 40% interest that applies once your loan is approved.
