Dengoo: loan details and how to apply

What Dengoo is

Dengoo.co.za is an online selection service for people in South Africa who need a short-term loan. It works as an intermediary between the borrower and licensed lenders: you fill in one registration form and the site shows a set of offers. The site states plainly that it is not a bank, financial institution or lender and takes no responsibility for the loan agreements or terms that you conclude with a lender. Using the service is free, and the site says it never asks for card numbers or SMS codes.

Products shown on the homepage

The legal notice at the bottom of the site gives a wider frame: amounts up to R350,000, terms from 1 to 365 days, and annual rates between 3.65% and 58.4%. It adds that calculations are approximate and that final terms must be confirmed on the lender's own site. The practical offer you receive depends on your profile and on which lender accepts you.

Who can apply

• A South African citizen between 18 and 65 years old, according to the service's own explainer article.
• A passport or ID document and a mobile phone with an active number.
• A personal bank card or bank account for the payout.

The site says official income proof is usually not needed for microloans, but each lender sets its own checks and can still decline an application.

How to apply

1. Register on the site. The form is described as taking no more than two minutes.
2. Look through the selection of offers; the site mentions a set of eight offers and companies.
3. Submit an application with the lender you prefer, using your ID and phone.
4. If approved, the lender transfers the money to your card. The site says this usually takes up to 15 minutes after the applications are completed.

You may apply to several lenders at once, and each decides independently. Repayment is made through the personal account of the company that gave you the loan.

What a loan can cost

Under the National Credit Act the cost of credit is interest plus an initiation fee and a monthly service fee. Dengoo does not publish a worked example with fees, so use the quote from the lender and check the total repayable amount and due date before signing.

Advantages and drawbacks

• One registration instead of several separate forms.
• Free for the applicant and no obligation to accept an offer.
• Educational articles on microloans, credit history and rejections in the blog.

• Dengoo does not decide on loans, so approval is never guaranteed.
• Rates quoted as a promotion, such as 0.01% a day, usually apply to a first loan only.
• Several parallel loans can create a heavy repayment burden.
• Repayment, statements and questions are handled by each lender, not by Dengoo.

Before you accept an offer

Read the credit agreement, confirm that the lender is registered with the National Credit Regulator, and borrow only what your budget can repay on time.