FAQ
Frequently Asked Questions (FAQ)
Welcome to the LendLay FAQ page! Here you’ll find answers to the most common questions about our services, application process, payments, and more. If you don’t find what you’re looking for, feel free to contact us directly.
General Questions
1. What is LendLay?
LendLay is a device financing company that provides flexible payment plans for smartphones and other essential devices. We cater to individuals with little or no credit history, helping them achieve ownership affordably.
2. Who can apply for LendLay financing?
Anyone over the age of 18 with a valid South African ID or passport, proof of income, and a bank account can apply. We specialize in assisting individuals with no or poor credit scores.
Application Process
3. How do I apply for financing?
You can apply online through our website. Simply create an account, complete the application form, and upload your required documents.
4. What documents are required to apply?
To apply, you’ll need:
- A valid South African ID or passport.
- Proof of income (e.g., recent payslip or affidavit for informal earners).
- Bank statements for the past 3–6 months.
5. How long does the approval process take?
Once you submit your application, we aim to review and respond within 1–2 business days.
Payments and Repayments
6. How are payments made?
You can make repayments via EFT, debit order, or at retail outlets like Checkers or Shoprite Money Market and FLASH.
7. What happens if I miss a payment?
If you miss a payment, your device may be temporarily locked until the overdue amount is settled. Late payments may also incur penalties, as outlined in your financing agreement.
8. Can I pay off my loan early?
Yes! You can settle your loan early without penalties. Contact us for an updated settlement balance.
Device and Insurance
9. What happens if my device is lost or stolen?
If you’ve opted for device insurance, contact us immediately to file a claim. Without insurance, you’ll remain responsible for the remaining balance of your loan.
10. Is my device insured automatically?
No, but we offer optional insurance plans for added protection. You can choose to add insurance during the application process.
11. Can I upgrade my device during the loan term?
Upgrades may be possible once you’ve repaid a significant portion of your loan. Contact us to explore your options.
Technical Support
12. My device is locked. What should I do?
If your device is locked due to non-payment, make the outstanding payment, and it will be unlocked automatically within 24 hours. For technical issues, contact our support team.
13. Can I unlock the device permanently?
Devices are fully unlocked after the loan is paid off in full.
Security and Privacy
14. How is my data protected?
We prioritize your privacy and security. All personal and financial information is encrypted and stored securely in compliance with data protection laws.
15. Will my credit score be affected?
Making timely payments can help improve your credit score. However, late or missed payments may negatively impact your credit record.