Makanda Finance
Finance · 22 reviews
#31
Rank
3.7/10
Our Score
Pros & Cons
Advantages
- ✓ 35% per annum rate is lower than many short-term lenders in this category
- ✓ Flexible terms from 1 day to 180 days gives you some choice over repayment period
- ✓ Loan amounts start at just R500, which suits very small borrowing needs
- ✓ Maximum of R9,000 is adequate for moderate short-term needs
Disadvantages
- ✗ No active website, which makes it very hard to apply, compare terms, or verify legitimacy
- ✗ Customer trust score of 2.3 out of 10 based on reviews we collected is genuinely poor
- ✗ Ranked 30th out of 37 lenders we've assessed, meaning most alternatives are better rated
- ✗ Very limited publicly available information about fees, turnaround times, or branch locations
- ✗ No first-loan-free offer, which many competing lenders do provide
About Makanda Finance
If you need a small loan fast and you've stumbled onto Makanda Finance, slow down before you fill in any forms. We looked at this lender carefully, and the picture isn't particularly encouraging. They offer loans between R500 and R9,000 over terms ranging from a single day up to six months, which puts them squarely in the short-term credit space alongside a dozen other small lenders competing for the same customers.
The 35% per annum interest rate is actually on the lower end compared to some payday-style lenders out there, so that's not the issue. The issue is everything else. No website we could find. A trust score of 2.3 out of 10 based on customer reviews we collected. And a ranking of 30th out of 37 lenders we've rated.
We gave Makanda Finance a score of 3.7 out of 10. There are better options for most borrowers, and we'd suggest checking those first.
How Does Makanda Finance Work?
1. Contact Makanda Finance directly to start your application. Since there's no active website, this likely means calling or visiting a branch in person.
2. Submit your required documents, including ID, proof of income, and recent bank statements.
3. Makanda Finance assesses your application and runs an affordability check as required by the National Credit Act.
4. If approved, you'll receive a loan agreement outlining your repayment amount and due dates. Read it before you sign.
5. Funds are paid into your bank account, though exact payout timelines are unclear given the limited information available about this lender.
Requirements
- Age 18 or older with a valid South African ID document
- Proof of regular income, such as a payslip or bank-reflected salary
- 3 months of consecutive bank statements showing income deposits
- An active South African bank account in your own name
- A working contact number and, ideally, an email address
- Proof of residence not older than 3 months
Who Is Makanda Finance Best For?
Makanda Finance seems aimed at employed South Africans who need between R500 and R9,000 to cover a short-term gap, maybe an unexpected expense before payday. But given the lack of a website and the low trust score from customers we surveyed, even that borrower profile would be better served by a more transparent, easier-to-reach lender.
Is Makanda Finance Safe & Legit?
Any registered credit provider in South Africa must be listed with the National Credit Regulator and operate within the rules of the National Credit Act. That means proper affordability assessments, a written loan agreement, and your right to approach a debt counsellor if repayments become unmanageable. We could not independently verify Makanda Finance's NCR registration status at the time of writing, so we'd strongly recommend confirming this directly with the NCR at ncr.org.za before handing over any personal information.
Registered Credit Provider (NCR)
Our Full Review
Let's start with what Makanda Finance gets right. A 35% annual interest rate is not the worst we've seen in this market. On a loan of R5,000 over 30 days at 35% per annum, you're looking at interest of roughly R144 for that month alone, and your total repayment would be around R5,144 before any initiation or service fees are added. Compare that to lenders charging 60% per annum or more on similar amounts, and the base rate looks reasonable.
But here's the thing. A good interest rate only matters if you can actually access the lender, understand your agreement, and trust that the process is above board. Makanda Finance has no functioning website that we could locate. That means no online application, no fee calculator, no terms and conditions page you can read before committing. For a lender operating in 2025, that's a significant red flag.
So what do customers say? Based on the 18 reviews we collected, the picture is not good. A trust score of 2.3 out of 10 puts Makanda Finance near the bottom of every lender we've rated. Complaints tend to cluster around poor communication, unclear fees, and difficulty reaching anyone when problems arise. That pattern worries us.
The loan range of R500 to R9,000 over terms up to 180 days is practical enough on paper. But without clear information on initiation fees, monthly service fees, and credit life insurance costs, the real cost of borrowing could be considerably higher than the headline rate suggests. Under the NCA, all these costs must be disclosed, and you should insist on seeing them in writing.
Our verdict is straightforward. Unless you have a specific reason to use Makanda Finance, there are at least 20 better-rated lenders on this site offering similar amounts with more transparency, working websites, and far stronger customer feedback. Start there.
User Reviews (22)
Average rating: 1.5/5
Horrible customer service!!!
Since I requested a refund of R545 due to being debited for an amount over the balance. They are literally ignoring all sorts of communication from me.
Poor custumer service
Settled my loans with them long time ago, yet it still shows on my credit record. Being trying to get Makanda finance to remove it, but no luck
Unresponsive emails
It’s been two weeks asking for paid up letters but nothing no response nothing
Makanda Finance – Unprofessional treatment of employees
My experience working with Makanda Finance under Mohammed was extremely disappointing and unprofessional. Employees are expected to work hard, do debt collection, and use their own resources such as airtime and data, yet salaries are either paid late or not paid at all. When it is time to be paid, emails and messages are ignored, and there is a very arrogant and dismissive attitude from management. Payment promises are not honoured. You are told you will be paid on the 6th of the new month, but this does not happen consistently. The basic salary is under R2000 per month, which is already very low, yet even that amount is treated as optional when it comes to paying staff. Overall, this company shows no respect for employees, no professionalism, and no accountability. I would strongly advise anyone against working for Makanda Finance or for Mohammed. It is not worth the stress, financial loss, or disrespect.
Makanda Finance is unprofessional, unresponsive, and misleading – avoid at all costs
I have had an absolutely terrible experience with Makanda Finance Solution. I requested a loan cancellation / settlement letter more than 10 days ago and despite multiple follow-ups, emails, and escalations, I have received zero response. No acknowledgement, no explanation, nothing. To make matters worse, I was told to “speak to Thobile” to resolve the issue. I did exactly that, repeatedly and was completely ignored. This is nothing but deflection and a total lack of accountability. On 16 January, I physically went to the address listed on Makanda’s website (1059 Francis Baard Street, Hatfield, Pretoria) and discovered that there are NO offices at this location. This is extremely concerning and feels deliberately misleading. Because of Makanda’s failure to issue a simple cancellation letter: My credit profile is being negatively affected I cannot resolve my Experian dispute I have wasted time, money, and effort I have been put under unnecessary stress This is by far one of the most unprofessional and frustrating financial service experiences I have ever dealt with. A registered credit provider should not operate like this. I have now escalated this matter to the National Credit Regulator (NCR) due to Makanda Finance’s non-cooperation and lack of transparency. ⚠️ DO NOT deal with Makanda Finance unless you want to be ignored and misled. ⚠️
I hope they go out of business!
If I could give a zero, I'd do just that. What a hassle trying to get a refund after I they debited me after I settled via EFT. The different department don't seem to know each other. The refunds department doesn't respond to emails. What a frustrating experience this has been for me. I hope they go out of business soon! Karma is a *****!
Blacklisted for two (2) years by Makanda Finance YET my balance is zero!
The last time I borrowed and paid Makanda Finance in full was in January 2024. The amount paid for this last loan was even a little more than what I was supposed to pay, and they were owing me a refund which I gave up on after numerous phone calls with no luck. This company has listed me on credit bureau for old amounts from 2023 or previous years (which had all been paid). This has gravely affected my credit record, and I cannot buy anything on credit for the past two years and all my efforts in writing to them via email requesting assistance have fallen in deaf ears. I would really appreciate urgent assistance regarding same as emails sent to Experian and Transunion have not assisted thus far.
Refund immediately
They deducted money from my account. I was told to send an email to *********** but there’s no response tried to call them countless times with no luck
They dectucted an am...
They dectucted an amount of R705,15 on my account on the 28th of November I never took a loan with them in October
Makanda Applicaton
How long do they take to approve an application? ON the Website it states - "Our application form should take you no longer than 5 minutes to complete. Usually we’ve processed your loan a short-time later with the money on its way to your bank account in minutes." According to the Whatsapp Agent it takes 7 Days
Makanda finance what's happening
Makanda finance used to be a reputable loans company that provides excellent service but I don't know what's happening ,on their WhatsApp group these days they reply after a day or 2 or just plainly blue tick their clients 😔
I would like to writ...
I would like to write a review about Budget Insurance
Disappointed client
Did an application with Makanda finance they send me an approved email but when you follow up via WhatsApp or email regarding pay out they fail to respond poor service very disappointed client
Debit order issued resolved
I was having debit order problem with Makanda since January, my account was double debit in January but now it has been resolved, my money paid back to my account. I did another application and De*****eck has been going smoothly. Thanks to Carolina M.
****mers
I took a loan in 2022 and it was paid up but it was not removed in my credit bearue account then in 2023 i also took another loan which i paid in feb 2025 i was given a settlement of 800 i paid in full and receive a paid up letter now i need a paid up letter for 2022 loan im told i didnt pay the loan ya 2022 while i did how did i receive another loan in 2023 if i didnt pay them in 2022 and the 2022 loan its 2 account which are open same day how can i be approved for 2 loans same day these people are ****s i cant get hold of them i have sen emails and call them multiple times number is not going through all i need is for them to remove my account from credit bearue i even lost a job opportunity because of them
ABSOLUTELY USELESS ACCOUNTS DEPARTMENT DOES NOT KNOW WHAT THEY ARE DOING
They do not answer their phones, when you request a statement they refuse to give you a statement that shows your outstanding balance, they say you mist first settle before you can requests a statement this is really stupid can someone really pay an amount without the relevant proof of what is outstanding.
****
They trade as Makanda Finance they keep sending u documents that you need to pay like loan legalization fee R2449.00 I fell for it because of my credit score then send u one where u must pay cost of transfer another R1998.00 then send u a prove of payment then the next morning a SOUTH AFRICAN REVENUE SERVICE TELEX & CREDIT DEPARTMENT letter that said (It has come to the noticed of the Telex Department regarding the transferred of the fund money to your nominated Standard bank account in South Africa. After careful study of the transaction documentations, it was discovered that the Mandatory Tax Clearance Certificate of the Funds is missing in your file) And the another R 2890.00 this people are taking money a said that the money will be refunded with your loan This is there website they operate from https://www.makandafinanceloan.co.za All is legit on the website even the address This is the Original Makanda Finance website www.makandafinance.co.za
Need to remove paid up loan from the credit bureau.
Loan that was settled last year allready still reflecting at the credit bureau. Emails was sent to Makanda to please remove, but they don't even bother to reply.
Makanda fails clients
Makanda is paidup and failed to sent a paidup letter which leaded us to contact the NCR. Up till today the no one reached out to us. We now hoping that NCR will be able to assist us with them.
MAKANDA FINANCE EXCELL IN BAD SERVICE
They do not even deserve 1 star- Unprofessional and inconsiderate- they think our money grows on trees, Sanelisiwe is not even bothering in replying on my emails now, none of their contact details are reachable- more of a **** if you ask me- since 3 Feb 2025 they have to come back to me or paid my refund which they worked out and still ripping me of on it- last response was refund is 7 days - now its the 14th of February still no words- I escalated to Raisibe- who has also read my messages but no response- They a bunch of ******
Showing 20 of 22 reviews
Frequently Asked Questions
How much can I borrow from Makanda Finance?
Makanda Finance offers loans between R500 and R9,000. That range covers small emergency amounts as well as slightly larger short-term needs, though you'll need to confirm current availability directly with the lender.
What interest rate does Makanda Finance charge?
The advertised rate is 35% per annum. That's actually more competitive than many short-term lenders in this category, some of whom charge 60% or more annually. On R5,000 over 30 days, interest alone comes to about R144, but you'll also want to ask about initiation and service fees, which can add significantly to the total cost.
How fast does Makanda Finance pay out?
We don't have reliable information on their exact payout speed. The absence of a website makes it difficult to confirm whether same-day or next-day payouts are offered. You'd need to contact them directly to get a clear answer.
Is Makanda Finance registered with the NCR?
We could not independently confirm their NCR registration at the time of writing. Before you apply, check the NCR's public register at ncr.org.za. Any legitimate credit provider in South Africa must be registered there.
Can I get a Makanda Finance loan with bad credit?
Short-term lenders in this space often work with borrowers who have imperfect credit histories, but they're still required by the NCA to do an affordability assessment. Having bad credit doesn't automatically disqualify you, but it may affect the amount you're offered.
What documents do I need?
You'll generally need your South African ID, a recent payslip or proof of income, 3 months of bank statements, proof of residence not older than 3 months, and an active bank account in your name.