Bad credit loans

In need of an urgent short term loan I bumped into a loan company called Universal finance loans. I requested to be loaned an amount of R12500.00 which was approved and a form was sent to me, I filled it and emailed and whatsapped it. I couldn't get the loan because the company wanted an amount of R1980.00 upfront for the loan insurance policy fee. Unfortunately I couldn't source that amount of money at that time. The registration number for this company is (Pty)Ltd RC: NCRCP22/23833. Can someone help me to make out if this is real or am I being scammed.