You have certainly heard of African Bank, after all, it has been operating in the financial world since 1975. They were the pioneers in making a difference in people’s lives by living for the disadvantaged in South Africa’s communities.
On this basis, African Bank has developed its personal loan product, where it offers perfect terms for South African citizens, with numerous advantages to facilitate access to credit even for people with a bad name and full of debts.
Everything is quite simple, from the application process to the payment terms. Are you ready to apply for an African Bank Loans loan? Read on to learn all about this provider, as well as its pros, cons, and how to apply.
African Bank Loans
Fixed reimbursement Win with flexible refund termsHow does the African Bank Loans work
African Bank Loans is the best option for those looking for attractive, short-term personal loan options with good limits to put in their pocket. One of the main points is that people with debts or bad score can apply for credit at African Bank Loans.
This is a solution for those who have old debts and wish to take out a personal loan to clear their name, so that they can improve their score and do what they want with the rest of the money.
In the same way, those who want to do any event, make purchases, travel, take vacations, can also do it with African Bank Loans. It offers you the opportunity to borrow money at low rates, very quickly, with good options for terms and repayments – between 7 and 72 months.
Who is African Bank Loans for?
Modern life sometimes makes it impossible for people to maintain an excellent credit score, no matter how much you earn. That’s why applying for this type of loan may seem a little different to you. But rest assured, the score is still worth it if you are someone who really needs a personal loan.
African Bank Loans is a service specifically for people with low or reasonable scores who cannot get approved through other services. Some who would like to rebuild their credit will also find it a good alternative. After all, it can charge lower interest than a conventional credit card for the same type of score.
Advantages of using the African Bank Loans
There are some pros to using African Bank Loans. This service offers a maximum loan amount that is really reasonable for most South Africans, amounting to R350,000. Other advantages you may want to check out include:
- Fixed reimbursement
- Personal Loans of up to R350,000
- Bank safely from the comfort of your home
- Apply for a loan wherever you are, whenever you want
- Enjoy the online banking or the African Bank App
- Take a break from paying off qualified loans
- As a category A consumer, you are covered
- If you are a Category B Consumer, you are only covered for Death
Most of these advantages are focused on people with bad or fair credit scores. If you have an excellent score, it may be a good idea to look for a provider that also offers some discounts to sweeten the deal.
Terms, fees and payment conditions
African Bank Loans is special for several reasons, but there is the downside of it: the sometimes disturbing fees:
The interest rate (APR) usually hovers around 15% to 24.50%, plus the insurance fee that can range from 5.04% to 5.4% on your personal loan application. On the other hand, you need to be aware that the first loan payment is due within seven days.
After that, a monthly installment is due until the loan amount is paid in full, where you can choose your monthly payment method. A monthly debit order can be created, and the money will be debited from your account automatically.
How to Apply
There are three ways to apply for African Bank Loans:
- Over the phone
- By visiting your nearest African Bank branch
- By applying online at www.africanbank.co.za
After you apply for a loan, African Bank will review all your information. If everything is verified, the loan will be paid into the specified bank account.
Conclusion
African Bank Loans offers a viable option for individuals seeking accessible personal loans, especially those with less-than-perfect credit histories. It provides flexibility in repayment terms and the convenience of online banking services. However, potential applicants should consider the interest rates and fees carefully before proceeding.
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