Getting a good loan with a bad or fair credit score is tricky. Some services accept co-borrowers who drag their numbers up, ensuring that you are eligible. Others, however, are unwilling to give these users a chance and only allow people with excellent credit to sign up.
FNB Loans works quite differently. It boasts some of the most sought-after Personal Loans in South Africa – aiming for quality, customizable affordability, and agility in the process. Plus, you can use the personal loan calculator to find out how much you qualify for – if you can’t, you can request a pre-approval to learn more about the loan you qualify for.
You can even get a personal loan simply through FNB Loans. This service is flexible and incredibly cheap to maintain if you already have an excellent credit score and can accomplish what you want so much. It works with minimum loan amounts of R3,000 and allows users to borrow up to R300,000,000.
Pros and Cons of using the FNB Loans
FNB Loans can help you get the financing you need for a variety of purposes and has a few other advantages. But there are some other pros, including:
- No penalty fees
- Credit life insurance
- Take-A-Break in January
- Repayment on loans has fixed amounts
- Interest rate starts from 12.75% per annum
- Loan amount is up to R300,000.00
- Choose the repayment period for the loan
- There are no early settlement penalties on personal loans
- Receive a personalized interest rate on your personal loan
- Repayment on a personal loan is quick – the payment period is 60 months.
Certainly FNB Loans is not perfect. For starters, 1FNB ranks second in complaints filed with the country’s consumer protection agency about loans. Also, another point is that there is an automatic debit order, meaning that arrears will be debited automatically without your approval.
Finally, it is feasible to mention that the maximum repayment of 60 months is low. Other banks offer up to 84 months on personal loans. If none of this causes you negative feelings, move on.
Requirements for FNB Loans
To qualify for a personal loan you will need to have the following :
- South African ID
- Be 18 years of age or older
- Have proof of residence of no more than 3 months
- Bank statements for 3 months with income deposited by the employer (if you bank with FNB, there is no need for a bank statement)
- You must have a good credit score
How to Apply
To get this application, the best way to apply is online through the application form made available on FNB’s official website. Another option is to use the FNB Banking app to apply for a loan.
Before applying for a loan, make sure you have evaluated your credit report and read all the details in the fine print to avoid confusion when the monthly payment due arrives. FNB will likely conduct an affordability assessment before providing access to funds.
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