Applying for personal loans in the past generally meant that applicants had to choose between applying at a bank or borrowing money from a family member, a friend or a loan shark. With the amendments in the National Credit Act, the South African Financial industry provided more opportunities for micro lending institutions.
Numerous other registered financial institutions in the country are now also able to provide financial solutions such as personal loans and credit cards to qualifying individuals.
Although it is widely renowned for its products and services in the retail sector, Woolworths also provides financial services through its Woolworths Financial Services division.
One of the products offered through this service is the Woolworths Personal Loan.
Tell me more about Woolworths Personal Loans?
- By applying for Woolworths Personal Loans you can expect to get access to cash in your account within 48 hours.
- Flexible repayment terms of up to 60 months are offered, so you have a reasonable amount of time to repay your loan.
- There are low monthly service administration fees and you can make easy payments by debit order at the end of every month.
- There are early settlement options without penalties.
- Woolworths gives you the flexibility to make additional payments towards your loans.
- Balance Protection Insurance is offered, which ensures that your debt is paid off if you become permanently disabled or pass away.
What are the requirements?
- You need to be 18 years or older, with a valid South African I.D.
- You’ll need to be permanently employed, with a minimum salary of R2000 per month
- You must provide details of an active bank account
- Provide your latest 3 months’ payslips
To apply for Woolworths Personal Loans, speak to a consultant by calling: 0861 50 20 10. Alternatively, you can send an email to email@example.com