Can Sanlam Personal Loans Be Trusted?

This question might come as a surprise to many. Most people would argue and say why would one not trust Sanlam personal loans? After all Sanlam is a well know company that has been around for years. As much as that is true, we unfortunately live in a world full of fraudsters and Sanlam has been affected by some scams over the years.

What scams have been identified? One popular scam which fraudsters have been using behind Sanlam’s name has been to invite unsuspecting consumers to apply for loans.

In most cases the offer has been identified to come from a false entity called ‘Sanlam Loans’. The common email address used is sanlamsloan@cash4u.com. The fraudsters will even ask for an upfront payment to process the loan. Fin24.com published an article warning consumers about this scam.

Does it make sense now why the question whether Sanlam personal loans can be trusted? Well, keep on reading to find out the answer.

Who Provides Sanlam Personal Loans?

To get the answer to our question we need to identify who provides the real personal loans from Sanlam. Sanlam’s loan offer is managed through Sanlam Personal Loans (Pty) Ltd which is a registered credit provider. Loans from Sanlam Personal Loans are managed and administered by DirectAxis, an authorised Financial Services Provider.

Now that we know where our loan offers should come from, we should never be fooled by anyone else seeking to take advantage of us.

How Sanlam Personal Loans Work

Sanlam offers personal loans from R5 000 up to R300 000. How much you qualify for all depends on your credit profile.

Repayment terms are flexible from 24 months to 6 years. This flexibility usually works in your favor as you can tailor your repayment to suit your budget.

Sanlam offers fixed interest rates. This means your loan repayments remain the same throughout your loan term.

Here is an illustrative example of a loan at an interest rate of 24.50% per annum: The loan amount is R50 000 plus a once-off initiation fee of R1 207.50 and a monthly admin fee of R69, over 72 months. This means that the total cost of the loan will be R102 085.93, which is a maximum Annual Percentage Rate (APR) of 27.29%.

Does Sanlam offer Home Loans? Fraudsters would like you to believe they do, please note Sanlam does not offer any home loans. If you ever see an invitation to apply for a Home Loan from Sanlam, you should definitely ignore that offer. One thing you should also keep in mind is that Sanlam will never ask for upfront payment for its personal loans.

Application for a personal loan can be done online in an easy-to-follow secure process.

During the application the usual documents such as your ID and 3 months bank statements will be required. To qualify you will also need to live and work in South Africa.

What Do Others Have to Say?

If you go to Hello Peter, you will notice Sanlam generally has a bad review. What you need to keep in mind is that Sanlam offer other products and services besides personal loans. Clients that are not happy with those services will also come and write their reviews. With that being said those reviews do not then mean that you will get bad service when applying for their loans.

What do we know about their service? It’s generally known to be bad as most clients have often complained about this whether it is to do with loans or other products.

Should the bad reviews and scam reports stop you from apply for a persona loan? What is our conclusion? Unfortunately, the world we live in will always have fraudsters. Whether its Sanlam or any other Financial Services Provider out there, they will always look for ways to take advantage of unsuspecting clients. If you are in need of a personal loan, you can still apply for Sanlam personal loans. Proceed with caution as you are already away of identified scams. If anything seems suspicious immediately withdraw your application until you get some clarity.

Sanlam Contact Details

For more information you can visit their website www.sanalam.co.za or call them on 0861 44 00 44.