Absa is an Authorised Financial Services Provider and a registered credit provider. One of their popular loan products is the Absa Express Loan. The purpose of this article is help you with information of how much you can apply and qualify for and what Absa requires to give approval.
So how much can you apply for? Absa offers between R1 500 and R8 000.
What are the applicable fees and interest rates? Maximum monthly interest rate (APR): 5% for first time loan taken or 3% if the loan is taken in the same calendar year. Services fees and initiation fees apply.
As an example, the monthly instalment on a R5 000 loan over six months at 5% per month would be R1 200
Do i automatically qualify for the full amount? No, you don’t automatically qualify for the full amount. How much is approved is dependent on your credit record.
What is it the repayment period? Absa offers a minimum repayment term of 1 month and maximum of 6 months.
Who should apply for this loan? An Absa Express loan is ideal for individuals who need money but want to pay it back quickly.
Why Absa Express Loan
They are unsecured which means no security in the form of assets is required to secure a loan.
Interest rate on the Absa Express loan is fixed. This means that even if interest rates change, your instalment remains the same. This really assists with budgeting.
Operations of banks are regulated in South Africa. This gives you peace of mind knowing that loans are provided in accordance with the guidelines of the National Credit Regulator.
Flexible repayment terms of up to six months allow you choose a term that suits your pocket.
Credit protection plan is required. This will settle any outstanding amounts on your loan in the unfortunate event of disability or death. We can never over-emphasize how important this is as it gives you peace of mind knowing that even if you die you family will be safe.
How To Apply
Application for the Absa is done in a simple and quick process online. You have to have to be an existing customer with a South African ID to be able to apply online.
If you don’t meet the above, you will have to visit your nearest branch and submit your application.
Which method between online and branch application do we recommend? We definitely choose the online application over the branch application any day. Online application gives you the convenience of being apply anytime and from anywhere. You don’t have to worry about time usually spent in queues at branches.
Although going into a branch takes up some of your time if comes with its own benefits. You can be guaranteed that your application is secure whereas online you could be thinking you are on an official Absa website, yet you are on a bogus site with fraudsters. So, we really encourage those that use the online application to make sure they are on the correct website.
What is needed to apply? You must be 18 years or older with a valid ID document to apply for a loan. If you don’t bank with Absa, 3 months bank statements will be required. Applicants must earn a minimum monthly income of R1 500 per month. Proof of residents will also be required.
From what we have discussed we can conclude that it is not that difficult to apply for the Absa Express Loan. If you are in need of a short-term loan, we definitely recommend this product.
Absa Contact Details
If you need more information, you can visit their website www.absa.co.za or call them on 0860 100 372.