This is really an interesting question especially when we look at the definition of the word instant. Instant can be defined as happening or coming immediately. So is this really the case with an Absa Instant loan? Does it come immediately? Why this is interesting to know is because by regulation credit providers are supposed to do credit checks before issuing out a loan.
The Absa Instant loan is indeed instant. One could ask how this is possible considering what we discussed above about credit checks. Well, Absa achieves this by only offering instant loan to those that are already banking with them.
If you are already banking with Absa it means they already have most of your details on file so it’s very easy for them to approve a loan when you submit an application.
Now that we know these loans are indeed instant how do they work?
How Absa Instant Loans Works
As mentioned earlier you have to be banking with Absa already to apply. You must also be at least 18 years or older. If these boxes is ticked you can apply from R350 up to R8 000 immediately.
You get a maximum of 35 days to pay back the amount borrowed.
To qualify you need to earn a regular monthly income of R3 000 or more.
These loans are unsecured which means no collateral is needed to get approval.
What are the fees involved? Initiation fee is charged from R80 up to 10% of the loan amount (excluding VAT), based on the customer profile.
Interest rate is charged from 0% up to 5% for the loan duration (up to 35 days), based on the customer profile and the number of Instant loans taken in a calendar year.
Illustrative Example: The amount to repay within 35 days for an instant loan taken for R550 at an initiation fee of 10% would be R55 (excl. VAT). This is subject to Absa’s Terms and Conditions.
Who Are These Loans Ideal For?
Absa instant loans are ideal for individuals who meets the above requirements and do not want to borrow from friends or relatives.
Also ideal for people faced with emergencies and immediately need cash. The loans are helpful in situations where one has not collateral to apply for a loan as none is required to get approval.
So, if you are going through a difficult patch in your life apply for an instant loan. If you are not an Absa client check if your bank provides instant loans. If they don’t why not move to a bank that understands that people need funds immediately to cover emergencies from time to time. Absa does this by making instant loans available and readily accessible as long as you meet their qualifying criteria.
How Can I Apply?
You can apply on Cellphone Banking (*120*2272#), at any Absa ATM or on Absa online.
We hope we have answered any questions you might have had. If you need more information you are welcome to visit the Absa website www.absa.co.za or call them on 0860 100 372.