Compare the best loans of South Africa and find the lowest rate
If you have turned into a self-employed person and you are now in the search for funds, it can be difficult to make it. Why? Because the banking companies will come with tons of requirements that become an obstacle at the time of being granted the money. But that is no longer a problem thanks to the help of African Bank. This bank will give immediate access to lending programs like it happens with other type of clients.
However, in order to be eligible for a loan as a self-employed, you need to know that you have to gather all the necessary documents and know in detail the way the application procedure functions.
For that reason, in the following post I will try to provide you with answers to the most common questions regarding loans for self-employed clients. After that, you will be given information about the most typical loan of African Bank recommended to independent clients: Personal Loan. So, I really advice you to go on reading this post.
Let’s focus on the most important questions Self-Employed ask themselves:
Before giving you a description of these loans, let’s answer some important questions:
1) How can self-employed clients get a Personal Loan with African Bank?
First, you should know that in your condition as an independent worker, you have three ways of obtaining a loan. The first one is related to demonstrating the bank you are currently employed and capable of making the payment, thus you can ask for a standard lending program. The second option has to do with finding a loan designed specifically for self-employed clients. And the last option is related to the application for a low doc loan, which is a loan with few documentation and requirements needed. However, every type of loan has different financing periods and interest rates, so bear that in mind at the time of making up your mind.
2) Will a loan for self-employed cost much more than a loan for other type of client?
Luckily, that is not an aspect you need to stress about, since only the lending program I mentioned at the end of the previous question (low doc loan) is much more expensive than the standard loans. They are more expensive because you are given extra support and you can submit fewer documents to the bank. But, apart from that advantage, the interest rates you will end up paying at the end of each month will be much higher. So, it is better to stick to the traditional loans.
Before choosing a lending program bears in mind all the aspects that come along with each type of loan. I am referring to the interest rates, financing terms, documentation, and application procedure and so on.
Okay, now let’s focus on the loan commonly recommended to self-employed citizens: African Bank´s Personal Loan
Self-employed clients can easily obtain a Personal Loan, that ranges from R 500 to more than R 200 000 and they can choose any medium to receive such capital. Regarding the financing terms of this Personal Loan, clients have up to 72 months. But, if they feel like taking less time to complete that, they can finance the loan in 3 months. One of the great advantages of this loan is that the instalments are fixed and can be reduced so as to make the client save money. Finally, the bank will give clients complete access to a phone number that functions as a customer service centre.
This is how you can apply for a Personal Loan if you are self-employed:
In the first place, you need to complete the application form you will find in the bank´s website or at a bank´s branch with your personal and financial data. Then, you need to look for all the documentation the bank requests you. Those documents are the following: you’re ID card or anything that shows your personal data, a proof of the place you lives now, recent statements with this bank or another banking company and also your recent pay slips and bills. Bear in mind that that documentation cannot be old, need to be updated, so as to show your last movements and your financial status at present
Contacting African Bank
You can go in person to one of African Bank´s physical branches situated in Blue Route Mall. This office is specifically at 16 Tokai Road Its phone number is this one: 27 43 721 0140. You will be able to go to this office Mondays to Fridays from 8 in the morning to 05:00 pm
There is another branch in Cape Town, in the area of Mowbray. It is located at 84 Main Road. You can try to contact their staff members before paying a visit to the office, by dialing up 27 21 689 5660. Regarding its opening hours, you can go there during weekdays from 08:30 am to 05:00 pm.
You can get in touch with African Bank´s representatives by phone. You simply dial up 0861 111 011 from the comfort of your coach and you make any type of questions you have regarding the bank´s loans. You can also begin the application procedure over the phone if you give their staff all the necessary personal information.
This is a great option to communicate with the bank by using your laptop, from home. You enter the bank´s webpage and you will be able to obtain more details about a Personal Loan and other type of programs. What is more, once you have acquired a loan with this bank, you can use online banking so as to manage your loan and make payments on time.
To conclude, being a self-employed citizen in South Africa and obtaining the funds you need to stabilize your financial status, is possible with the financial aid of African Bank, which has designed a Personal Loan, for these independent workers that are searching for a little help when it comes to their finances. Try African Bank and get the money you deserve!