5 Benefits of taking a loan at Finbond Mutual Bank
You don't have to feel ashamed for needing an extra hand to get the things you need or lead the life you want. That’s why loans were created in the first place, so why not take advantage of them? In this opportunity, we would like to discuss the benefits of taking a loan at Finbond Mutual Bank. When you finish reading this text, you will know what this company offers, what you need in order to apply for their loans, and so on. Let’s get started!
How does Finbond Loans Work?
Finbond is a Mutual Bank that has been operating in thefinance market of South Africa since 2003. Although this company works mainly with investments, at Finbond you will find personal loans. This company provides loans that are unsecured: no guarantee is asked to act as back up for the loan. If you decide to borrow money at Findbond, you should know that you can borrow from R500 to R20 000 in fixed installments of up to 24.
How to apply Online for Finbond Loans?
Before we tell you all about how to apply online for the convenient loans offered by Finbond, let us talk about the 5 benefits of taking a loan with this financial company. There are various advantages related to the loans offered by this bank, but we decided to focus on the ones we believe are more important.
- They’re easy to get. Forget about tedious paperwork.
- No security is asked, no need to worry about losing your property.
- You will know exactly what you will pay each month, since it has fixed installments.
- Finbond is a trustworthy credit institution; you can make sure by checking the NCR list of credit providers.
- Since Finbond is a Mutual Bank, customer care is a priority.
This last advantage is closely related to the way Finbond lets you apply for their loans. If you are a centennial, you might not remember that everything was done in person. Applying for a loan online? That was unthinkable! Luckily, times changed and Finbond adapted to them so as to serve their customers better. So, are you lying on your couch? Go get your smartphone and apply online.
4 Requirements for a Finbond Loan
When a credit company is reliable, you will be requested to provide them with basic information and documents that will allow them to assess if it is safe to lend you money. This safety concern is not only about them not being able to be reimbursed for the money you borrow, but about you not getting into financial trouble.
With the information they receive from you, the bank will be able to run an affordability check on you and to review your credit history. They will check if you are employed, if you have other loans, or if you pay your credit card statements on time, for instance.
There are 4 requirements that you should meet to qualify for a loan with this bank. Let’s see which they are.
- You will be asked to provide your ID
- You will need to give them your last three payslips
- Also, you need to show them the latest statements from your bank account
- Finally, you have to prove that you are a resident
Why you Need to Consult a Personal Loan Calculator before Applying at Finbond?
We believe one of the best pieces of financial advice we can offer you is planning ahead. It might happen to you that you are so pressed for money that you don’t sit back and figure out what your best options are. Loans are a contract that you get into with a financial company. It is a commercial agreement that you must honor so as not to suffer the consequences.
But you might be wondering, how do I know if I will be able to repay the loan? Well, that’s why personal loan calculators are so useful. These applications let you simulate the loan: you will be able to see approximately how much money you will need each month to pay off the loan.
At this point you will have to be very honest with yourself and consider if that is an amount of money you can safely pay for the duration of the agreement. Will you be able to repay the loan and still be able to cover all other expenses? If yes, you’re ready to go ahead and ask for a loan at Finbond.
Are Finbond Loans Interest Rates Convenient?
When we talked about the advantages of requesting a loan with Finbond, we said that this company is duly registered with the NCR. This means that this financial company must abide by the regulations enforced by this governmental agency. Among the different rules and norms, the NCR regulates the maximum interest rate credit lending institutions can impose on their loans.
Find the best loan of South Africa
So, the rates you will get will not exceed that maximum percentage. However, the exact rate Finbond will be able to offer you will depend on your credit history. Our dedicated engineers have designed an amazing tool that might help you choose the best loan for you. With our loan comparator, you can check out the different loans available and apply for the one that suits you the most.
Can you Find Short Term Loans at Finbond?
Short term loans can be a great ally to your finances. Why? This is so for two main reasons. The first one has to do with not having to compromise to pay a loan for years and years. Long term loans can become a burden since you might feel that the last installment will never come. The second advantage we can mention is that with, in the long run, interest rates will be lower than longer loans and you will end up paying less.
Fortunately, Finbond only offers short term loans to customers. We’ve mentioned above that the maximum repayment term is of 24 months, but of course, you can choose fewer installments. In this way you can ask for, as way of example, 10 thousand Rands and finish paying it in 6 months or a year. This gives you the financial freedom of knowing that soon enough you will be able to cancel the loan and move on.
What are the Contact Details for Finbond Loans?
When we started this article, we said that nowadays more and more people prefer to do things online. They want to enjoy the freedom of applying for loans from wherever they are without having to wait on line to be called by agents. However, some people still prefer to talk to a person before applying in order to have all their questions answered. Finbond can be contacted on 086-000-4249. Also you can send them an SMS to 45040 with the word “credit” and they will contact you.
How many Branches does Finbond Loans have?
Finbond is a mutual bank that has experienced a great growth in the last years. For this reason, they opened several branches, especially in the Western Cape area. There are over 15 branches in the country.
What are Finbond Loans Contact Details in Polokwane?
If you are in Polokwane and need to contact Finbond loan, you can do so in the following ways:
- You can go to their offices at 18A Devenish St, CBD
- You can call on +27 15 297 1996
Since Finbond allows customer to apply online, you could request their loans no matter where you live. However, if you wish to pay them a visit or call them, you can go to their offices that are really close to the Shoprite Manyard Mall or call them on +27 21 763 5380.
Is there a Finbond Loans Branch in Kimberley?
In Kimberley, Finbond has an office near SASSA offices. They are open to the public from Monday to Friday from 8 a.m. to 4:30 p.m. Of course you don’t need to go to their offices if you don’t want to, you can also call them on +27 53 831 1494.
What the Address of Finbond Loans in East London?
For those people living in East London and who wish to see a Finbond staff member in person to ask them a question or for any other reason, they can do so by visiting their offices located at Gilwell Shopping Centre, Gilwell Rd, Parkside.
What is the Telephone Number of Finbond Loans in Port Elizabeth?
Finbond has opened several branches in strategic locations with the aim of letting their customers reach them out in person or over the phone. The phone number for the Finbond office in Port Elizabeth is +27 41 487 2096.
Can I Visit a Finbond Loans Branch in Johannesburg?
Johannesburg is the most populated city in South Africa; of course Finbond has branches there! As a matter of fact, you will find more than one. You will find one (near the Department of Infrastructure Development of Gauteg) at 1st, Ghandi Square, 14 New St.
How can I Contact Finbond Loans in Durban?
Finbond does not have offices in Durban at this moment. Also, Finbond has not opened branches in Centurion. However, this does not mean you cannot request a loan with them; all you need to do is apply online or give them a call.
Our job is to show you the different options you have to borrow money in South Africa. This time, we introduced you to the Mutual Bank Finbond and told you all about their loans. You discovered in this article that you can ask for as much as R20 000 and that they work on a short term basis. You know what documents you need and how to apply. You are ready to accomplish your goals with the help of a Finbond loan.
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Questions and answers
Can I apply for loan to settle my other debts like a consolidation loan?
It is not possible to request a loan with Findbond Bank if you owe money. Every lending company performs a deep analysis on their clients' economic condition as they want to make sure that customers are financially responsible and reliable. They also check if payments are made on time, for instance. So, when your situation is resolved, then you will be likely to apply for a loan.
How can I settle my loan?
To know how to settle your personal loan with Findbond Bank, you can choose the repayment period according to the amount of money you have borrowed. For example, if you apply for a loan of 20,000 rand, you can have fixed monthly instalments distributed in 24 months. This is the maximum time of repayment you can pick.
I have a 3000 rand loan. How many months do I pay it off?
If you have a 3000 rand loan with Findbond Bank and wish to know how many instalments you still have left to pay, you can resort to the terms and condtions already signed to check this information. Another option is to operate via Internet Banking offered by the institution in which you can confirm the number of unpaid instalments.
I have once off personal loan of 6000,I have been taking it for a while now and paying very well but now I feel is too much. I need more cash.and that's their maximum. Can fFnbond assist me?
To apply for a loan with Findbond Bank will require that you have a solid credit record. The bank will carry out a revision of your economic situation in order to determine if you are suitable to receive a loan. Also, you will need to prove that your affordability capacity is sufficient to pay the instalments. Once the outcome of this revision is positive, you will be likely to receive the money.
Can i apply online also
Certainly, yes. Findbonk Bank offers its clients the possibily to operate via Internet. The company has adapted itself to the new online era, therefore, if you navigate on its website, you will be able to create your own personal profile and account via the Internet banking. When you log into your account, you will need to provide your username and your password.
Can I apply for a loan with my social grant?
Unfortunately, you will not be able to apply for a loan with your social grant at Findbond Bank. This resolution has been made by The South African Social Security Agency which states that South Africans who are social grant beneficiaries are not permitted to request loans with social grant money.
I have an existing 6 months loan of which I have already paid 2 installments. My question can I ask for an additional loan?
At Finbond, if you already have an existing 6 months loan, what you can do to ask for another one is to ask for a settlement quote so that you can ask for a second loan. You will be asked to provide Finbond with the same information you provided them with when you requested the first loan.
I earn 4,000 per month and I need 3,000 loan how much installment for 3 months?
Besides knowing that you earn R4,000 per month, Finbond will need to make a credit record check on you before establishing an interest rate on a R3,000 loan for 3 months. So, let us suppose that this rate is 24%; in this case you would have to pay three installments of R1,250.
How much must you earn to qualify for a 10000 loan, and how much will the monthly installments be if you choose the 12 months option?
Only Finbond will be able to inform you how much you need to earn to qualify for an R10,000 loan and how much you will pay in installments if you choose the 12 months option. All we can do is help you figure out more or less how much money this will be. So, let's say that the interest rate you get is 25%. In this case, you will need to earn enough money to cover for a monthly installment of R1,041.
If I borrow R20 000 in twenty-four months how much I will pay monthly?
When you ask for a loan at Finbond bank, as in any other financial institution, the bank will ask you to provide them with information to assess which interest rate they can offer you. Based on this rate, you will be able to calculate your monthly installments for a loan of R20,000 over 24 months. For instance, if the rate was 20%, you would have to pay approximately R1,000.
Let say I borrow 3000 and have to repay it in three months, how much will I be paying monthly?
When you ask for a loan at Finbond, or any other financial institution, you will be asked to provide information regarding your economic and financial situation. With this, Finbond will be able to set an interest rate on your R3,000 loan payable in 3 months. For example, if the rate was set at 22.75, you would pay R1,200.
Is it possible to get another loan if your existing loan is almost paid up?
It is highly probable that you will have to pay off your existing loan before asking for a new personal loan at Finbond Bank. However, what you can do if you only have a few installments left, is ask for a quote to pay these installments all at once. In this way, you might be able to ask for a new loan.
For a loan of r3 000 for 12 months, what is my installment, I'm earning r2 500?
If we assume Finbond Bank can offer you an interest rate of 21% for a R3,000 loan over 12 months, you should think of installments of R398. Since you earn R2,500 a month, you should have no problem with asking for this amount of money at Finbond Bank. However, you should have a satisfactory credit history.
How much money can I qualify for if it's a first time?
How much money you can qualify for on a loan at Finbond Bank for the first time will depend on your salary and your credit history. Plain and simple. Finbond offers loans of up to R20000 in up to 24 months. If your income is good enough and your credit record is satisfactory, you should be able to ask for the maximum amount.
When a pensioner takes out a loan of R2000 and repayment plan is 6 months, how much is to be played in installments?
In order for you to figure out how much you will have to give back Finbond Bank for a personal loan, you should first ask the bank for a quote. Based on your information, Finbond will be able to tell you which interest rate they can offer you. For the sake of giving you an idea of this amount, we will suppose they set the interest in 6%. In this case, for a R2,000 loan with a repayment plan of 6 months, you would pay repayments of about R467.
Can I apply again for a loan after I paid off my pay day loan at Finbond?
If you have already finished paying off your payday loan at Finbond and you comply with all requirements established by Finbond for their personal loans, you should have no trouble in applying again. You will have to provide the institution with your information, and they will run an affordability check on you to establish if you are still able to pay off your loan.
Do you take Payslip if they don't have stamp?
Finbond does not say anything about you having to provide them with a stamped payslip. They do estate that this document should include your bank account number. However, you can check online if you qualify by filling in the online application. There you will find out if you're all set to ask for your loan.
I have been with findbond port elizabeth since December, but they only offer short term loans 3 months. why? cuz I need to borrow 20 000 for 24 moths how does it work?
Probably, when you started your application for a loan at Finbond, this institution performed and affordability and a credit check on you. For some reason, they might have determined that you can only qualify for that term only. Perhaps you have other loans taken or have many expenditures on credit cards that are making your credit profile lower.
Good day. Does sassa pensioners qualify for a loan?
Finbond offers loans that can be of up to R20,000 and repayment period of 24 months. These loans are targeted to individuals with a permanent position at a company or other kind of employment. They will ask you for your payslips. So, you will not be able to ask for a loan as a SASSA pensioner.
I am a freelance assessor with delta company for a period of 6 months per year and an 15000 and I also receive a civil pension for my late husband. Can I get a loan?
If you are able to account for your income with a pay slip or another document proving that you have a regular salary, you will be able to apply for a loan at Finbond. Contrarily, if you do not have these documents, Finbond will not be able to help you at this time. There are other options, though. Read our articles to find out how to ask for loans without payslips.
How Do I apply for a loan with a finbond card without going to the branch?
If your concern is that Finbond branches are closed due to the pandemic, let us tell you that they are open. You will have no problem with going to one of Finbond branches to apply for a loan. However, if you do not want to go to a branch in person, you can start your loan application online and have someone from the company call you.
How do I apply for a loan with Finbond without going to the branch?
Finbond is remaining open for business. According to information provided, you can still visit the offices but the company has put forward an app that you can download during lockdown to carry out operations like these. Remember that you need to have all the documents so that the process can run smoothly.
Do pensioners also qualify for short term loans payable in 6 to 12 months?
It may not be possible for pensioners to qualify for short term loans that range from six to twelve months because of the requirements established by Finbond Mutual Bank. Finbond establishes that clients need to be able to provide proof of income with pay slips as well as bank statements.
How do I apply a loan again, if I already had applied a few months ago, but without going to the branch? As I already have finbond's card.
In order to ask for loan renewal or apply for a different loan amount, it may be possible for you to do so through the banking app they have created because of the COVID-19 pandemic. You can apply for a short term loan, from a minimum of R500 to a maximum of R20.000.
Hi I took a loan with Finbond, but the loan finished at the end of March, can I reapply online? due to covid-19 all branches closed
Based on the information provided by Finbond bank, the company remains available and opened for business. In order to help out clients through the lockdown period, the company suggests clients downloading the bank app so that they can carry out all their financial operations there. Another option is to reach the company by phone to enquire about loan renewal.
Is it possible for me to get a loan as l am using passport and permit?
If you need to get a loan with Finbond, you can access it as long as you have the following: your latest pay slips, a certified proof of address, bank statements (they should be the last three) and a certified ID. You can access an unsecured loan that works in short term, which is safe and quick.
If I am self employed person is it possible to get a loan from Sanlam or Finbond?
If you are self employed but you do obtain bank statements or pay slips that date from three months, then it is possible for you to apply for a loan at Finbond. This company will also ask you to provide a POA and a valid ID, as well as your latest statement and pay slip.
I just want to know I'm a weekly customer and I only owe 2 weeks payment, but I need a loan. Will I qualify?
You may still not qualify to apply for a loan at Finbond Bank. Remember that, in order to apply and qualify for a loan, the company will need bank statements that comprise a period of three months. Once you have reached the three months, you will be able to apply at Finbond.
Good day my name is Cedric Parker and I need a loan of R20,000 at Finbond, please help me
If you need a loan at Finbond, you can apply for a loan of a maximum of R20000, which is exactly the amount you desire. This is an unsecured, short term loan that works in a flexible way. You will be given twenty four months to pay it back and will have to comply with certain requirement criteria.
Can i get a loan if i am a sassa pensioner ?
It may not be possible for you to take a loan with Finbond if you are a Sassa pensioner, since the requirements established by Finbond in order to get a loan include presenting the latest three pay slips and the latest bank statements. Since you are not an activer worker, you may not be allowed to qualify for a loan.
I have borrowed an amount of 6000 from Finbond for a 3 months term. And I have already paid 2 installments.. Is it possible for me to apply for another one while I'm still left with one installment to pay on my previous loan?
If you want to take a second loan with Finbond, it is advisable to first pay off the installment that you have left from your prevoius loan and then proceed to apply for a different or similar loan. Take into account that the company gives terms of twenty four months for you to repay the loan.
have zero credit score, can I get a loan up to 4000 and pay it 3month?
The first requirement you will come up to when asking for a loan is to had already built a credit score. That score is used by lending companies to decide two important points: 1) to know if you cancel your liabilities properly and, 2) to know how much money can you be trusted to take. In your situation, you might try asking for a payday loan, which can be cancelled in just 30 to 60 days. Although these loans tend to have higher costs, they are granted with less requirements.
If I take a r 2000 loan with Sanlam and pay it back in six months’ time, how much would I be paying per month, and what would be the total amount to pay back?
Unfortunately, Sanlam doesn’t offer such low amount of money as their minimum to ask is R 5000. However, if you need only r 2000, you can think about a payday loan. This kind of loan is thought for small amounts of money to repay in a short time. Cash Converters is one of the companies offering this loan.
Can I loan at FinBond with Postbank Card?
FinBond Mutual Bank is operated to benefit their own depositors. However, you don’t have to bank with FinBond in order to get approved. this means that if you already have another entity, you may apply and get the loan confirmation either way. The important points are to meet the requirements and to have proper credit score to afford the service.
I have a Sassa account which is my only source of income. Do I qualify?
Whether a client qualifies or not for a FinBond loan varies according to some key factors. Among them, for instance, we can mention the client’s source of income. If you have only one source of income, FinBond may find it a little difficult for you to pay for your monthly expenses and, cancelling the loan as you should. In other words, they may not see you as a qualified client for a loan.
I have a three months loan with Finbond, I paid one month. Can I borrow again while am still owing two months?
Probably, you cannot. As you have taken a short term loan of only 3 instalments, Findbond would require you to cancel those 2 instalments left before thinking about asking for a new one. There are, however, some companies that allow refilling your loan with extra money under certain conditions. All the same, it’s recommended that you finish paying the first loan, to get some balance after asking more money.
If I take R 1500, how much do they take every month?
The monthly instalments you must pay for the loan will depend on the term Finbond accepts to grant the loan. On one hand, you have to pay attention to the interest rate they set for the loan. On the other hand, there are fees they charge to cover the entire process. Finally, it depends on how many months you have to cancel the loan. When you add up the money borrowed, the rate and the fees, you have to divide it for the number of instalment you’ll cancel the loan.
How much do I need to earn to get 20 000?
As the final decision is based on several factors, it would be difficult to state a minimum monthly salary as requirement. This is so because, for example, if you have taken loans in the past, Finbond will pay attention to those payments to see if you took a responsible payment behaviour and, based on that, they will decide on the term for your new loan.
I have a funeral, how can i pay for it?
You can sustain funeral expenditures by resorting to a Funeral Loan. For instance, you can contact ICS Credit and apply for their funeral assist, through which the company can offer you financial support to cover funeral services such as transportation of bodies, coffins, cremations and also the setting up of the graveside. You can access to special discounts by being a client of this company. I recommend you to phone them on 0870210776
Where can I get a personal loan?
When it comes to getting a personal loan, there are plenty of options for you to choose from. Basically, you must consider the type of loan you need, for example, the amount, the period to repay the money, the purpose of the loan and so on. Once you have a clear idea of that, you can go over some entities to see what they offer. Some banks that are well-known to be great companies are African Bank, Better Home and Absa.
Can I borrow 5000?
Yes! You can request Finbond for a loan from as low as 500 rands to as high as 20.000 rands. You just have to make sure your credit score is sufficiently good and present the documents you need to prove your personal information. This information includes where you live, what’s your monthly income, your identity and age.
Are the offices open on public holidays?
No they are not
I need a loan to get a new car
For such purpose, the best option for you will probably be to get a vehicle loan. In this type of loan, that car you buy is used as security of the credit. This means that you will be allowed to drive it but, until you cancel all the payments, the car will belong to the bank that issued the loan. Once you finish repaying the money, the car will be officially yours.
So, I have 2 loans on my name. Can I still get a loan by Finbond?
You will always be approved for a new loan as long as the sum of money you get every month is high enough to cover the loan’s monthly payments. However, there’s another point to pay attention to when it comes to getting more funds. That would be how well have you paid your existing loans and, how good is your credit score.
Is it possible to borrow r2000 and pay back in ten months?
Yes, it’s possible but, it will be confirmed after Finbond processes your information to verify you have proper financial backup to take up the loan. You must have in mind, the amount of money you would have to give back to the company will be higher than the amount you borrowed due to the interest and fees charged. Therefore, you should wait until Finbond informs you about the total cost.
I already have a loan with Finbond and I need an extra amount of r 10000 for six months; Is that possible?
You will have to get in contact with Finbond for them to analyse your particular situation to decide over a new loan. If you have been paying back the different instalments on time, and have already paid a quite a few of them with no problem, you will have more chances to get another loan approved.
Does Sanlam offers refinancing programs?
Yes it does
Can you relend from a loan?
Every loan granted is approved after checking the applicant capacity to repay all the money on time. As a result, only those applicants earning enough per month qualify to get money borrowed for a second time. So, if you need to ask them more money, you should make sure to have a high salary to back up both loans. The bank may request you to finish repaying your existing loan after asking for another one, though.
Can I get a loan from 5000 up to 10 000?
Yes! Actually, Finbond specifies a maximum and a minimum amount of money to borrow and then, the client decides how much to ask for between those limits. Remember, you’ll get fixed instalments to repay the loan so, that will give you certain security to cancel the loan without incurring in debt. Knowing this, will help you decide on the sum of money to borrow.
What must I have to borrow money at Findbond with Sassa card?
Every applicant must have their ID, certified by the government; payslip, from 3 months previous to the request; bank statements, also from 3 months previous to the request and, a proof of address, also certified properly. Then, you can take a chance to see if your credit score is high enough to make Findbond accepts your loan application.
I'm looking for a loan up to r1000 and to pay it off at the end of this month
The kind of loan you need is called payday loan. These loans are granted for rather a small amount of money and, it should be canceled on a short time. They are the perfect solution for those moments in which you need money urgently as, they don’t usually require many documents and, are issued online. Two great companies for this loan are Cash Converters and FinChoice.
Can I get a loan of 2500? How much is the interest rate and how many months do I have to pay it back?
Of course you can! Finbond’s repayment term can be as long as 2 years, that’s to say, 24 months. As regards the interest rate, it will be stated by Finbond at the time of applying for the loan. This is so because the rate charged will depend on the terms of the loan and, your credit record.
I have a loan at Finbond of r950 and I'm paying r480 for 4 months, which means the money I'm paying is higher, why’s that?
Yes, that’s how loans work. When you borrow money form a lending entity, you’re using their service and, as for any kind of service, you’re charged some fees. In the case of a loan, you’re also charged with an interest rate. So, when you return that money, you also pay for the fees and interest rate. This means, the amount of money you return will be higher than the one you borrow. The thing is that, the longer you take to cancel the loan, the more you’ll have to pay.
Can I find something suited to buy a house at Finbond?
The loan amount needed to pay for a house is much higher than the maximum quote Finbond offers on their loans. Besides, these loans should be paid in a short time and, the borrower don’t need to present a security. What this means is that you will only find personal loans at Finbond, not home loans.
I would like a loan of r 10000. Can I pay 1500 per month? it's for medical for my son
When you take out a loan, in most cases, you decide the terms to repay it. In the case of Finbond, for example, you can decide how much time you want to repay the money. If you need R 10000 and you want to repay R 1500 per instalment, you would probably go for a loan to repay over six or seven months, as long as the company agrees with it.
Hi can i apply for a personal loan of r200 000?
Hello, unfortunately Finbond offers its clients personal loans whose maximum is that of R 20 000. However, you can contact another company that does offer R 200, 000 loans by starting the application in its website: Capitec. Its phone number is:0860 10 20 43
I'm a Finbond client, can I have a R 20 000 loan for 24months?
Yes, you can! That amount and repayment term agree with the options this company offers for their loans. In fact, those are the maximum amount to borrow and months to cancel the loan. Just remember, you need to take some personal documents and you will be ready to take the money you need.
Do I qualify?
If you meet the requirements we have mentioned in the article, which are simple and basic to verify your identity and source of income, you are half way to qualify for the loan. Apart from that, the entity will study your credit record and payments history to decide if your financial situation makes you capable of granting a loan.
What Can I do if I cannot continue paying for my loan?
You can ask for refinancing plans
How much do I pay per month on a loan for r 5000 for 6 months?
I’ll take a great company that allows to repay the loan in 6 months to answer your question: Capfin. They can offer you R 5000 to pay over 6 or 12 months. In the first option, the monthly payment would be of R1134.68 and, in the second option, to pay over 12 instalments, you would have to pay R 601.74 every month
Can you help me calculate how much will I pay if I took a loan for r 40 000 and pay it back over 24 months?
If you’re asking about Finbond, I must warn you they don’t lend that amount of money, as their limit comes up to only R 20000. Sanlam, on the other hand, will be capable of assisting you on this. On a R 40000 loan over 2 years with them, you’d have to pay around R 2250 per month.
I earn r 2500; do I qualify for a loan?
Whether you qualify for a loan or not with that income will depend, mainly, on the loan you want to take. That means that it depends on the sum of money borrowed and the repayment period chosen. The company studies those terms and, calculate if you can afford to cancel the loan properly.
I need help with my university fees . Both my parents are on pension. Do they qualify for loan?
Even though Finbond does not have loans for students at university, they can still apply for a loan on Standard Bank and your parents can serve for sureties of your loan if they have an income R 3000 per month. You can apply for a student loan by phoning on 0860 123 000
Say I ask for a loan of r1000 how much interest will banks charge me?
The interest rate charged on loans are decided by the company. That decision can be made only when the bank knows certain pieces of information about your credit history and, about the terms you want for your loan. Let’s say you want to pay that loan over 24 months. You may get an 8.5% interest rate. But, rates can go up to 25% approximately, according to your credit information.
Need to pay debt, is there a Finbond loan to consolidate debts?
The loans that Finbond accepts to grant don’t need to have a purpose established beforehand. This means, you can use it to pay for whatever you need. So, if the amount you are approved for is enough to cancel your debts, you can do it. However, remember there are banks granting consolidation loans, which may be more suitable for you.
Can I get a loan with my child grant?
FinBond has some requirements that every applicant must follow with no exception if they want to be eligible for a loan. One of them, and very important, is to submit documents to prove you earn a regular salary. This is why, even though you might use your child grant to improve your loan quote, it won’t be enough to take out a loan with FinBond if you aren’t employed.
How much do I pay per month if I take a 5000 loan?
Your monthly payments will be agreed according to the period you choose to repay the loan and, the rate you get. For example, if your loan gets an 8% rate, which is one of the lowest rate and, we suppose you select 12 months to repay the money, each monthly payment would be of R436. On the other hand, if you get a higher rate, let’s imagine 23%, each installment of your loan would be around R470.