Compare the best loans of South Africa and find the lowest rate
Are you tired of waiting for long hours at the bank? Do you want money from the comfort of the living room? Stop looking for a solution to such problem. In this post, you will find all the information you need so as to have access to the online loans offered by Teba Bank. You will read about requirements, quotes, calculations, contact details and even interest rates and extra fees.
Before starting developing details about the company, it is essential to know that it has recently changed its name. Actually, you will find it as UBank, and that is the way we will refer to it hereafter. This company has been in the South African market for almost 35 years trying to reach every single citizen. Nowadays, it is proud to boast more than a half million clients trusting on its services and product. Let’s see why.
UBank and ULending
UBank has an exclusive department in charge of designing the most convenient lending programs so as to meet all the needs of big dreamers. Let’s take a look at the features of the loans:
-You can borrow amount of money that can reach up to R180 000.
-The financing options that you can choose go from a minimum of 1 month to a maximum of 72 months.
-There are minimum requirements to be eligible.
-Money will be deposited in your bank account automatically after approval.
-Interest rates are really convenient.
-You can use the money to pay for education, vacations and even to remodel your hoe of buy a new car.
-Some extra fees may apply (we will develop this later).
UBank Loans: Requirements for application
If the idea of applying for a loan at UBank comes to your mind, you have to comply with certain requirements. First of all, you have to be a South African citizen between the age of 18 and 65. This should be proved with any green bar code identity book or an ID Smart Card. In case you are foreign, you can also apply for a loan if you have a valid passport and a work permit. Another essential document is your payslip. In fact, you will have to show your last three payslips so as to prove you have a steady income. Another thing you need is a bank account. If you are already a client of the bank, welcome! However, if you are the holder of an account with another bank, you only show your last bank statements.
Is there any fee when applying?
Yes, whenever you apply for a loan, there are some fees and charges you have to affront. In the first place, you have initiation fees, which are a percentage of the total sum of money borrowed. For the first R1000, you will pay 16.5%. And then, of every thousand, you will pay a fixed amount which includes VAT: R1197. Additionally, there is an extra monthly fee due to bank services: a fixed amount of R68.40. This will last during the entire loan. Regarding interest rates, they vary based on the length of the financing period chosen. If you get a short-term loan, you will just pay 5% every month, and in case you choose a longer financing period, you will pay near 28% per year.
Fortunately, in the official webpage, there is a great tool that helps clients to approximately know how much will they pay during the loan. Here you can see the details for two loans as a way of example –please take into account that figures may change-:
-The first example is with a loan of R40 000. Following the different financing options available, you can choose a short-term of a year. In this case, you will pay 12 quotes of R4094. Another option you have is paying the loan in two years. In this case, you will pay 24 quotes of R3222. If you prefer the longest financing options, you can make 72 payments of R1305.
-The second example is with a loan of R180 000. We are here in front of a higher amount of money so interest rates and eventually, quotes, will he higher. Among the different calculations, you can choose making 24 payments of R10236. Another option is paying the loan in 4 years. In this case, you will make 48 payments of approximately R6606. And finally, in case you prefer the longest term, you can make 72 payments of R5510.
How Can I Apply for a Loan Online?
If you don’t want to move from home, you don’t need to do so! Just visit the official webpage and fill out the “application inquiry form”. The process will take only a few minutes. Another possibility you have online is by writing e-mails. There are many addresses you can submit your application or just ask some questions: email@example.com and CustomerCare@ubank.co.za.
Fortunately, there are other alternatives to online application. In fact, you can take advantage of the myriad offices located all around the country. As an example, you can pay a visit to the branch in Midtown Mall, at Boo Street, in Rustenburg. This office has its official phone number which is 14 594 6600. In case you have general questions of you want to call a customer line, please call 086000 8322.
Before closing our post, let’s take a look at the chart which contains all the points developed here in a summarized way:
Of up to R180 000
From 1 to 72 months
Approximate interest rates
5% monthly, or 28% annually
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To conclude, getting money from your sofa is easy with UBank. The company offers really convenient loans through the internet so as you don’t have to worry about long queues in a branch. Stop wondering how to pay for your dreams. Take your computer and start application as soon as possible!