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Ubank Personal Loans in South Africa | Calculate your Instalments

Are you postponing your dreams and objectives in life just because you think you cannot afford them? If you have a steady source of income, let us tell you that you can and you should. Why waiting? Life’s too short anyway. Today we will tell you all about ubank personal loans in South Africa. You will know the characteristics of their loans, how to ask for them, what documents you need, what other people have to say about them, and how to contact them.

How do I get a Loan from Ubank?

Getting a loan from Ubank involves a simple process that you can do from your house with your computer or even your phone (when you comply with its requirements). But first things first, whenever you think of asking for a loan at any financial institution, you should think what your motivations are. So, why you need the money? You might be thinking about buying something you have wanted for a long time now (a house, maybe?), or perhaps you wish to make your business grow.

Once you know why you need the money, you will be able to know for sure what kind of loan is best for that purpose. So, as we will see throughout this article, when you know what is the loan that best fits your needs, you will be able to study what requirements will be requested from you.

The last step would be to submitting a loan application. As we told you above, Ubank will let you request for your loan online. All you will need to do is fill out a short application with your personal and financial data.

The good news about this application is that is the same one for most the loans offered by Ubank. So, forget about going to the bank and spending a morning for someone to talk to you. This is great especially today when we are fighting against this sanitary crisis.  

How Much can I Borrow with Ubank Loans?

How much money you will be able to borrow at Ubank will depend on 2 factors:

  1. They type of loan you are requesting.
  2. Your income and credit record.

These two factors are determinant since as we saw above not all loans serve the same purpose. So, it is not going to be the same to be asking for a home loan than a personal loan. You will be needing much more money when it comes to buying a house than the amount you need for, let’s say, travelling or buying that TV set you’ve been meaning to buy for a long time.

And of course, you will be able to ask for a maximum amount of money that you are able to repay. This is the reason Ubank will ask you to show your pay slips and/or your bank statements. The idea is to see what percentage of your income can be used to pay for a loan. Remember that the money you earn each month is also the money you use to pay for everything you need each month.

Finally, your credit record. How well you have behaved in the credit system will determine how much money you will be allowed to borrow and the interest rate. Bear in mind: the better your credit record, the lower interest rates you can be offered.  

What Types of Loan can I Find at Ubank?

At Uban you can find 2 types of loans:

  1. Personal loans
  2. Business loans

We’ve been asked by many readers if Ubank is good for home loans. The truth is that this is not a product to be found at this bank. However, this does not mean that you cannot buy a house with a loan from Ubank.

Personal loans at Ubank are created so that you choose what you will do with the money you borrow. Ubank will not ask you what you do with it, so you can buy a house if that is what you want. Of course, as we already discussed, the money that you can borrow with a home loan is not the same as the one you can get with a personal loan.

The conclusion we can draw from this is that if you want to buy a home and you have savings to cover from most of it, then a personal loan at Ubank might go a long way to help you achieve this goal. However, if you are thinking about building a house and you have no savings, then, maybe this will not be the best option for you.

Now, if you own a company and your company needs to buy a house to turn it into your office, for instance, then Ubank may be able to help you with their business loans.

Do I Need to Have a Job to ask for Personal Loans at Ubank?

To ask for a personal loan at Ubank you will need to be permanently employed. This is one of the most asked questions in our platform when it comes to loans at banks. And yes, maybe you might not be working at these troubled times or perhaps you work independently, and this might sound unfair to you. But this is how banks work. These institutions give their services for profit. They need to make sure you are going to be able to pay them back.

For Ubank to make sure you have a job; you will be asked to provide them with your paysilps and bank statements. The good news is you do not necessarily need to be in that employment for a long time. The minimum asked by Ubank is three months.

Also, since the money you borrow from Ubank is going to be deposited into a bank account, you will need to have one under your name. So, if you do not own a bank account, you will need to open one or you will not be able to ask for a personal loan at Ubank. You might be thinking: hey! I can use my wife’s bank account. No, it does not work that way. The bank account must be registered under your name for Ubank to lend you the money.

Does Ubank Offer Business Loans?

This is one of the newest arrivals at Ubank: their Business loans. If you own a company or a small business, you can benefit from these incredible loans. Business loans were the product missing at Ubank, especially in times like these when the sanitary crisis is making businesses to tumble.

Growing your business can be hard when you do not have the financial aid that you need. At Ubank, now you can ask for a business loan that can make your company grow. Companies will be allowed to borrow from R250,000 to R1,500,000.

It is time to put all those ideas to work and expand your business. Maybe what you need is Ubank Business loans that can help you with those investments you had in mind for so long for your company. For instance, you can buy machinery or real estate as investment for the future.

Whatever your choice, Ubank is there to help you and your company grow and thrive amidst these times of trouble. 

Fill in ubank Application Online and get your Loan in 2 Easy Steps

It is common for us to say no to ourselves. No, I shouldn’t buy this. No, I shouldn’t take this trip. It costs too much; how am I going to finance it? Is this happening to you? Change your framework and start saying yes to the things that make you happy. If you are well-organized in managing your finances, taking out a loan will not be a burden but a solution and a means to achieve the things you want for your life.

ubank offers an unsecured loan of up to R180 000. What does unsecured mean? It means you will not have to provide an asset to guarantee payment of the loan. The loan will be given on the basis of a study of your income and credit history. More on that later, though.

Now, let’s talk about how to get this amazing loan for you. This bank has over 40 years of experience in the lending market and has been growing at a considerable rate. This experience made them understand that they needed to provide easier ways for their clients to access their products. For this reason, they designed an online loan application for you to fill in and have your loan in two steps.

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1. You fill in the pre-approval loan application online with your personal and financial information

2. A member of ubank will get back at you within 48 hours

4 Requirements you Need to Comply with for a ubank Loan

You are now more familiar with the loans offered by ubank. By knowing the amount of money you can borrow from them will help you figure out if their loan is what you need. However, before you’re ready to request the loan, you need to gather certain documents that the bank will need you to provide them with to assess your ability to repay the loan.

You will be requested to provide the following 4 documents:

  • ID or, if foreigner, Passport with a permit to work in South Africa
  • Document proving where you live (it should not be older than 3 months)
  • Last payslips (they must be the original ones)
  • Bank statements (last 3)

These requirements are no different from the ones asked for by other banks; they’re the standard. We also think that before you are ready to apply for their loan you should know that there are some fees charged when you take a loan. In the case of ubank, the fees are:

Initiation fee

Insurance in the event you’re unable to take responsibility for the loan

Administration fees (monthly)

How long does Loan Approval Time Takes at ubank?

After you provide ubank with the documentation listed above, all that information must be corroborated. They don’t know you, so, they need to check if you really work where you stated you worked, for instance. Also, they will look into your credit behavior; that is, the number of loans you’ve requested, if you paid them on time, if you have some outstanding payments, and the like. This process usually takes over a week. However, there are times when clients forget to provide one of the documents or they mix some papers up; when this happens the loan approval may take a little longer.

How to Estimate Personal Loan Repayment with a Loan Calculator?

As we discussed above, it is very important for you to be organized with your payments. In order to take advantage of the benefits of accessing a loan, you should be responsible and make your repayments on time. Also, when you are paying back for a loan you should be careful with how you use your credit cards. Avoid expending more than you actually can!

Loan calculators are good for exactly this reason. They allow you to plan ahead and evaluate if you will be able to repay the loan in the term you chose. Let’s see an example, in a loan calculator you type that you want to borrow R100 000 and repay it in 72 months with an interest rate of 20.50%. The calculator will show you that you will have to pay approximately R2 523 every month to pay off the loan.

Now, you need to ask yourself if you will have the money to pay that amount in the long term. We would recommend you to grab a pencil and piece of paper to write down your salary and all the expenses you have each month, such as rent, food, children’s school tuition, and so on. If by doing that calculation you determine you will be able to pay the loan installments without running any unnecessary risks, then go ahead!  

What Kind of Interest Rates does ubank Offer in their Loans?

We just discussed that loan calculators are useful to estimate your loan repayments. We use the word “estimate” instead of, for instance, “know” since you will not be able to see the actual amount of your installment until ubank doesn’t inform you about the interest rate you can access.

ubank uses a variable interest rate linked to the prime lending rate. That is, the amount of your installment will vary on the basis of this interest rate set by ubank. So, for instance if your profile risk change for the better, so will the interest rate lowering the installment amount. Of course, the reverse can also occur.

But, on what basis is the interest rate established? It will be subject to your specific economic situation. Remember that we said that the bank makes a brief research on your economic situation before approving your loan? Well, at this time is when your interest rate is evaluated. The interest rate you get will vary according to how clear your credit history is and how much you earn each month.  

Can Short-Term Loans be Requested at ubank?

If you don’t want to embark yourself upon a loan that takes forever to pay off, you can consider taking out a short-term loan. These loans are usually canceled in less than 12 months. With ubank you can definitely ask for a short-term loan since they offer repayment periods from 1 to 72 months. That is, if you want you can repay your loan in up to 12 months.

Also, ubank allows you to pay your loans faster if you want. You can choose to pay a little more each month or perform consecutive payments. In this way, you would be able to cancel your loan earlier while improving your credit score. If you pay your loan installments on time you benefit yourself since you avoid increase rates and charges, and also it helps you keep a good credit history. And in turn, your interest rates for the following installments might be lower, meaning that you might end paying less money.

How to Make a Loan Top up with ubank?

It can occur to you that when you start thinking about taking out a loan you get to an amount you consider would be enough to cover the expenses for, for instance, that travel you want to make with your best friend, only to realize a bit later that it is just not enough. What do you do? You take out another loan for the remaining amount you need? That would not be wise at all. We recommend you to consider applying for a top-up loan.

With ubank you will not be able to increase the amount of the loan after you’ve requested your loan. This can be done with other providers, though. For instance, Standard Banks’ revolving loan allows you to increase the original amount of the loan after a period of time. Capfin is another credit lending institution that offers top-ups loans. Capfin offers easy to get loans of up to $50 000 with a maximum repayment period of 24 months.

2 Reviews about ubank Loans

We know how important it is for you to know what other people think of the services you are about to request. Are they happy? Are they dissatisfied? Knowing the answers to this question might be essential for you to come to a decision. However, finding reviews can be tedious work, or you may not know anyone who has requested ubank services before.

That’s why we’re here. We’ve made our research and we’ve chosen to tell you about 2 clients’ experiences that we think account for the reliability of this company.

  1. Professionalism. This is how a client decided to rate ubank’s work.
  2. Another client highlighted the excellent customer care both over the phone and in-person that this company provides.

What are ubank Contact Numbers?

If you want to talk to an ubank representative you can absolutely reach them out on 0860008322. Also, if you have questions or doubts you can write them down on our form below. The same thing applies if you have comments you’d like to share with us and the community.

Stop quitting your dreams for lack of money; request a personal loan with ubank in South Africa and start living the life you always wanted. With this article, you found out how to apply for this loan, what documents you need, how to calculate installments, what other people think of these loans, and how to contact ubank. 

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Questions and answers

How do they decide on the rates?

It depends on the type of loan. If you take a short term loan, the rate is 5% (monthly) and, if you apply for a longer term loan, the annual rate is 28%.

Does ubank Loans work only for big purchases like electronic gadgets?

Not necessarily. You can also take a home loan, for instance.

Is it convenient to apply if my job isn’t stable?

The best option for you is to wait until you have a regular income so, you’ll know if you can afford the loan.

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