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.
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. 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.
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:
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!
Find the best loan of South Africa
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.
- Professionalism. This is how a client decided to rate ubank’s work.
- 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.
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.
I had almost no waiting time to finally get the money.
My rate with ubank was the lowest I could get with any company.
My son applied with them and he said they were professional and friendly.