Compare the best loans of South Africa and find the lowest rate
Do you need to renovate your kitchen? Do you think it’s time to get a new automatic dishwasher for example? For this kind of purchase or, any other important purchase you’re planning, you can have some lending companies in mind. ubank Loans and Old Mutual Finance are two of them that can help you on this. I’ll cover all the important information you need to know – application, fees, quotes and locations in Bloemfontein. Also, I’ll go over payment calculators and more.
ubank Loans Rates
First of all, let’s cover fees and loan amounts available with ubank loans.
As I mentioned before, ubank can be a viable alternative when you decide to remodel your house for example. The reason is that you can request a loan amount as high as R180000 to give it back in 72 months or less. This can help you have the house as you’ve always dreamed and, repay it in a convenient way for your income.
What are ubank loans fees and rates?
One of the benefits of working with ubank is that they let you know from the beginning the cost of your loan so, you can decide freely whether to apply or not. Of course, fees and rates depend on the loan size you apply for and, the terms. However, you can have an idea if you know that you’ll find a onetime Initiation fee, monthly service fees and credit life assurance and, of course, the interest rate. Next, I’ll expand on each of them.
The only fee that is charged just once is the Initiation Fee, which consists on the 16.50% on the initial R1000 and, for any amount higher than that it will be added the 10% for each R1000 borrowed.
On the other side, the service fee and the credit life assurance will be paid every month within the monthly repayments. The service fee costs R68.40, including VAT. Also, the interest rate added to the monthly instalments is 28.00% of the loan amount on annual basis. Keep in mind, if you take a short term loan, the interest rate is 5% on monthly basis.
ubank Loans Requirements to be Eligible:
* Regular salary.
* Citizen of South Africa.
* Older than 18.
* Younger than 65.
* Affordability checks.
In order for ubank to know you meet the preceding requirements, bear in mind the following documentation:
+ Identity Document Smart Card, Passport. They should be issued by the South African government and, if you use the Passport, a work permit must be added.
+ Proof of physical residence 3 months old as maximum.
+ For applicants that aren’t ubank customers, you should include 3 banks statements from the previous three months.
Now, before finishing with ubank loans, I want to show you the next table which contains all the information I went over summarized:
Call Centre Number
086000 83 22 / +27 11 5185 780
Head Office Contact Number
011 518 5000
extension 49 at10 Matuka Close, Midrand
Live in South Africa, not older than 65 years old, employed.
Now, I’ll delve into Old Mutual Finance so you’ll have both entities to compare and decide.
Old Mutual Finance is a popular lending company from South Africa. If you choose to apply with them, you can do it from the comfort of your house or, visiting them at any of their many branches around the country. If you prefer to speak in person, please don’t forget to take all the documents you need to present to verify the information you state. (ID, bank statements and pay slip).
If you don’t like leaving your house to do errands, you can make use of the great advantage we have today, internet and technology. By completing the application online with your personal information and some data about your job and; submitting the documents through mail or fax, you just have to wait for OMF response and confirmation of the loan request.
You can also use the old and always popular phone and, have the chance to speak to Old Mutual assistants to elicit queries in the process. Next; I’ll inform you about the office hours for these two alternatives and, the contact information you need.
Office Hours and Contact Information – OMF-.
If you are completing the application form in your house and, you find any difficulty, or if you want to apply over the phone, there’s an Old Mutual Finance Call Centre ready to help you. You can elicit any doubt between Monday and Friday – 8h am/ 5h pm – and, on Saturdays – up to 1 pm- calling to 08 60 00 08 86.
What about loan amounts with Old Mutual?
When it comes to terms and amounts, you have a similar option than with ubank. There’s a maximum amount to borrow of R175000 and, the installments can go from 3 to 60 months.
Now, as both companies offer quite similar options, now we’ll use their online calculator to try to figure out which is the best for you.
Let’s see: let’s take as an example a loan amount of R100000 to pay over 2 years, that is to say 24 months. OMF shows your monthly payments would have an estimated between R5131 and R5957. Now, if we consult ubank calculator, the instalments would be of R5747.42. Clearly, both are in similar conditions so, you should have your specific financial situation in mind as, that will make a difference.
Old Mutual Addresses in Bloemfontein
There are at least 6 different OMF branches in this area so, if you live here, I’m sure you’ll find one near your house. Here, you have some alternatives
There’s one branch in Bloemfontein Mimosa Mall at shop U52. This mall is located at 131 Keliner Street.
If you direct to Twin City Heidedal and look for shop 29, you’ll be in presence of another OMF location.
The last OMF store I’ll detail is placed in 105-107 Henry Street. Here, you should visit shop number 5.
As a result of this article, you have now the information you were looking for. Now, it’s time for you to choose which company to apply for taking in mind your particular condition.