Woolworths Personal Loans in South Africa | Maximum Amount
Tired of not being able to afford what you want and need? Those shoes are no longer appropriate to be worn at your job? Woolworths is here to help you out in funding those needs that can no longer wait. Read this article to learn how to get a personal loan in South Africa that is affordable and easy to request.
How do I apply for a Personal Loan with Woolworths?
Probably when you think about this company the first thing that comes to your mind is fashion and homeware. However, that is not all that Woolworth has to offer. This company —which has been providing top-quality service to South Africans since 1931— also offers financial services in South Africa such as personal loans.
Later on in this article, you will get to know more about the loans you can find in this company. Now, how do you apply for these loans? Do you have to go all the way to a store near you and ask for the loan in person? No need for that! You can start your loan application completely through the Internet. You only have to fill in a short, quick and easy application with all the information requested by Woolworths.
Some people are still not confident in making transactions online. They fear something may get wrong, or they just don’t like using the Internet or the computer. If that is your case, it’s OK, you can also apply for your loan in South Africa like in old times: you can go to a Woolworths store and ask for your loan in person. Woolworths has over two hundred stores all over South Africa. You only have to spot the one closest to your location, and you will be all set.
What is the Maximum Amount I can Request at Woolworths for a Personal Loan?
With Woolworths you can request a personal loan of up to R75 000. Depending on the amount you need, you can have a repayment period of 12, 24, 36, 48 and 60 months. For instance, if you wish to ask for 30 000 Rands to finally make some repairs in your house, and you wish to finish paying for it in two years (with an interest rate of 20.50%), you should think of installments of approximately R1 5000. On the other hand, if you want to pay for it in a shorter term, you could think of 12 payments of around R2 700.
These calculations are for the matter of giving you an idea of the amount of money you will have to count on each month. However, they are not definite figures, since the company will be able to provide you with the actual amounts once they receive all your financial information. We believe that doing these calculations is a good idea so that you don’t run any economic risks.
Are Interest Rates for Personal Loans offered by Woolworths Convenient?
Woolworths Financial Services is duly registered with the NCR. Do you know what this means in relation to interest rates? It means that this company is obliged to comply with the maximum interest rates regulated by the National Credit Act. Requesting money from credit institutions that play by the rule will always be a sound and convenient decision: you’d be on the safe side.
Find the best loan of South Africa
However, if this is not enough for you and you’d like to see what other companies have to offer in terms of interest rates, we urge you to check out our loan comparison application to find the best deals for you. And you know what else? If you see an offer that suits you, you can click on “quote now” and start your loan application right away!
Does Woolworths Include a Revolving Loan Calculator?
Before we explore the topic in questions (loan calculators), we want you to understand what you will need in order to qualify for a loan with Woolworths.
Let’s start with requirements. As you might know, all financial companies need to know about your personal and financial details so as to be sure that you will be able to pay back your loan without assuming crippling financial burden. To access to Woolworths loans you must:
- Be over the age of 18
- Provide your ID
- Indicate the specifics about your bank account
- Receive a salary of a minimum amount of R2000
- And presenting your last 3 pay receipts or bank statements
At the beginning of this article, we told you we would look into the type of loan offered by Woolworths. You can ask for a revolving personal loan. This means that you can ask for an amount, repay it, draw again, and repay it, and so on until the loan expires. After your loan has been approved, you will have the money on your account in 48 hours.
Ok, now let’s go back to the loan calculator. Woolworths does not provide a loan calculator for you to see the structure of the loan you want. However, you can use our site to compare loans, as we told you above.
What is Woolworths Personal Loans Telephone Number?
With this company it is super easy to take out the loan you need both online or at one of their branches. If you want to contact Woolworths over the phone, you should call them at 2721 407 7002. The head office of this company is located in the City of Cape Town.
If you have any question or doubt, please, use our form below. Also, if you have comments, enter them here so that everybody can benefit from your input. Let’s build a strong and caring community.
We tried to show you that Woolworths is not only a retail company, it is also a credit lender institution. It can become your partner in buying all the things you need to live a fulfilling life, or maybe in helping you with an unexpected inconvenience. Ask for a loan today and have the money transferred into your bank account in two days: no fuss, no impossible requirements; but solutions.
Questions and answers
What credit score are you looking for to qualify for a Woolworths personal loan?
To qualify for a personal loan with the company Woolworths, you will need to have a credit score of at least 610 to 640 points. However, note that the entity will evaluate other factors such as your income, credit profile and affordability capacity to determine how much money you can obtain.
I need a loan of 60,000 rand.
If you are interested in obtaining a loan of 60,000 rand with the company Woolworths, you will need first to meet the qualifying criteria. Also, the repayment period will depend on the interest rate that the entity offers you, which can range between 10% to 27.5% per year. Besides, your salary should be over 5,000 rand.
If I take an R30,000 loan over 5 years , what will the repayment be per month? . And say if I pay R850 a month , over what period would my repayment be done?
In order to know how much you will be paying per month for a loan of 30,000 rand over 5 years with the private company Woolworths, then you should consider the interest rate they offer. For instance, if the rate is about 10%, then the monthly payment amount would be 637,50 rand. If you pay 850 rand per month, then you would finish the loan in 3 years and 6 months.
Do I qualify for a small personal loan as a SASSA pensioner earning R2,021?
If you are a SASSA pensioner earning a salary of 2,021 rand, it would be a little bit difficult to obtain a loan with the private entity Woolworths. Therefore, the recommendation is to resort to another company like Moneyline or Pension Loans that lend money to applicants that receive a social grant like SASSA.
Is there an early settlement option on a Woolworths loan?
Yes, indeed. The private financial company offers an early settlement option. According to the official source of information, if you want to settle the loan early, they will not charge any penalty fees, and you will be able to pay whenever you have some extra cash so that you can cancel your loan faster.
Can I apply for a Woolworths credit card if I already have a Woolworths loan?
If you already have a personal loan with the financial entity Woolworths, you will be able to obtain a credit card depending on some eligibility criteria. For this reason, it is recommended to contact the company directly and check what requirements you need to meet in order to apply for one.
Hi, good afternoon, I do have a loan with you. I would like to know if I can increase the loan.
In case you need additional funds, you can increase the amount of your existing loan with the private company Woolworths. This is usually offered to clients who are very responsible and repay their loans on time. For this reason, it is important to have enough affordability capacity and a good credit history.
If you have a credit card with Woolworths, are you unable to apply for a loan?
Having a credit card with the financial company Woolworths does not necessarily entails that you are not eligible for a loan with the company. A credit card is a different financial product and does not affect your possibility to borrow money. You will need to comply with the qualifying criteria in order to obtain a loan.
Can someone get a Woolworths loan when you have 3000 odds?
It will all depends on what Woolworths decide upon your particular case. Usually, lenders require individuals to have a good credit score and credit history, which means that 3000 odds is a low number, However, you can reach the customer service department of the entity and inquire about the possibility to obtain a loan with that credit score.
How do you follow up on your loan status if it keeps saying your application is in progress?
In this particular case where you have already submitted your loan application with Woolworths, and it keeps saying it is in progress without any updates, then the recommendation is to contact the customer service department of the entity. For sure, they will be able to inform about your loan status.
If I have a credit card with Woolworths, and I have not finished paying it yet and want a revolving personal loan to pay my credit card, will I get a revolving personal loan?
This decision will be taken by the private financial company itself: Woolworths. Usually, the entity will analyse your entire economic situation in order to grant a revolving personal loan. Please, consider that you need to present your last 3 pay receipts or bank statements. With this money, you will be able to finish paying your credit card.
Hi, are the loans available at Woolworths?
Certainly, there are personal loans available with Woolworths. You can either apply for a loan online or by visiting a local branch. The maximum amount of money you can obtain can reach 75,000 rand. The repayment period can vary from 12 to 60 months, so you can choose the number of instalments depending on your affordability capacity.
Hi, I want to know if I pay my personal loan in full, can I ask for a higher loan, and can I pay it over 60 months?
If you already paid your personal loan completely with Woolworths, then you will be able to ask for another loan depending on if you meet all the criteria. Also, these conditions will determine the amount of money you can access. As regards the repayment period, you can choose a maximum of 60 months.
Can Woolworth pay all my debt if I take a revolving loan?
With Woolworths, you can apply for a revolving personal loan, which entails asking for a certain amount of money, repaying it, asking for more money again and repaying it, and so on. The money will be available in your bank account in 48 hours to be used for a personal need like paying your arrears. You can apply for it either online or by visiting a local branch.
Hi, If I need a10,000 rand loan to pay back in 14 months, how much will it be?
If you have obtained a personal loan of around 10,000 rand with Woolworths to be repaid in a period of 14 months, you need to consider an interest rate which will be calculated on a daily basis, but it will be charged per month. For instance, suppose that the interest rate is about 14.35%, then you will be paying monthly instalments of 1,694.22 rand.
Where can I apply for personal Woolworths loan as a Woolworths employee?
Of course, you can apply as a Woolworths employee. In order to apply for a personal loan with Woolworths, you need to comply with the following criteria. It is important to provide your ID, details about your bank account, proof of income which indicates a minimum salary of 2000 rand, and finally, your three last payslips.
Are loans offered even to those whos salaries are covid -19 affected?
Woolworth keeps on offering loans but it hasn't put forward the measures it has taken to face the pandemic and help relieve financial stress. Loans are offered to those who have bank statements or pay slips (recent ones), earn R2000 (at least), are eighteen years old or older and hold a South African ID.
I want to make a loan
If you need to hire a loan from Woolworth, you just need to choose an option that suits you and then simply make sure that you comply with requirements. If you opt for a revolving personal loan, then you'll access repayment terms of a maximum of sixty months and low initiation fees. You should have a valid ID.
How much do I need to earn to access the personal loan?
You must earn at least R2,000 per month.
Can I have a protection insurance plan for death and illnesses with my personal loan?
Yes, you can this plan with your personal loan, credit card and store card.
What are the basic requirements to apply for a personal loan?
You must be 18 years old or older, have a valid South African ID number, be employed permanently and earn at least R2,000 per month and have a bank account.