Compare the best loans of South Africa and find the lowest rate
Has ever happened to you that all of a sudden you need extra money? You experienced an unforeseen event, medical bills or, a late bill you forgot. For these cases, you can ask Woolworths for help. They issue personal loans among their many products. In order for you to know all you need to know, I’ll delve into the loan application, the eligibility criterion and, towards the end of the article you’ll find a table with Woolworths Loans email and, phone number to contact them.
What steps should be followed to apply for a Woolworths Loan?
We should begin with the loan application procedure so you can get familiar with it. The application can be completed in just few minutes at a Woolworths store or, following these simple steps online:
1) Of course, in the first step you’ll be asked to choose the product you are interested in and, fill in the form with some basic personal information. Keep in mind, you must allow Woolworths to get in contact with credit bureau or any other service they need to get information about your payment record and, credit profile.
2) Next, you need to provide Woolworths with more specific data about you.
3) At the end, Woolworths will need to know how much money you earn and, how much money you spend monthly. With this information, they are capable of calculating your loan amount and terms.
4) At last, you will be shown the results of your loan.
As you can see, following just four simple steps, you can get the money you need. After those steps, you will need to send documentation to verify your identity and, Woolworths will go over the approval of the loan as long as everything is in order. After the approval, you will wait for just 48 hours to have the money.
Are there any Requirements to get a loan from Woolworths?
Yes, there are but, don’t worry as they are easy to meet. If your physical address and, cell phone number are from South Africa, you’re already complying with some requirements. Apart from that, applicants should be South African citizens of at least 18 years old with a regular job for which they are paid at least R2000. Besides, they have to own a bank account as, this will be the medium from which the money will be deposited and, payments debited from.
Let’s take a look at Woolworths Loans’ interest rates and payments.
As regards the interest rate, it is always in agreement with the National Credit Act so, Woolworths’ clients are sure the rate their loans can get won’t be higher than the maximum rate NCA allows. An important detail to point out is that the interest is variable and linked to Repo Rate. As a result; there’s a possibility it changes along the term of the loan.
Now, when referring to the payment terms, you must know it’s also decided by Woolworths. This is so to help their applicants to get control over their finances as; the terms are decided after taking into account the borrower financial situation. Also, bear in mind, you have the choice of making additional payments apart from those debited monthly. If you need to make an additional payment you can choose making a deposit into an Absa bank branch or, by EFT or, making a payment at a Woolworths’ store.
Special features of Woolworths Cash Loans in South Africa
I’ll present you a list with some of the benefits and characteristics why South Africans choose to apply with Woolworths:
Woolworths sends their borrowers their loan statements month after month and, they can choose to get it by email. Through these statements, you’ll be updated about the interest rate..
Application can be online or in person at a Woolworths store. Either way, it’s really simple and quick.
The repayment term is stated based on the borrower capability to repay the cash.
Additional payments and early settlements are allowed without having to pay any penalty.
Increasing your limit is also allowed if you realize on the way that you need more money. Just be careful not to ask more than what you can afford as, increasing the limit can be an easy way to get in debt.
There are monthly service fees and, an initiation fee but, Woolworths claim they’re low comparing to other lending companies.
As they also offer insurance products, you can get insurance on your balance if you want.
Next, I’ll provide you with an example on Woolworths loan calculator. We’ll compare different loan amounts for you to have an idea of how much applicants pay monthly.
For a loan quote of R2000 for instance, a year payment term will have R 185.75 for each monthly installments. If you pay back the same loan over 2 years the monthly installments would be of R 102.28 and, of R 74.84 for a 3 years term.
Now, if a borrower asks for a higher amount, R 40000 for example, these would be the possible alternatives: if you get a year term, you should pay R 3, 714.96 per month. But, if you get a longer term of, 3 years for instance, you should be prepared to pay R 1,496.75. however, if you have a 5 years term, the monthly payments would be around R 1,070.91. I’ll clarify these are only estimated amounts for you to know what Woolworths loans are about. I’ll also remind you, loan terms will depend on the applicant’s credit history, how much they earn and their specific information in general.
In this table, there’s some Woolworths Loans Contact Information for you to have easy access to:
What do you need to be eligible?
18 years old, South African citizen, minimum salary.
You can call to o8 60 02 20 02
Email Address for queries
For general queries write on firstname.lastname@example.org.
To conclude, if you need to get a loan, I’m sure that after reading this article you have already realized if Woolworths can be your answer. However, if there’s anything else you need to know, you can leave your question below and, we’ll help you with your doubt.