Absa personal loans are available for their existing clients, or new clients, who wish to have a loan of between R 3 000 and R 150 000, depending on how much you qualify for and your credit assessment. This is a longer term loan than the short-term Absa Express Loan that you pay off in 6 months or less, the Absa personal loan is paid off in 12 to 84 months.
There are different options available when taking an Absa personal loan. If you take the fixed rate loan, you can pay over a period of 60 months, if you take a variable rate loan which is linked to prime you may qualify to pay over a period of 84 months. You may choose to pay additional sums towards settling your capital amount on the loan without getting penalized.
applying online for a personal loan
Existing Absa customers can easily apply for a loan by looking for the ‘apply’ link on their Absa online banking profile. The process is quite seamless and it’s possible to have your loan available in less than 10 minutes! You will have to be registered for online banking in order to apply online for an Absa personal loan. If you are not a current Absa customer then applying online will take a bit longer, but you may still apply online with Absa, although you will need to give them all your documentation in order for them to see if you qualify for a personal loan with them.
As with all types of loans, you need to apply for as many as possible and then compare which one is more competitive and gives you a better rate.
Absa Personal Loans contact centre
||0860 100 372
||0860 00 33 00
||0860 008 866
The Absa Express Loan is a short-term loan from Absa that many of its clients are glad is available for them. Nothing really is available to rival this from other major banks. The Absa Express loan is short-term, so it means you will pay it over less than a year, and Absa has put together options of 1, 3 or 6 months to pay it off. You mat apply for a loan starting from R 1 500 to R 8 000.
There are a few conditions if you would like to qualify for this Absa loan: You must be a South African citizen, have your salary deposited into a bank account (this is because Absa will actually debit your account), you must earn more than R 1 500 per month, proof of residence (water bill, Etc).
As with all loans, check that you can afford this loan and will be able to pay it off in the stipulated time period. You must apply for more than one loan and then compare the amount you will be paying off per month. Choose one that you can pay off quicker (and as affordable) as possible. You want to pay less on your interest rate and as less an amount as possible. At times you will have to prove that you can afford a loan, and by doing so you will be safe from unscrupulous lenders who don’t care about you but are reckless in their lending.
Absa Bank is running a promotion where you can get an Absa debt consolidation loan with them by consolidating your debt onto your Absa credit card. You could qualify to pay an interest rate of only 8,8% for the first 8 months with your Absa consolidation. The offer will end 30 June 2013, and as usual please read through and understand their terms and conditions for taking their consolidation loan.
If you don’t have a credit card with Absa, you can still apply for the credit card to enjoy this debt consolidation loan, but you will be charged an initiation fee and monthly service fee. Find out more about this promotion by going to http://www.absa.co.za/Absacoza/Offers/Promotions/Balance-Transfer or by calling 0861 46 22 73.
There are other ways to get Absa debt consolidation. Absa Bank is considered to be one of the four big banks in South Africa, and just like the other banks you can get an Absa debt consolidation loan through their Absa Further Advance product.
Cash Loans are available for people who are blacklisted, and just like normal people with good credit blacklisted people also have access to these same facilities. Unlike the main banks like FNB, Absa and others, these facilities are available through indepedent credit providers.
What can you do to increase your chances of getting a cash loan?
Start by making sure your documentation is in order. Loan lenders always must be a South African citizens between the age of 18 and 65 earning more than R3000 per month. If you earn weekly/fortnight wages, this can be calculated, the main thing is to be permanently employed.
The next important thing with cash loan for blacklisted individuals is to have proof of address. This is what most lenders require from you to grant you the loan. However, if you are under administration, under debt review, undergoing sequestration or your expenses do not meet the standards set out by the NCR, you may not qualify. But by all means, do APPLY with credit providers.
If you would like more help please go to my contact page.
Not many people can find this information as Absa does not directly or explicitly tell their customers that this is their Debt Consolidation plan/product. Yes, sure, you can use the money you get from this loan to pay off your other debts or make further purchases. If you would like to read up on what and how loan consolidation please read here.
Absa differs from other financial institutions and credit providers in that your home has to actually be worth the entire home loan including the extra loan amount you are requesting. For example, if you have an existing home loan with Absa and it’s worth R 300, 000 and are requesting R 100, 000 then your home will have to be evaluated at worth over R 400, 000. This is according to their conditions for taking out the Absa FurtherAdvance product.
But not to fret, you can actually use these funds as you see fit (which the NCR hopes is spent well).