Virgin Money is a South African lending company stablished in 2006 and acts as a broker for cash lenders such as Capitec (Pty) Ltd. Capitec is an authorised Financial Services Provider that administers and manages Virgin Money Personal Loan through Virgin money.
Apart from the South Africa branch, Virgin money is a well-established international brand. The company also offer other services such as Virgin Mobile, Virgin credit Card, Virgin insurance and Virgin Spot App. Customers can easily access Virgin money personal loans through their website and also use tools such as credit score search to determine whether they qualify for a loan from Virgin Money.
Personal Loans
Personal loans are short term repayment loans, mostly with a minimum of 1 year repayment period and a maximum of three years. Customers who wish to apply for loan to buy a car or a house can quickly get finances using the Virgin money website. Virgin money lends on behalf of its partners and earns money depending on the loan amounts given to customers. Virgin loans are unsecured loans, meaning borrowers don’t need any collateral to get a personal loan regardless of the value.
Virgin money lends up to R250000 with a repayment period of one to 84 months. The interests are from 12.9% for the lowest amount, but the interest rate for other amounts depend on the amount borrowed and the repayment period. Virgin money also checks borrowers credit score and affordability to determine the maximum amount they can get. Customers repay the loan in fixed monthly repayments, hence enabling them to plan their finances to avoid late repayments properly.
Accessing a loan through Virgin money is simple as borrowers are only required to fill an online loan application through the company’s website and wait for the approval. The lender checks the details in the online loan application form and conducts a background check to determine the customer’s creditability. Virgin money automatically sends the loan amount directly to the borrower’s account when approved.
It is very easy to determine your loan with Virgin money. You can go for monthly installments that fit your budget. And also you can choose the best interest rate which was offered by Virgin Money.
Virgin Money Personal Loan Requirements
For a person to qualify for a virgin money personal loan, they must produce their identity card to prove that they are above the age 18 and should also give documents to prove their residency in South Africa for a period not less than three months. For employees, the latest salary slip and a stamped 3-month bank statement showing their last three salaries is a must. The bank statement and the salary slip helps the bank in identifying the borrower’s capability to repay the loan. Another factor that lenders check is the borrower’s credit score.
Virgin Money Personal Loan Interest Rates
The minimum interest rate for a Virgin Money Personal Loan is 12.9% for lower amounts, but the other amount’s interests depend on factors such as the amount borrowed, the repayment period and the customer’s credit score.Longer repayments periods and lower amounts attract higher interest rates than high loan amounts with lower repayment periods. Borrowers should repay their installments on time to avoid extra charges.
