People take out a personal loan for many reasons. They may be purchasing a new car, moving to a new city, making updates to their home, or simply want to consolidate the debt. Whatever the case may be, it is important to figure out which lending company works best for the individual based on their financial needs. A WesBank personal loan could make a difference.
WesBank is a recognizable company in the financial industry best known for its vehicle finance products. With a 40-year history of being a leading finance provider in South Africa, WesBank is partnered with over 60 top international brands. They are a division of FirstRand Group and do business in Botswana, Kenya, Lesotho, Mozambique, Namibia, Swaziland, Tanzania and Zambia. WesBank offers its services in English, Afrikaans, Zulu, Xhosa and Sesotho. Their Headquarters is located in Fairland, Gauteng in South Africa.
A WesBank personal loan ranges from R5000 to R200,000. Customers are welcome to apply over the phone, but WesBank’s website is user-friendly and results are often immediate. Users on WesBank’s website looking for a loan can choose what type of product they would like to apply for and insert the amount of RAND they require. Applicants can then choose how many years they would like to take to repay the loan. The options are from 2 to 6 years for the convenience of the customers. Once the customer chooses the length of the repayment time, the website calculates the monthly fees, the estimated monthly repayment and the interest rates.
As an example, a WesBank personal loan for R50,000 over 2 years comes with an estimated monthly repayment of R2968.42, a monthly service fee of R69 and an interest rate between 24.25%-24.50%. The highest interest rate at WesBank is 24.5o%. Plus a once-off initiation fee of R1,207.50.
All personal loans from WesBank come with a Customer Protection Plan to protect customers during difficult times, including illness, disability or the loss of employment. They also offer fixed repayments. This means the monthly repayment amount will stay the same over the course of the repayment period. Those who have been approved for a personal loan can also sign the loan agreement online for their convenience.
To be approved for a loan, customers must have a monthly income of R5000, or more, along with 3 months worth of pay slips or bank statements as proof of this income. They will also require a copy of their personal identification document, details of the account into which their salary is deposited and proof of their residential address. Loan approval is subject to credit approval, and a customer’s interest rate depends on their personal risk profile. Customers who are married in community of property must have consent from their spouse to enter into a credit agreement with WesBank.
Other financial services WesBank offers include financing for a car, truck, motorcycle, or leisure asset, cover for a personal vehicle, business asset, or individual, and balloon refinancing, which means adjusting the repayment period of a loan when finances have changed.