Woolworths offers Financial Services to its members as well as its new clients in South Africa. They give individuals an opportunity to acquire a personal loan by convenient procedures either personally or online. Woolworths Personal Loan offers South Africans the handiness of personal loans that comes with an uncomplicated term of repayment of up to sixty months.
They offer financial support to clients of 18 years of age who require additional cash to use in a holiday, buy a car, pay school fees, or clear their debts. Customers who are not yet Woolworth’s client just apply for the loan online and use their loan terms that are very easy to use.
Loan is available to individuals with the following qualifications;
• 18 years and above
• A valid South African Identification card
• At least earning R2, 000 and above in a month
• At least three most recent pay slips or bank statements
• An active bank account under the customer’s name
• A South African residence with a South African phone number.
How to Apply for Woolworths Personal Loan
Customers can just apply for a loan online through their website. The customer registers and completes an application form by filling their personal, employment, and bank details. After filling the application form, they review and give you the amount of cash that go well with your budget.
Woolworths Personal Loan Rates
If a customer borrows R10,000 to be paid for a period of 60 months with a 20.50% interest rate, the monthly installment will be R267.73, which will total up to R16,063.80 at an APR of 22.65%. This variable rate of interest is related to the rate of the repo. The Interest rates are also charged in accordance to the NCA (National Credit Act) and never go beyond the limit that is permitted by NCA.
Woolworth also offers fixed-term loans where their clients usually pay a fixed amount of money every month until they repay the full amount. A rotating loan presents very flexible installments in addition to the option of reusing any of the cash that the customer has repaid against the loan. This can be very helpful and especially when the customer requires some cash urgently. There is as well an option of increasing the amount of loan. Extra payments and the timely loan payment will not earn costs. There is a service fee every month of equal to R69.00, and a starting fee of R1, 207.00 for rotating personal loan.
Personal Loan repayment by direct debit is obligatory. Extra payments may be made in whichever Woolworth store through electronic money transfer, or any Absa bank branch. The customer can choose to get their monthly statements by the use of email.
Woolworth’s terms of repayment are very flexible, and they work at the level of what the customer can manage to pay to get a loan and pay off on monthly installments. What makes their loans services to be only one of its kinds is the capability of getting another one even more quickly immediately your first loan is fully paid.