An Absa South Africa Personal Loan can help you do more when you need it most. Nick Nkosi, Head of Personal Loans at Absa Retail & Business Bank warns however that a personal loan should not be used for lifestyle upgrades.
SPONSORED - Financial institutions are acutely aware of the financial strain their customers are facing due to the economic effects of the national lockdown.
Absa is constantly reimagining and innovating to provide products relevant to this 'new normal'.
There is no 'ideal' candidate for a personal loan. The needs and uses are varied.
From a parent needing money for school fees, to planned or unplanned life events - a personal loan can help you do more when you need it most.
"There's been a perception that a personal loan can be a debt trap - and it can be, if you use it for lifestyle upgrades, but that is not why the product exists. It exists to help our customers when they really need it" says Absa Head of Personal Loans, Nick Nkosi.
Nkosi also cautions against reckless lending and that especially young consumers should be aware that the failure to repay a personal loan, could have long lasting effects on your credit score in future.
That said, Absa's innovative range of Personal Loan products guarantees the best interest rate and savings - as the bank offers to beat any quote from its competitors.
Absa’s Personal Loan comes with a Credit Protection Plan that will settle your outstanding debt in the event of death, dreaded disease and permanent disability - ensuring that your loved ones are not left with a financial burden when you are no longer with them.
Beyond the Credit Protection Plan - Absa also offers flexible payment terms on loans ranging between R3,000 to R350,000.
No deposit is required to qualify for a Personal Loan. Interest is calculated upfront and you have the option of consolidating existing loans from the new loan. The loan can also be paid off at any time without incurring any interest penalties.
To qualify for an Absa Personal Loan you do need to be a South African citizen, provide proof of residence and earn a minimum salary of R2,000.
Absa South Africa is constantly innovating and reimagining its product offering to suit the 'new normal' - the same goes for our Personal Loan products. Nick Nkosi, Head of Personal Loans at Absa Retail & Business Bank explains.