Because life is never predictable, taking out Absa express loans can put some extra cash in your pocket when you need it most. Express loans are just that – loans that are given out to help you meet immediate financial needs.
Absa has recently opened up the unsecured lending markey, intorducing its Express Loan that is available to South Africans who earn at leaset R1500 per month. Sales of such short term loans are on the rise, particulalry in today’s unfavourable economin conditions that are causing South Africans to dig deep into empyting pockets. In fact, the bank has financed over R1 million in Express loans. These kind of loans were once associated with lower icnome groups, but in today’s financial crisi, more and more middle-income South Africans are forced to take out express loans. Acoording to Absa, 45% of the express loan customer are in the entry-level group and 43% form the middle-income bracket.
What is an express loan?
An express loan is a short-term loan intended for emergencies when you need instant cash. The loan can offer you R1500 to R8000, which you will be liable to pay over 1, 3 or 6 months. The express loan is an unsecured loan, meaning that no assets are required as collateral if the borrower defaults on payments.
When can I use Absa express loans?
Absa express loans can be used at your discretion for a variety of reasons. Express loans are designed to offer short term solutions. These could include:
- Something to keep you going until your next paycheck if it has been a particularly expensive month.
- Emergency travel plans.
- If you cannot afford to pay for other important loans and the loan sharks are knocking on your door.
- In case of an accident or illness that requires urgent (and often expensive) medical assistance.
- If you need to pay for utilities before they get cut off by the municipality.
- You need to bail a loved one out of jail.
- You need money to pay for school fees, groceries or other expenses you have not been able to cover in that month.
These are just a few of the many reasons you may choose to take out an emergency loan. You will be able to get out between R1500 and R8000 for your own personal use.
Who is eligible for an Absa express loan?
- You must earn at least R1500 every month.
- Your salary must be deposited into a bank account under your name.
- You must be a South Africa citizen.
- You will need to prove your identity, as well as have a current proof of address (such as a bank statement, rates or municipality bill).
What are the benefits of an Absa express loan?
- The money you need becomes available quickly to help you settle emergency financial situations.
- You can make payments for your loan easily be debit order off your account.
- There is no hidden interest charge as interest is calculated upfront. The interest is charged monthly and forms part of the monthly instalment.
- The outstanding balance can be settled with a Credit Protection Plan in the case of disability, retrenchment or death.
- You can settle the debt early without having to pay early settlement penalties.
- The Absa express loan has roll-over ability. This means that if the first loan has been repaid in full you have the option of taking up another express loan if you need it.
Remember, like any loan, and express loan from Absa will come with interest that you will have to pay, depending on how long it takes you to pay the money back and how much money you borrowed.
An express loan from Absa may be just what you need to tide you temporarily through the hard times. As long as you can meet your required payments, taking out an express loan may be just the solution for temporary financial needs or difficulties.
No related posts.