ot many people can find this information as Absa does not directly or explicitly tell their customers that this is their Debt Consolidation plan/product. Yes, sure, you can use the money you get from this loan to pay off your other debts or make further purchases. If you would like to read up on what and how loan consolidation pleaseread here.
Absa differs from other financial institutions and credit providers in that your home has to actually be worth the entire home loan including the extra loan amount you are requesting. For example, if you have an existing home loan with Absa and it’s worth R 300, 000 and are requesting R 100, 000 then your home will have to be evaluated at worth over R 400, 000. This is according to their conditions for taking out the Absa FurtherAdvance product.
But not to fret, you can actually use these funds as you see fit (which the NCR hopes is spent well).
Cash Loans are available for people who are blacklisted, and just like normal people with good credit blacklisted people also have access to these same facilities. Unlike the main banks like FNB, Absa and others, these facilities are available through indepedent credit providers.
What can you do to increase your chances of getting a cash loan?
Start by making sure your documentation is in order. Loan lenders always must be a South African citizens between the age of 18 and 65 earning more than R3000 per month. If you earn weekly/fortnight wages, this can be calculated, the main thing is to be permanently employed.
The next important thing with cash loan for blacklisted individuals is to have proof of address. This is what most lenders require from you to grant you the loan. However, if you are under administration, under debt review, undergoing sequestration or your expenses do not meet the standards set out by the NCR, you may not qualify. But by all means, do APPLY with credit providers.
If you would like more help please go to my contact page or visit www.loansonlinesa.co.za
There are dozens of companies willing to help a hand by giving those who are blacklisted a loan in Cape Town. Although getting a loan in Cape Town is as easy as getting a loan in Johannesburg as most loans do not require you to go into their office. Some of the companies that are trusted in giving qualifying people, especially if they are blacklisted, are listed below:
Based Wynberg, Cape Town in the Western Cape, they offer loans of up to R 180, 000. They also deal with granting loans for blacklisted people in Cape Town and the rest of the Western Cape area.
What do you need?
1) 3 x Months Bank Statements
2) 1 x Latest Salary Slip
3) Copy of ID
4) Proof of Residence
go to www.loansssa.co.za for more details or apply here
Absa personal loans are available for their existing clients, or new clients, who wish to have a loan of between R 3 000 and R 150 000, depending on how much you qualify for and your credit assessment. This is a longer term loan than the short-term Absa Express Loan that you pay off in 6 months or less, the Absa personal loan is paid off in 12 to 84 months.
There are different options available when taking an Absa personal loan. If you take the fixed rate loan, you can pay over a period of 60 months, if you take a variable rate loan which is linked to prime you may qualify to pay over a period of 84 months. You may choose to pay additional sums towards settling your capital amount on the loan without getting penalized.
applying online for a personal loan
Existing Absa customers can easily apply for a loan by looking for the ‘apply’ link on their Absa online banking profile. The process is quite seamless and it’s possible to have your loan available in less than 10 minutes! You will have to be registered for online banking in order to apply online for an Absa personal loan. If you are not a current Absa customer then applying online will take a bit longer, but you may still apply online with Absa, although you will need to give them all your documentation in order for them to see if you qualify for a personal loan with them.
As with all types of loans, you need to apply for as many as possible and then compare which one is more competitive and gives you a better rate.