FNB Temporary Loan: 6 Things You Should Know
If you need a quick loan that you can get in minutes, an FNB temporary loan is the answer.
The FNB temporary loan or temp loan is a form of short-term debt that can be immediately paid to your FNB Smart account or Personal Cheque account.
Here are the six things you should know about it.
You can use the funds from the FNB temporary loan however you see fit. Use it for emergencies, bills, and school fees.
You can even use the money for home improvements or a weekend getaway with your family.
FNB won’t check how you’ll use the funds, so the handling of the borrowed money is under your full responsibility.
2) Loanable amount
The amount that you can borrow will heavily depend on your credit profile. The higher your rating is, the bigger the loan amount you can get.
The loanable amount ranges from R300 to R10 000.
The FNB temporary loan is available only to existing FNB customers. It’s easy to apply for a savings account, so might as well open one and enjoy all the other products that FNB offers.
To qualify for the FNB temporary loan, you need to be earning at least R3 000 monthly. This requirement also serves as your protection from not having enough money to repay the debt.
You also need to be between 18 to 63 years old to apply for an FNB temporary loan.
4) Interest rate
Unlike other loans, FNB temporary loan doesn’t have any interest rate. You’ll only pay a one-time fee upon repayment of the loan.
All you need to repay is the initiation fee that can cost as much as 13% of the loan value.
Deposits made into your FNB account can be quickly allocated toward loan repayment.
FNB will send you reminders to settle your balance. It can be annoying at times due to the frequent SMS and calls, so it’s better to repay the loan as quickly as you can.
Repayments made within 31 days are not charged with any interest or penalties.
There should be at least R750 left on your savings account monthly after repayments are made. Otherwise, you’ll have a problem with account maintenance.
You don’t have to complete long application forms to get an FNB temporary loan. Just go to FNB’s official website, request for it, and wait for the approval. Alternatively, you can also request for a temp loan through phone banking or by visiting any FNB ATM or branch.
With other loans, you need to forward numerous documents and wait for days to get approved. With the FNB temporary loan, you can receive approval minutes after your account has been verified.
It’s rather easy to get an FNB temporary loan to the point that you’ll be tempted to use it as often as you can. Although there are no interests involved in the loan, there’s a costly initiation fee that you’ll have to repay within a month.
Just like any other debt instrument, apply for an FNB temporary loan only for emergencies. Repay it within the agreed period to avoid penalties that can harm your credit rating.