What is Absa Express Loan?
The Absa Express Loan is an unsecured type of loan with a fixed repayment term of up to six months. It is a short-term solution for instances wherein you need quick cash. It’s designed for times when you’re short of money to pay the bills or to buy groceries. These require small amounts that can be quickly repaid once your monthly salary comes in.
The Absa Express Loan is perfect for beginners who want to build a good credit record. It offers lower interest rates on subsequent loans within the same calendar year. Also, since it’s short-term and easily repayable through a debit order, you can apply for the loan again after clearing the previous balance.
With the Absa Express Loan, you can borrow money from R1 500 up to R8 000.
Getting Your Loan
You can get your Absa Express Loan by applying online or by submitting the required documents on any Absa branch.
The Absa Express Loan is budget-friendly since it has a fixed interest rate. Whether you avail the lowest or the highest loan amount available, repayment terms will stay fixed. Even if the prime rate increases, the interest rate on your loan will stay the same.
The Credit Protection Plan is required when you get your Absa Express Loan. It’s insurance that will cover your debts in case of critical illness, death, or permanent disability. The minimum amount of loan covered by the Credit Protection Plan is R3 000.
All charges are automatically computed and can be seen on the loan calculator found on the website.
Interest & Fees
The maximum monthly interest rate imposed on the Absa Express Loan is only 5% if it’s your first time borrowing money for the year. For frequent borrowers, the interest rate is reduced to 3% if the second loan is taken within the same calendar year.
For instance, you’ll be paying around R1 200 per month for six months for an R5 000 loan with a 5% interest rate. This is already inclusive of the service fee and the one-time initiation fee. You can avail the 3% interest rate if you take another Absa Express Loan within the year.
With the Absa Express Loan, you can enjoy interest-free repayments for loans up to R3 000. You only have to pay the one-time initiation fee of 10%, but only if you repay the loan within the month.
Repayment Schedule
For the Absa Express Loan, repayment terms fall between 2 to 6 months. It’s quite short compared to the Absa Personal Loan because it’s supposed to be repaid immediately.
ABSA Express Loan Requirements
Before applying for an ABSA Express Loan, make sure you satisfy the following criteria first:
- A regular income of at least R1 500 per month
- A bank account where the regular income is received
- At least 18 years of age
Whether you’re applying online or in person, you should include the following documents for verification.
- A copy of your South African ID document or your Smart Card
- Three-months’ worth of payslips or bank statements
- Proof of residential address such as bill statements within the last three months
How to Apply and Contact Details
You can apply for an Absa Express Loan online through the website. Leave your contact details there including the preferred schedule when ABSA consultants can call you.
If you have queries about the loan that need an immediate response, you can get in touch with Absa’s consultants at 0860 100 372. Also, you can always pay them a visit to any ABSA Branch in your area.
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