The Bayport loan is an increasingly popular short-term loan being used in South Africa. The loan seeks to empower employees by offering them loan products that will save them from financial distress. Employers also gain from these personal loans because when an employee’s financial strain is eased, he or she becomes more productive, and puts in more time and effort into their work. They are able to offer customers competitive rates, especially to people with a high credit score.
- Personal Loans from R1,000 – 250,000
- Flexible repayment terms from 6 to 84 months
- Fixed interest rate for the duration of your loan term
The Bayport loan products range from personal loans to debt consolidation loans. You can access as little as R1000 to as much as R250,000 in personal loans from Bayport. In addition, the lender partners with companies or employers to offer customized financial wellness services that enhance employees’ financial health. Even more importantly, the Bayport loan has a fixed interest and a flexible repayment period ranging from 6 to 84 months loan term. The unsecured loans are insured in the event of death, disability or retrenchment. So how do you apply for the Bayport loan?
How to apply for Bayport Loan?
In order to qualify for a Bayport loan, you have to meet all the minimum requirements set by the lender. One, you have to provide all the necessary documents. These are:
- A valid South African Identification Card
- A proof of residence. This should be at least 3 months old or below
- Your recent three months bank statement
- Your latest payslip
Once you have these in place, you need to proceed to the online loan application process. Here are the application steps you need to follow:
- Load the Bayport website on your browser and click on Register and apply. You will be requested to provide your contact information and create a strong password for the Bayport account. An email will be sent to you to activate your account. Press on the “activate account” prompt and continue to the login page. Key in your login details, and press continue.
- After gaining access to your account, you can begin the online application from by providing more information about yourself. These information include your banking information, income information, your employment details, and expenditure information. Upload all the required documents for faster loan processing by the lender.
- Once you have submitted more information about your financial state, the lender verifies this information with the credit bureau in the affordability assessment stage. This will return a credit health report to determine the amount of loan that you qualify for contingent on your affordability.
- After your affordability is determined and a loan offer is made, you are required to log in to your online Bayport account and accept the offer alongside the loan’s repayment terms and conditions. This is pretty much signing your loan contract online. Bayport will then send you a copy of the terms and conditions that you signed.
- Once you accept the loan offer, sign the contract, and pass the final assessment the loan amount you applied for will be wired to your registered account in realtime.
How long does take to approve a Bayport loan application?
After submitting your online application, the lender will start assessing your financial history. Typically, this process involves verifying your information. Some common questions or points of concern Bayport is likely to focus on include:
- Is the work history you submitted true?
- Are you servicing any other loan with other lenders at the time of application?
- Do you have any issues with your credit card payment?
This whole background check process can last a week or more. It could take more than a week when there are issues with your documents. In this case, you might have to wait for one or two more weeks before your loan application is approved.
How long does take to Bayport to payout a loan?
Payouts are made in real-time. This means that when you accept the loan offer, and your loan application passes the final assessment, the loan amount you agreed to will be sent to your bank account.
Bayport Loan Calculator
The Bayport loan calculator is an important tool to use when applying for a loan. Once you have a loan offer, you can use the personal loan calculator to determine your monthly repayments. Essentially, you will key in the amount of loan you need and the period you wish to repay the loan amount. The loan budget calculator will then determine how much you need to repay every month (your monthly payments) until you clear your outstanding loan balance.
Bayport Mobile App
Bayport offers a mobile app that can be used for 24/7 self-service management of your account. It provides easy access to online statements and lets you make secure payments. You can also contact Bayport Support via WhatsApp.
Bayport Contact Details
There are several ways for you to reach Bayport Financial Services. Here are some of the contact information that you need to get in touch with this lender.
Head Office South Africa
Phone number: +27 (0) 87 287 4000
Fax: +27 (0) 11580 1146
GPS: -26°06’18.6″S 28°03’11.5″E
3 Alice Lane
Sandton
2196
South Africa
Department Contact Details
Sales phone number: 0872874001
Payments and payment arrangements phone number: 0872874002
Customer service contact number: 0872874003; clientcare@bayport.co.za
Bayport money solutions phone number: 0872874004
Digital technical support for online applications: Click here
Fax: +27 (0) 866243289
Bayport loans operating hours are as follows:
Monday – Friday (excluding public holidays)
08:00 – 17:00
Saturdays
08:00 – 13:00
This information will help you apply for a Bayport loan and ease your financial strain. It is important to have all the necessary documents needed by the lender, early, for a quicker loan application process.
