In this article, we will cover all the necessary information about FinBond Loans. FinBond is a mutual saving and loan company. Its mission is to provide seamless and efficient services to its clients. Investors, savers, and borrowers can take advantage of FinBond’s financial services.
Who is FinBond?
FinBond is a mutual bank that offers clients ownership of their own community bank. By depositing money in a mutual bank, a client gains ownership interest. It, in essence, grants them voting rights at shareholder and membership meetings. The purpose of mutual banks is to benefit depositors in various ways.
- Interest on deposits
- Investments that generate profits
- Dividends on mutual shares
- Conservative banking which remains stable through crisis’s
More on FinBond Loans
FinBond Loans offers great and affordable loans if you’re strapped for cash. Their credit solutions are tailored around borrower’s requirements. Unlike other financial institutions, no collateral or guarantee is required when taking out a loan.
Furthermore, clients can repay a fixed installment over 24 months. Thus, making loan payments more cost-efficient. This allows clients to budget each month for their loan installment.
FinBond offers loans on a smaller scale, with a minimum of R500 and a maximum amount of R20, 000. This is ideal for people who need a bit of extra cash fast. Unfortunately, FinBond does not offer home loans or business loans at this point in time.
Unlike other financial institutes, repayments aren’t dependent on interest rates. Loan agreements are fixed per term, so clients can plan their payment accordingly
FinBond Loans- What is the requirements?
A strong and ideal candidate would be someone who has a great credit rating. The reason being FinBond Loans are unsecured and require no guarantees. Therefore, applicants need to have a good credit history to apply. Having a good credit score will ensure the bank that clients will be able to repay their loans.
Credit scores always play a vital part in loan approvals and interest rates. If a client has an excellent credit history then they will have a lower interest rate. On the contrary, if their credit history isn’t that good, the interest rate will be higher.
Candidates have to be over the age of 18 to apply for a loan with FinBond. During the application process, ID documents and other personal information will need to be submitted.
Clients will also need to have proof of employment. This allows the bank to see that they have a solid monthly income. Once the bank has this information, they can determine whether the client will be able to afford the loan amount. For this process, clients will need to submit a three-month bank statement along with three payslips.
Last but not least, proof of residence is also required. The purpose of this is to ensure permanent habitation for clients.
Things to consider when taking out a loan
There are numerous things to take into consideration when taking out a loan. Firstly, clients need to evaluate their finances. This will help determine if they will be able to cover repayments.
It’s always a good idea to set out a budget each month. Drawing up a budget gives a clear indication of what you will be able to afford.
Avoid taking out loans if you’re in a tight financial space. Not only will repayments cause strain on your finances, but it could also add a lot of stress to your personal life.
FinBond loans Application process
The loan application process is fairly straightforward. Applicants can choose between three options to apply for a loan with FinBond.
If you prefer to get things done quickly and effortlessly you can apply for a FinBond loan online. Simply visit the website https://www.finbondmutualbank.co.za and complete the application form. You will need to fill in your personal details along with your monthly income and monthly expenses. Once the application has been completed a FinBond representative will contact you.
You will be asked to submit the following documents via email:
- Three month pay slip
- Three month bank statement
- Proof of residence (certified)
- ID copy (certified)
Once these documents have been submitted, FinBond will do a credit check. After the credit check is completed they will do an affordability calculation. This will determine if a client will be approved for the loan application.
FinBond can also be contacted via text message if you’d like to apply for a loan. SMS the word “credit” to 30635 (additional network charges may occur). Upon receiving your lead, FinBond will call you back and ask you a few personal questions. After that, you will have to submit a few requested documents.
Visiting a branch
People tend to prefer one-on-one interaction, which is why they prefer to go into one of the branches. Upon visiting a FinBond branch, clients can speak to a consultant who will advise them on the next steps. Clients should take their certified ID, bank statements, certified proof of residence and payslips along with them. This will assist the consultant to get everything sorted during the visit to the branch.
FinBond Loans contact information
If you would like to contact FinBond, you can visit one of their 173 branches across their country. Alternatively, you can visit their website at https://www.finbondmutualbank.co.za/ or call them on 0860 004 249.
Why FinBond Loans is a great option
FinBond loans are a great option because they’re safe and quick. The application process is very simple and requires no collateral. Furthermore, all installments have a fixed rate.
Their short-term loans are tailored to suit each of their client’s requirements. This allows clients to have flexibility and financial freedom. Clients also have the option to choose the term period of the loan. The maximum installment period is 24 months. Furthermore, FinBond is a trustworthy credit provider and is registered with the NCR. They have a long track record in the industry for granting loans to those in need. FinBond Loans allow clients to access money quickly and seamlessly with their fast application process.