Representative example: a R50 000 loan at an interest rate of 24.5% per annum plus a once-off initiation fee of R1 207.50 (added to the loan amount in this example) and a monthly admin fee of R69.00, over 72 months would have a total cost of R 103 155.57.
The maximum annual interest rate including fees is 27.5%. Repayment terms can range from 1 - 72 months.
MyLoan is an online loan broker and not a lender. Our service is free and we work with NCR licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicants’ credit score and other factors at the lenders’ discretion.
Sometimes, finances add up, and sometimes unexpected hits to your budget require you to take out a loan. That's when an Absa temporary loan may come in handy.
Fortunately, one of South Africa's biggest banks recognizes that the general public is trying to make ends meet. So, they have made it easy to receive a temporary loan from them, assuming a good credit history.
When you need funds quickly to make ends meet, getting a temporary loan at Absa provides a financial boost.
What Are Absa Bank Temporary Loans
Absa Temporary Loans are short term loans offered by Absa Bank to many South Africans. A temporary loan from Absa Bank is a credit facility that is loaded into your account. You can get access to this money whenever you need it.
It's fast and easy to apply for a loan at Absa. However, you must be 18 years old to meet the requirements. After your temporary loan application is approved, Absa will ensure the funds are transferred to your bank account as soon as possible.
How Does A Temporary Loan At Absa Work?
Absa Bank is a South African bank that provides instant loans and other popular financial products. A short term loan is designed for emergency use when you need cash quickly.
Let's imagine you're in a circumstance where you urgently require funds. Perhaps you'd like to raise funds for a hospital bill, repair your vehicle, or your rent is overdue.
Whatever the circumstances, that means you can't afford to wait too long while your application is processed or be overburdened with paperwork. If you find yourself in this situation, requesting an instant payday will provide you with security.
Absa offers the best online loans in South Africa without the requirement for documentation if you are an existing Absa customer. An Absa instant loan of up to R8000 is available.
The money will be deposited into your account soon after approval. A temporary loan at Absa has a repayment term of one month, after which you can reapply for another temporary loan. Keep in mind you will be reviewed every 12 months, and if you have been paying back your temporary loan on time, you may be recommended for a higher temporary loan amount.
How to Apply for a Temporary Loan at Absa?
Temporary loans are short-term loans that are used to cover unexpected needs. These loans can get you through until your next payday. Temporary loans will assist you in meeting your financial obligations. Absa understands that everyone's financial needs are different, so they provide a variety of financing solutions.
If you're wondering how to apply for a temporary loan at Absa? Well, it's simple to apply for a loan at Absa. You must meet the bank's eligibility criteria as well as provide the required documents. Here is what you need to apply for a loan at Absa.
- Be an existing customer of Absa Bank
- Have a good credit history
- Must be 18 years old.
- Have a stable and reliable income
There is no need to supply your documents, such as ID, proof of residency, payslips, etc., to apply for a loan because you are an Absa Bank customer and Absa already has your documents in their system.
Absa uses the following criteria to approve applications for Temporary Loans:
- Your credit history (If you have any arrears in your credit history, or if you have credit defaults, you will struggle to qualify for a loan at Absa Bank)
- Your income and expenses - this gives an indication of your affordability
- The loan amount you need
- Your overall financial background
Start Your Application For A Temporary Loan At Absa
A temporary loan is accessible to Absa customers and allows you to borrow small sums of money for a short period of time for anyone who meets the requirements. This ensures you have the cash you need when you need it. You can apply for a Absa Bank Temporary loan in a number of ways.
- Visit any Absa Branch
- Apply Online.
- Apply over the phone
You must supply the same information in the online temporary loan application as in the call-in application at Absa Bank. Before submitting your application online, you may need to download an application form.
Once you have started the online application, you have 14 days to complete the application. So, after you've filled out the form and added your information, remember to submit it.
A valid email address is required when applying online. This allows the bank to issue you a salary redirection application form and account number. You can also use the Absa banking app to submit your application.
For phone applications, all you have to do is call the bank. One of their friendly staff members will help you fill out the application form.
Let's say you want to apply for a loan at an Absa Bank branch. You can pick up an application form at any branch near you. Complete the form and submit it, then wait for your application to get approved. Absa does not charge any registration or application fees for a temporary loan.
This means there are no fees associated with submitting an application to Absa Bank. The only difference between applying for an Absa temporary loan online and applying by phone is that you must instantly supply your monthly income and employment information when you apply by phone.
How to Repay a Temporary Loan at Absa
You can pay back your Absa temporary loan in the following ways:
If you choose this method, your employer will deduct the monthly amount from your payslip and submit it to the bank on your behalf.
You can't put off or skip any payments since you'll be charged a service fee on the temporary loan balance for the term of the loan. The best aspect is that you can switch payment options once during the loan term. This can be done in person at a bank branch, over the phone, or online.
The ATM card is primarily used to settle a Absa short-term loan. It is accepted everywhere in South Africa that accepts VISA cards. You can deposit money into your bank account, withdraw money, and check your balance with an ATM card. An ATM card number and a personal identification code are required to use this service (PIN).
If you choose direct deposit, the bank will deduct the monthly sum from your account directly. There's no way you'll forget to make payments or mistakenly go over your Absa debit limit if you use direct deposit. This is due to the fact that everything is automated.
Can You Apply For More Than One Temporary Loan From Absa At A Time?
You might be asking if you can apply for more than one Absa temporary loan. With this lender, this is not possible. You have to wait for your current loan to expire before you can apply for a new one.
There is no limit to how many times you can borrow money from Absa on a temporary basis.
These loans have terms ranging from R1,000 to R6,000. This is dependent on the amount of money required by the consumer. When you qualify for these types of short-term financing choices, it's typically advisable to only borrow what you can afford.
Benefits of Taking a Temporary Loan At Absa
- When you apply for a loan at Absa, it provides you with quick access to the funds you require. This type of loan is typically useful if you have an unforeseen bill that needs to be paid straight away.
- You don't have to put up your house, car, or other assets as collateral to acquire a short-term personal loan in the majority of circumstances. You can obtain the funds you require without putting valuable assets on the line.
- You don't have to commit to a short-term personal loan for years—you may receive the money you need now, pay it off fast, and move on.
- You have the option of selecting the loan amount you need.
- You get approved only for monthly repayments within your affordability.
In conclusion, The Absa Temporary Loan facility may be just what you need if you require a short-term financial solution. It's available both online and offline, and repayment is as easy as paying off your monthly instalments throughout the course of the agreed-upon term.
It's worth noting, however, that you should carefully explore all of your options before applying. With MyLoan, you can have access to several short term loans by submitting only one application.
When you receive offers from our lender partners, compare them and consider factors such as loan amount, repayment period, interest rate, and loan fees. This will help you make an informed decision, so you can get a personal loan that fully meets your short term financial needs.