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.
FNB, being mindful of the financial difficulties that every South African may face, offers quick loans, often known as Temporary loans. You can apply for this type of loan via your cell phone or computer.
Temporary loans are only offered to existing FNB clients who have FNB accounts. In addition, in order to qualify for this loan, you must pass a credit score evaluation. The amount of your FNB temporary loan is determined after the bank examines your income and considers the results of your credit score assessment.
Requirements To Apply For A Temporary Loan From FNB
The documentation required to apply for an FNB temporary loan, as well as the qualification conditions, are listed below:
- Have an FNB cheque or an FNB Easy Account
- At the very least, you should be making between R3 000 and R4 000 each month.
- You are between eighteen (18) and sixty-three (63).
- South African ID.
If you have all of the above and match the eligibility requirements, there are two ways to apply for an FNB temporary loan.
FNB Cellphone Banking
You can apply for a loan over the phone if you have signed up for FNB smartphone banking. There is no need to fill out any papers. The methods to apply for an FNB temporary loan in South Africa using cellphone banking are as follows:
- Using the SIM card associated with your account, dial *120*321#.
- Follow the instructions on the phone's screen.
- Enter your PIN for FNB Mobile Banking.
- From the main menu, select the "Get a Loan" option.
- Select "Temporary Loan" from the drop-down menu.
- Please read the rules that govern the loan application and make sure you understand them.
- Select "Continue" from the drop-down menu.
- Accept the consent of your spouse.
- Read and comprehend the "Terms and Conditions" of the loan.
- If this is your first time applying, click "Accept Offer."
- Fill in the amount of money you require.
- Fill out the application form completely.
- Choose the "Confirm" option.
- If your application is approved, you will receive an SMS confirmation.
This is how to use cellphone banking to apply for an FNB South Africa temporary loan.
FNB Online Banking.
FNB's online banking facility allows you to apply for a temporary loan. When requesting a temporary loan through online banking, complete these steps:
- Login by using your FNB username and password.
- Select the "Loans" tab from the drop-down menu.
- Choose "Get a Temp Loan Now" from the drop-down menu.
- Read the regulations and make sure you understand the terms of this loan application.
- To confirm your agreement to the spousal loan consent, click the "Accept" button.
- After reading and understanding the terms and conditions of the FNB loan, click the accept button.
- Select "Accept offer" from the drop-down menu.
- Fill in the amount.
- Select "Take up loan" from the drop-down menu.
- Finally, double-check the loan application.
You can also apply for a loan by going to your nearest FNB branch and filling out an application. You will be given instructions on applying for a loan at the bank.
Pros of FNB Temporary Loan
Before applying for an FNB temporary loan, it's a good idea to learn about the benefits. These include:
They are Quick
Temporary loans from FNB can be accessed quickly using your phone, online banking, or the bank's app. If you fulfil the lending standards, applying for the loan takes only a few minutes. The money is deposited into your account the same business day by the bank.
They Offer Simplicity
They don't ask for any information when you apply for a loan if you have an Easy or Cheque account with FNB bank. All you have to do now is enter your login information, including your bank account, pin, and code. If you have an excellent credit score and a monthly deposit of over R 3000, the bank will automatically grant you a temporary loan within your borrowing limits.
They Come With Less Paperwork
The application for an FNB temporary loan does not require any papers.
Anyone in need of immediate cash may find a temporary cash loan a smart option. You can save your day with FNB temporary loans because they have no interest, only one initiation fee. The initiation fee is charged by the bank to process your temporary loan application.
Cons of FNB Temporary Loan
Applying for a loan, like any other financial choice, comes with its own set of drawbacks and risks. The following are some of the downsides of applying for an FNB temporary loan:
High Interest Rate and Penalties on Default Payments
If you don't repay your temporary loan on time, you'll be charged a higher interest rate and penalty. As a result, the loan will cost more in the long run. You will have a terrible credit score if the loan becomes a bad debt, which will hinder you from getting other loans.
FNB Temporary Loan Repayment
Payments for the temporary loan must be made within thirty-one (31) days, according to the agreement or policy. This is frequently the amount that is exempt from interest and penalties. If the repayment is completed after 31 days, the appropriate interest rate or penalties will apply.
After you take out the loan, the bank will use deposits you make into your account to repay the loan until all outstanding arrears are paid.
You will also receive regular SMS or phone calls reminding you to pay any outstanding balances.
The FNB Temporary Loan Is Only Available to Existing Customers
Customers of FNB South Africa are the only ones who can use the temporary loan service. If you get a notification saying the service isn't available, you'll need to keep track of a few things.
It would be best to keep in mind that the FNB Easy Account and Cheque Account are only used for short-term borrowing. Furthermore, this service is only available to FNB checking account holders in South Africa.