Uloans - Lender ReviewPublished: 12/11-2021 Category: Articles
Uloans is an online loan services company that offers convenient personal loans through a fast and secure platform. If you’re interested in personal loans from Uloans, this review provides you with all the details you need to know, including how to qualify and apply.
Uloans: Quick Overview
Loan amounts: R500 - R180 000
Repayment periods: One month to 72 months
Interest rate: Maximum rate of 24.5%
Uloans: Full Review
Uloans is an alternative lender that specializes in online personal loans. The website is operated by UBank, a well-established financial services provider that has been around since the 1970s. Depending on their needs, borrowers can apply for short-term loans, personal loans, or debt consolidation loans.
This lender’s target market is South Africans who are permanently employed, so you might want to consider other offers from our lender partners if your employment situation is different.
Representative example: When you take out a R50 000 loan from Uloans over four years, your monthly payment will be R 1752.62. Keep in mind this is only an estimate, and the exact cost of your loan will be specified when your loan is approved.
Pros of Uloans
Fast loans: Uloans offers short-term loans with same-day approval. This can be a lifesaver if you need cash in a pinch.
Wide range of options: With Uloans, you’re bound to find a loan that suits your needs. You can get a small personal loan for short-term needs or a personal loan for large purchases that you can pay off comfortably over several years. Uloans even offers something specifically for borrowers looking to consolidate their debts.
Possibility of qualifying with bad credit: According to Uloans, bad credit borrowers might be able to qualify. That’s because Ubank looks at other factors like your income and expenses to decide if you’ll be able to afford the loan before approving.
Secure application: All private information that you share with Uloans on their online platform is kept 100% safe and secure.
Flexible payment plans: If you’re unable to pay your monthly instalment, you can contact Uloans to work out an alternative arrangement. This is better than not paying off your loan at all, which could affect your credit score and your ability to get credit in the future.
Cons of Uloans
You need to be permanently employed. To get a Uloans personal loan, you need to be permanently employed for at least three months. That means you can’t qualify if you are self-employed, working on a fixed contract, or if you’re a pensioner.
Fees and charges could add up. Uloans is not very forthcoming about the interest rate and fees they charge customers. Before signing your loan contract, make sure you understand all the costs involved to avoid upsetting your budget.
What Personal Loan Products Does Uloans Offer?
Uloans offers three personal loan options:
Short term loans: This is the best option if you need cash in a hurry because Uloans typically offers same-day approval. You can apply for any amount between R500 and R8 000, but since it’s a short-term loan, you have to repay the debt within six months. Generally, short term loans are suitable for unexpected expenses and financial emergencies.
Personal loans: A personal loan from Uloans offers between R8000 and R180 000 over a period of between 12 months and 72 months/six years. Personal loans are long term and can be used for a wide range of purposes, such as buying a car, making a large purchase, home renovations, education, weddings, holidays, and everything in-between.
Debt consolidation loans: A debt consolidation loan is a type of loan designed for borrowers who need to manage multiple debts. You can get between R10 000 and 180 000 payable over a period of between 12 months and 72 months. The money is used to pay off your existing debts, which should leave you with a single loan from Uloans. That means you’ll only have to make a single monthly instalment, so budgeting for your debt becomes much easier.
Is Uloans a Trusted and Reliable lender?
Uloans is an online lending platform that’s operated by Ubank. The bank's history can be traced back to 1975 when it was still Teba Cash Financial Services.
With such a proven track record, it’s safe to say Ubank, and therefore Uloans is a trusted and reliable lender that has been offering financial services to South Africans for many years.
Ubank Limited, branded as Uloans, is an authorised financial services provider and credit provider, so all its personal loan products have a maximum interest rate of 24.5%.
Uloans is Best for Borrowers Who:
Need cash urgently
Want to consolidate debt
Are looking for a flexible online lender
Apply Through MyLoan.co.za to discover if Uloans is Right for You
Overall, Uloans offers a great deal whether you’re looking for a short term loan, a long term loan, a small loan, or a large loan. But if you’re a savvy shopper, you’re probably aware of the benefits of window shopping before buying.
You don't want to choose the first or second option only to miss out on a great offer because you didn’t take the time to compare. Thankfully, MyLoans.co.za has made the process of comparing personal loan options much easier and faster for you.
We know that the best loan for you depends on your unique needs and situation, so we have partnered with many top South African lenders to increase your chances of finding the right loan for you.
When you submit your application with us, you’ll get several offers from lenders willing to give you credit. These offers will contain details such as estimated interest rate, fees, charges, loan amount, payment period, and monthly repayment.
All you have to do is compare and contrast these details to find the best option that suits your budget and your financial goals. Here’s a recap of how you can find the right loan with MyLoan.co.za the easy and convenient way:
Receive great offers from our partner lenders
Choose the best offer that appeals to you
Complete the application process
Receive your money and get ahead with your financial goals
How do I contact Uloans?
Call customer support. 012 012 5222
Email customer care. email@example.com
Address. UBank House, 10 Matuka Close, Erand Gardens, Extension 49, Midrand, Gauteng, 1685
Do I qualify for a Uloans personal loan?
To meet Uloans qualification requirements, you must:
Be at least 18 years old
Be permanently employed for at least three months with a monthly salary
Have an active bank account registered in your name and which receives your monthly salary
Provide your mobile number, a copy of a valid South African ID, bank account details, and the latest bank statements and payslips.
How do personal loans from Uloans work?
With Uloans, you can apply online and decide on the loan amount and payment plan you want. Once your information is verified, and you receive approval, the money will be transferred to your bank account.
After that, each instalment will be automatically debited from your bank account until the full amount is paid.