How to Apply for a uBank Online Personal Loan

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If you need a South African loan fast, the uBank Online Personal Loan might have the answer you are looking for. You can apply and find out whether or not you qualify for the loan within 24 hours. If your application is approved you can get up to R180 000 deposited into your ubank bank account right away. You don’t need to be a current Ubank customer to apply for the loan, but if approved, the loan will be administered though the Ubank banking system.

You can use the money on a variety of things like big purchases, a wedding or even debt consolidation. There are a variety of reasons why you may be seeking out a loan. The important thing to know is what your ultimate goal for the loan is. You may be able to access a large amount of money, but if you don’t need it or won’t put it to good use, it could just get you into trouble.

Knowing what you can afford and what your absolute needs are can go a long way in helping you determine what you want from a loan. Payback terms might be the most important or the interest rate or perhaps what you are allowed to use the loan for. Our editos have looked closely into the ubank Online Personal Loan and have provided you with the major details below. Make sure you read through everything before you decide whether or not the ubank loan is right for you. 

 

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What are the Benefits of a uBank Online Personal Loan?

As a bank specializing in providing microfinancing, uBank offers various financial services that suit the needs of small-scale borrowers. As an aspiring borrower, you can use your loan for varied expenses, such as home renovation, hosting personal events such as weddings, and booking flight and lodging in a tourist destination anywhere in the globe. You can also use the money for consolidating your credit card debts.

UBank has an advanced Personal Loan Calculator that you can use to know the breakdown of the amount of money you should repay every month. This feature will help you put your finances in order during the loan.

The bank also provides a payment period from 1 to 72 months, which will depend on your loan amount. This feature will enable you to select the most convenient repayment period for you. uBank can approve your application quickly and receive the money you borrowed immediately using its state-of-the-art facilities.

You can also use the bank’s Credit Life Assurance Premium, which includes disability and death coverage. This feature will protect your family’s financial future when you suffer from these unfortunate events. If this loan seems like it might be for you, read below to find out about fees and how to apply.

 

 

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What are the Fees Associated with the Loan?

Anytime you borrow money, you must pay some sort of fee and the ubank Online Personal Loan is no different. You will be charged a one-time initiation fee worth 16.50% for the first ZAR1,000 and 10% of every thousand after that. You should also pay a monthly service fee worth ZAR69.

The uBank Online Personal Loan has an annual interest rate for short term loans is around 5% per month. For long term loans, you need to pay an interest of about 27.75%. The interest varies depending on the bank’s prime rate.

Overall, obtaining a uBank Online Personal Loan will give you immediate access to additional money for emergencies, large purchases and upcoming major events that you can repay in very flexible terms.

How to Apply for a uBank Online Personal Loan

You can apply for a uBank Online Personal Loan by filling out the form posted on their website. After submitting, a loan specialist will call you to help you process your request. You also need to prepare other bank requirements such as a valid ID showing that you are 18 to 65 years old.

The bank also requires other documents proving you are South African citizen or resident. You must also present your latest payslips and other proofs of income. Having an above average credit score will increase your chances of approval.

With uBank, you can get a loan from R1,000 to R180,000, which you can repay from one to 72 months. Upon the approval, the bank will transfer your money to the bank account you provided on the form.

How to Contact Ubank South Africa 

Head office

Shop 2, Super Spar Centre,

Merriman Street, Eastern Cape, Butterworth, 

4960, South Africa

 

Telephone: 047 401 1800

 

Note: There are risks involved when applying for and using a credit card. Consult the bank’s terms and conditions page for more information.

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