Do you want to borrow money with very reasonable interest for your next large purchase? With the uBank Online Personal Loan, you can receive the money you need quickly. Continue reading to discover how to order a uBank Online Personal Loan.
As a bank specializing in providing microfinancing, uBank offers various financial services that suits 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.
Still unsure on whether you should request a uBank Online Personal Loan? Here are some of the benefits to help you decide.
uBank Online Personal Loan Benefits
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 avail of 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.
Getting excited about requesting a uBank Online Personal Loan? Find out the bank’s application process and requirements.
uBank Online Personal Loan Application Process
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 loan from ZAR1,000 to ZAR180,000, 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.
Fees and Interest Rates
uBank will also charge you with certain fees. One of them is 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.