Bayport Financial Personal Loan Full Review
Looking for a personal loan that can provide you with the money you need quickly and with less stringent requirements? Then, check out this R250,000 personal loan.
Are you in need of a loan to cover larger expenses, such as your wedding, a long-needed home refurbishment, or even to consolidate debt?
So, check out Bayport Financial’s personal loan! You can borrow up to R250,000 and still have up to 84 months to repay it.
Below, you can find the major advantages, discounts, fees, and everything else you need to know about Standard Bank’s personal loans.
Who is Bayport Financial Services?
Bayport, operating since 2004, is a South African financial services company that provides a range of financial products and services to customers in various African countries.
The company was founded with the aim of providing accessible and affordable credit to low- and middle-income customers who were not served by traditional banks.
Among its several products and services, Bayport offers personal loans, insurance, and retail banking services.
How do Bayport Financial’s personal loans work?
Bayport offers unsecured personal loans, which means borrowers do not have to put up collateral like a vehicle or a house to secure the loan.
This is a good option for those who don’t have any assets to use as collateral but can still borrow amounts between R1,000 and R250,000.
Even still, Bayport’s loans have a great deal of flexibility with their repayment terms, which can range anywhere from 12 months to seven years.
At the same time, the bank offers a fairly low interest rate for an unsecured personal loan, with rates averaging at 21% APR.
Besides their high amounts and longer terms, Bayport’s personal loans offer several other advantages, including a complete online application process.
For starters, Bayport’s personal loans also do not have an early termination fee. That means you won’t have to pay any extra charges if you decide to pay off a loan before its term ends.
It is also important to mention that Bayport offers exclusive credit insurance for its borrowers, known as
This insurance provides financial protection in the event of unforeseen circumstances like illness or job loss.
In those cases where you become unable to make loan payments, this insurance can cancel or hold up your debt.
Bayport also provides their clients with a personal loan calculator that allows you to preview your loan’s installments based on the repayment terms and amounts you are looking for.
Some other benefits of a Standard Bank personal loan include:
- Personalized interest rate
- Fixed monthly payments
- No prepayment fees
Finally, but not least, Bayport also has a free credit report feature that allows their clients to keep up with their financial evolution over time.
It’s important to consider the potential drawbacks before applying, as Bayport, like many other financial services, does have a few downsides.
One of the main drawbacks is the fee associated with the loan, since Bayport will charge you a monthly fee. Known as a service fee, that will cost you R69 per month.
It’s worth noting that Bayport’s credit insurance is mandatory for a personal loan and will be charged on a monthly basis.
Finally, but not least, Bayport’s interests can prove to be high, especially for clients with a good credit score and a good relationship with major banks.
Learn how to apply right away!
With all of its advantages, Bayport’s personal loan is a great option for customers looking for high-quality, quick, and unsecured funding.
Interested? Tap on the green button below to check out how to apply for Bayport’s personal loan online.