Finbond Mutual Bank Personal Loan Full Review

Get in touch with this Finbond Mutual Bank’s R25,000 personal loan and give your budget some relief!

Looking for a loan to cover expenses like your wedding, home refurbishment, or debt consolidation? Then, check out the ideal solution.

Meet Finbond Mutual Bank’s personal loan! With this loan, you can borrow up to R25,000 and have up to 24 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 Finbond?

Established in 2002, Finbond is a mutual bank created to serve the needs of low- to moderate-income customers in South Africa.

With a focus on personal loans, Finbond also provides their clients with savings accounts, fixed deposits, insurance, and even investment accounts.

The bank’s goal is to provide accessible and affordable financial products and services to individuals and communities that may have been underserved by traditional banks.

How do Finbond’s personal loans work?

Finbond offers an unsecured personal loan, 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 R500 and R25,000.

Thinking about all the needs you may have when searching for a personal loan, Finbond allows their personal loan’s funds to be used for a variety of purposes.

You can consolidate your debt, pay for home improvements, medical bills, weddings, moving, and even a dream vacation with Finbond’s funds.

Even still, Finbond’s loans have a great deal of flexibility with their repayment terms, which can range anywhere from 3 months to two years.

At the same time, the bank offers a fairly low interest rate for an unsecured personal loan, with rates starting at 8.5% APR.

Main advantages

Besides their high amounts and longer terms, Finbond’s personal loans offer several other advantages,

Those start with a complete online application process that can be completed in less than 10 minutes. And even better, you can have a reply from Finbond on the same day.

Finbond’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 Finbond does not make credit insurance mandatory for its borrowers, unlike most of the country’s lenders.

That can make your monthly installments lower and better fit your budget.

Some other benefits of a Finbond personal loan include:

  • Personalized interest rate
  • Fixed monthly payments
  • No prepayment fees
  • Fast-funding

Potential Disadvantages

It’s important to consider the potential drawbacks before applying, as Finbond, 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.

Finally, although Finbond’s interest starts at only 8.5% APR, some clients can end up paying interest as high as 25% APR.

This can prove to be a lot, 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, Finbond’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 Finbond’s personal loan online.

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