Flow Finance Personal Loan Full Review
Get in touch with one of the easier-to-approve personal loans in South Africa. Get the money you need quickly and pay off your debts!
When unexpected expenses arise or you find yourself in need of urgent financial assistance, a personal loan might become a handy tool.
Thinking about that, Flow Finance is offering an easy-approval personal loan which can borrow up to R2000 with very competitive rates.
In this review, you will explore the key features, advantages, and drawbacks of Flow Finance’s personal loan.
More about Flow Finance
Flow Finance is a South African lender that operates with the primary goal of providing online personal loans to its customers through a user-friendly platform.
With a commitment to efficiency and convenience, Flow Finance ensures a fast and streamlined loan application process, with funds typically disbursed within few business days.
How Flow Finance Personal Loan Works
Flow Finance’s personal loan is specifically designed to address unexpected expenses and financial emergencies.
This is a short-term, unsecured loan mostly indicated for borrowers suitable for individuals seeking quick access to funds without the need for collateral.
Instead, the loan approval is based solely on the borrower’s creditworthiness and ability to repay the loan.
New customers can borrow amounts ranging from R500 up to R2,000, offering flexibility based on individual financial requirements.
The repayment terms for Flow Finance’s personal loan are short, with customers having the option to choose their repayment period from a range of up to 45 days.
Flow Finance offers multiple repayment options, including monthly, weekly, and fortnightly payments. This allows borrowers to align their repayment schedule with their financial capabilities.
Flow Finance’s personal loan also has a very competitive interest. With an interest rate of 0.17% per day, the maximum monthly interest rate is capped at 5%.
This ensures that borrowers are not burdened with exorbitant interest charges.
Flow Finance’s personal loans offer several advantages to borrowers, making it an attractive option for those in need of rapid access to funds.
For start, the loan application process is fast and straightforward, conducted entirely online.
Once approved, borrowers can expect to receive their funds within a short period, usually within 24 hours.
Another great benefit is the lack of prepayment fees, providing borrowers with the flexibility to settle their loans ahead of schedule without incurring any penalties.
Plus, Flow Finance provides their customers with a Customer protection insurance which provides an added layer of security and peace of mind for borrowers.
In the event of unexpected circumstances such as illness, disability, or loss of income, customer protection insurance ensures that your loan repayments will be covered.
Other advantages of Flow Finance personal loans include:
- No need for a physical visit to a branch
- Convenient online account management
- Accessible customer support for inquiries and assistance
While Flow Finance’s personal loans provide numerous benefits, there are a few points to consider before applying.
One drawback is the initiation fee and service fees associated with the loan. Flow Finance charges an initiation fee of 15% on the first R1,000 borrowed, plus an additional 10% on any amount above R1,000
In addition, there is a monthly service fee of R60. Although these fees are relatively lower than those of many other lenders, they still contribute to the overall cost of the loan.
Non-payment or late payments of loan’s installments can lead to late fees and additional penalties, so it is crucial for borrowers to make timely repayments.
While Flow Finance’s loans has a relative lower interest rate when paid in time, it carry an Annual Percentage Rate (APR) ranging from 36% APR to a maximum of 60% APR.
It’s important for borrowers to carefully assess their financial situation and ensure that they can comfortably manage the loan repayments within the specified terms.
Additionally, Flow Finance requires borrowers to obtain customer protection insurance as part of the loan agreement.
While this insurance provides added security, it does increase the overall cost of the loan and is mandatory for borrowers.
How to Apply?
In conclusion, Flow Finance offers a flexible and convenient solution for customers looking for an easy-approval, unsecured, and short-term personal loan.
If you’re interested in applying, tap the green button below and check out all the requirements to get approved for a Flow Finance personal loan!