Square Finance Personal Loan Full Review
Find out more about one of the most popular and easiest personal loans in South Africa.
Don’t let financial constraints hold you back from achieving your goals and dreams. Meet Square Finance Personal Loan and get the money you need to keep your life on track!
If you’re looking for a financial solution to fund a big purchase, consolidate debt, or fulfill your plans, African Bank may be the answer to your financial needs.
Offering up to R10,000 on personal loans, Square Finance has been known for its customer-centric approach providing one the best loans on South Africa.
More about Square Finance
Created in 2014, African Bank is one of the latest banks in South Africa, being known by its customer-centric approach.
With over 1.5 million customers across the country, the bank operates through a network of branches and a digital platform.
African Bank aims to provide accessible, affordable, and convenient financial solutions through a range of products and services, such as savings and investment accounts, personal loans, credit cards, and insurance products.
How does a Square Finance personal loan work?
The Square Finance’s personal loan can be used for a wide variety of reasons, depending on the borrower’s best needs.
The loan’s fund can be used to consolidate debt, pay off education expenses, finance home improvements, and much more.
That is why WesBank Personal Loans are available in amounts ranging from R1000 to R10,000.
And even with its high amount, Square Finance personal loans are unsecured, which means you don’t have to provide any assets, such as a house or a car, as security for the loan.
Instead, Square Finance relies solely on your creditworthiness to determine your eligibility for the loan and its terms, such as the interest rate and repayment period.
Still, when it comes to repayment, WesBank offers terms ranging from 1 to 5 years with interest rates as low as 5%.
Besides their high amounts and low interest, Square Finance’s personal loans also come with a handful of benefits.
For starters, Square Finance does not charge early settlement fees, so you can pay off your loan early without incurring any additional costs.
Square Finance offers exclusive banking benefits to its customers who have a personal loan with the bank.
One of these benefits is the ability to access free credit reports and credit scores through the Square Finance website.
Details to pay attention!
While Square Finance’s personal loans provide numerous benefits, there are a few points to consider before applying.
One drawback is the initiation fee associated with the loan. This one-time fee can be as high as R1,207. In addition, there is a monthly service fee of R69.
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.
Additionally, Square Finance’s 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 can I apply?
You can apply for a Square Finance Personal Loan on the comfort of your house by the internet, by phone, or in person at any one of bank’s branch.
To check out all the requirements and a full guide for your application, tap the green button below.