Tips on how to get a Vodacom personal loan

Vodacom personal loans: Quick overview

• Loan amount: R3 000 – R250 000
• Loan term: 3 months – 72 months
• Interest rate : every loan interest rate is tailored according to the amount and time you want to repay the loan. But they use 23% per annum rate.
• Fees: Initiation fee and monthly service fee
• Loan types: Short-term loans, with a repayment period ranging from 3 to 12
  months.

Long term loans with a repayment period that ranges from 13 to 72 months. The long-term loans also offer a consolidation element that allows you to settle and combine your other existing debt into one loan.

Consolidation loans, allows you to combine multiple debt, such as credit cards, personal loans, or store accounts, into a single loan with a fixed monthly repayment. By consolidating your debt, you can simplify your financial obligations and potentially lower your overall interest rate.

About Vodacom

Vodalend personal loans are provided by Old Mutual Finance. In partnership with OMF their online personal loans are designed to help individuals access funds quickly and easily, with flexible repayment options that suit your needs.

How to apply for Vodacom loans online application form?

Typical loan application steps are given below.

Visit https://www.vodacom.co.za/vodacom/services/financial-services/vodalend-personal-loans. Click on “Get Started” and choose “Apply Now” if you’re a new customer. Add the amount of money you wish to borrow, choose reasons provided for the loan, choose the term of payment period and they will show you how much you will be paying every month.

If you agree with the interest rate and the money you will be paying every month then press next and add your South African ID number, your registers SA number, names and email. Tick on the consent form proceed to providing all the requirements needed. One of their friendly consultants will contact you to finalise your application.

Application requirements

• Provide your ID, must be a South African citizen between the ages of 18 and 60.
• Latest 3 month bank statements
• You must earn more than R2 500 a month before deductions.
• Latest payslip showing you are permanently employed or on contract for more than 3 months.
• Mobile phone number registered in your name.

Who is Eligible for Vodacom loans?

To be eligible for a loan, these are a must-have.

• Loan applicants can only be South African residents.
• The applicant requires to be above 18 years of age to 60 years maximum.
• The applicant must have a bank account in their name.
• They also must have a registered mobile number under their name in their possession.
• Must be able to pay their last payment before turning 60.

Vodacom personal loan interest rate?

The interest rate offered by Vodacom to a newcomer is a 23% per annum rate.

How long does Vodacom take to approve a loan?

Once your application is approved, and you authorise Old Mutual Finance to debit your account by approving the DebiCheck Mandate request sent to your primary account, the funds will be paid directly to your account within 10 minutes.

Who is Vodacom best for?

Vodacom is best for borrowers who:

• Want to do projects that need money like housing or home improvement.
• Wants to pay and invest in their education or childrens’s education.
• Need a convenient and fast application process that does not require a lot of
  hard work.
• Can afford to pay for big loans without denting their life styles.

Pros of Vodacom personal loans

Fast and convenient loans : If you’re faced with a financially urgent situation the loan can be credited to your account within 10 minutes of approval.

DebiCheck : A new verification process designed to protect you from unauthorised debit orders. It requires you to confirm a new debit order with your bank before it can be processed. This means that you have greater control over your finances and can avoid unexpected debit orders.

Transparency : Vodacom has a loan calculator where you will know the total cost of the loan before you apply. This will help you decide on what you can and cannot afford.

Early repayment : Vodacom does not charge you extra for early payment, all you have to do is send an early payment letter and have one of the agents will help you.

Safe and trustworthy : You get full transparency, no hidden fees or confusing terms and conditions.

Cons of Vodacom personal loans

Low credit score : Vodacom loans will give priority to people with high credit scores and if given a chance with low to no credit score, the initial amount of loan you wanted might be reduced.

Strict: Vodacom will not lend you money if you are under debt review, under administration or insolvent.

Credit Life Insurance : VodaLend Personal Loans, in partnership with Old Mutual Finance, will require you to take out credit life insurance for loans with a term of 12 months or more.

No Loan Addition : Vodalend will not grant you an additional loan if you have an existing loan with Old Mutual Finance, which is not older than 3 months.

Vodacom Loans Contact Details

For questions and concerns, you can reach VodaLend Customer Service Centre on 086 010 2209 or chat with them online on their site.