Finbond Loans: A Complete Guide for 2023

Finbond Loans

Finbond is a financial services company offering personal, home, vehicle, and short-term loans in South Africa. With over 20 years of experience, Finbond has become one of the country’s leading providers of unsecured loans.

What Are Finbond Loans?

Finbond loans are unsecured personal loans that don’t require any collateral or assets to secure the loan. The loans are available for R1,000 to R250,000 with flexible repayment terms from 6 to 60 months. Finbond offers personal loans for various needs like:

Consolidating Debt

Finbond personal loans can help consolidate multiple debts like credit cards, store accounts, overdrafts, etc., into one affordable monthly repayment. This makes managing finances more manageable.

Home Improvements

You can use a Finbond loan for home renovations, repairs, or to upgrade household appliances.

Medical Expenses

A Finbond loan can cover large medical bills for yourself or family members.

Education

Pay for tuition, books, laptops, and other education expenses with a personal loan from Finbond.

Emergencies

Finbond loans provide quick access to funds in case of unexpected emergencies.

Special Occasions

Borrow for weddings, family vacations, holidays, or other important events.

Finbond Loan Requirements

Finbond has relatively flexible eligibility criteria compared to banks. Here are the basic requirements:

  • South African citizenship or permanent residency.
  • Minimum age of 18 years.
  • A regular source of income of at least R3,000 per month.
  • Supporting documents like ID, proof of residence, three months’ bank statements, and latest payslips.

Even if you have a bad credit record, you can qualify for a Finbond loan tailored to your financial situation.

Finbond Loan Features and Benefits

Some of the critical features of Finbond personal loans include:

Quick Processing

You can get approval in principle and payout in as little as 24 hours after submitting documents.

Competitive Interest Rates

Finbond offers better interest rates compared to other personal loan providers. Rates start from around 11% based on individual circumstances.

Flexible Repayment Terms

Choose a repayment period between 6 to 60 months. You can also request payment holidays or adjust installments if facing a temporary cash crunch.

Pre-Agreed Limit

Once approved, you can access a pre-agreed loan limit for instant borrowing when needed.

No Early Repayment Penalties

You can pay off the loan earlier than the scheduled tenure without penalty. This helps save on interest costs.

Credit Life Cover

Finbond offers free credit life cover on loans, so the outstanding amount gets waived in case of death or permanent disability.

How to Apply for a Finbond Loan?

Applying for a Finbond loan is quick and convenient through the following steps:

Step 1: Check Eligibility

Use the online eligibility calculator to check if you qualify for the loan amount needed.

Step 2: Start the Application

Begin the application online or download the form to apply later.

Step 3: Submit Documents

Upload scanned copies of your ID, proof of residence, bank statements, and payslips.

Step 4: Get Approval

Finbond will verify your details and inform you of the approval decision within 24 hours.

Step 5: Accept the Offer

Review the final loan offer, sign the agreements, and accept via email or at the nearest branch.

Step 6: Get a Payout

Once all documentation is complete, Finbond will payout the approved loan amount directly to your account within 24 hours.

Finbond Loan Costs and Fees

When taking a Finbond loan, you need to factor in the following costs:

  • Interest rate: Between 11% to 27% p.a. based on personal credit profile and income.
  • Initiation fee: Up to R1,690 for loan amounts above R50,000.
  • Service fee: Monthly fee of R57 on the outstanding loan balance.
  • Credit life insurance: Compulsory monthly premiums charged at R3 per R1,000 borrowed.
  • Administration fee: R150 per month if opting for credit life insurance from another provider.

Always ensure you can afford the monthly installments before committing to a Finbond loan. Use an online loan calculator to estimate total costs.

Alternatives to Finbond Loans

Some alternatives you can consider other than Finbond personal loans are:

  • Bank personal loans – Higher approval requirements but may offer lower interest rates.
  • Payday loans – Easy to qualify but very high fees and interest rates.
  • Peer-to-peer lending – Borrow from investors via platforms like LendingCrowd, RainFin, etc.
  • Borrow from family/friends – No credit checks, but they can strain relationships.
  • Debt counseling – Get help negotiating with lenders for reduced installments.

Evaluate all options to find the most affordable financing for your needs and budget.

Finbond Loan Reviews

Here are some Finbond loan reviews from existing customers:

“Super easy application process. Received funds in my account less than 24 hrs after getting approved.”

“Interest rate is quite reasonable compared to other personal loan options I checked. I would recommend Finbond.”

“The online account dashboard is very convenient to manage my loan. Happy with Finbond so far.”

“Needed a loan urgently due to medical emergency. Finbond disbursed the amount quickly with minimum documents.”

“Good service, but wish they had more flexibility in the repayment period. Overall good experience.”

Conclusion

In summary, Finbond loans provide a valuable source of financing for South Africans who may need to qualify for bank loans. The quick approval decision, competitive rates, and flexible repayment terms make them a viable borrowing option for many. Consider your financing needs, income stability, other debts, and required loan amount before applying. Manage the repayments diligently to avoid getting into a debt trap. Also, when appropriate, explore alternatives like peer-to-peer lending platforms, credit cards, and family loans. With prudent decision-making, a personal loan from Finbond can provide the financing solution you need.

FAQs on Finbond Loans

What is the maximum loan amount offered by Finbond?

Finbond offers personal loans from R1,000 up to R250,000. The maximum amount you can qualify for will depend on your income, existing debts, and credit score.

How quickly can I get a Finbond loan approved?

Finbond offers rapid processing with approval in principle possible within 1 hour. The payout can happen the same day if documents are submitted before 2 PM.

What documents do I need for a Finbond loan application?

You must submit your ID, proof of residence, the latest three months’ bank statements, salary slips, and possibly your ITA34 income tax certificate.

Can I apply for a second Finbond loan if I have an existing loan?

You can apply for another loan from Finbond even if you have a current loan if you meet the eligibility criteria—a maximum of 2 loans per person.

How do I pay my Finbond loan installments every month?

Finbond will automatically deduct the agreed monthly repayment by debit order from your bank account on your salary date.