South Africa: Vodacom offers access to unsecured personal loans
Vodacom is now offering consumers access to unsecured personal loans through its “super app” VodaPay as South Africa’s largest mobile operator deepens its penetration into the fintech space.
Vodacom Financial Services (VFS) has launched a product called VodaLend Compare, a financial services marketplace for unsecured loans. A web version will be launched soon.
“The proposal allows customers to compare personal loan quotes in three easy steps, allowing them to request the best option that fits their needs and budget,” Vodacom said in a statement Thursday.
VFS CEO Mariam Cassim said the VodaLend Compare offer is designed to help consumers “who may need a financial boost quickly for personal use, such as emergency medical expenses, unplanned moves or home renovations, without a cumbersome application process.
It gives access to an “ecosystem” of financial products from “independent service providers and financiers”. Users are presented with up to nine personal loan offers, “eliminating the process of submitting multiple applications to numerous institutions, which can affect an applicant’s credit score.”
Financial providers that have partnered with Vodacom include Nedbank, African Bank, Finchoice and Boodle, Vodacom said.
Quotes are based on an individual’s risk profile and customer affordability, with personal loan products between providers ranging from R500 to R350,000, and repayment terms from three months to six years.
“Approved customers can proceed to sign an agreement and funds will be released to them within 48 hours of approval,” Vodacom said.