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Standard bank is an innovative loan provider that provides easy credit to South Africans. Sometimes life throws unexpected curveballs and when this happens, you need financial assistance from a company that understands your situation.

Due to the diversity of people in South Africa, Standard bank offers a range of credit options so prospective customers have the freedom to choose the option that is most suitable. Whether you need a quick loan, revolving loan, or a  student loan, they have the solution for you. If you’re thinking of approaching Standard Bank for a personal loan, then this article will give you the best guide on the process.

About Standard Bank Loans 

When it comes to top South African lenders, this institution is prominent. The bank has been keeping its doors open for South Africans in the last 150 years. They offer licensed financial services that are specifically tailored to meet the various needs of Mzansi’s citizens. 

In this article, we take a close and detailed look at Standard Bank personal loans, in particular. By the end, you should be ready to move on from thinking about borrowing to actually expecting money in your account.

Types of credit service they offer

As stated earlier, the standard bank offers a wide range of credit products, targeted at easing financial emergencies among South African citizens. Some of these credit services include;

1. Standard bank revolving loan

The Standard Bank revolving credit personal loan allows you to get the money you need at any time. In turn, you pay back 15% of your credit. Be sure to understand all there is to know about revolving loans before applying for them. 

2. Standard bank study loan

Because a great percentage of students struggle to make ends meet financially, Standard Bank in their utmost will to serve has put together a loaning scheme. This scheme has no other purpose but to ease the struggle of the students.

3. Standard Bank instant loan

This is in the form of an overdraft that is instantly accessible.

4. Standard Bank Consolidation loan

Standard bank consolidation loans program combines multiple debts into one larger loan, usually with more favorable terms. 

5. Pension-Backed Housing Loans

Pension-backed loans are an alternative form of mortgage financing, where your loan is secured by your retirement savings instead of a bond. Usually, your employer will enable you to make monthly payments through your salary, and the maximum loan term is 30 years or until your retirement.

What are the minimum and maximum loan amounts Standard Bank offers?

Before applying for a loan of any kind, it is important to know and understand the basic terms to make efficient decisions. Standard bank offers a minimum loan amount of R3,000. Whereas their maximum loan amount is R300,000. 

The NCA regulates Interest rates and other additional charges of banks in South Africa. However, the bank charges a one-off initial fee and service charge.

What do I need to apply for a loan at Standard Bank?

To apply for a loan at standard bank, prospective applicants needs;

1. valid South African ID;
2. proof of residence such as a council bill that is not older than 3 months;
3. payslip showing your earnings for 1 month;
4. 3 months bank statements for those without a Standard Bank account;
5. you should earn at least R7 500 per month; and
6. you should be 18 years and above.

Please Note: Standard bank also requires prospective applicants to take out a debt protection plan. This credit life insurance will cover you in case of retrenchment, disability, or death.

You can apply for this insurance with any suitable provider. If you choose Standard Bank, the insurance becomes a part of your monthly installments.

Standard Bank loan application process

Existing Standard Bank customers can request finance in the following ways:

1. Through Banking App

1. Open the Standard Banking App on your phone or tablet and sign into your account.
2. Click on “More” and next on “Open a new account.”
3. Now click on “Personal Lending” to see the amount you qualify for.
4. Finally, follow a few extra steps. If you are approved, the money is then transferred into your bank account.

2. Through Internet Banking

1. Log into internet banking on your computer to apply online.
2. Click on “Borrow.”
3. Finally, follow the simple instructions provided. If you are approved, the money is then transferred into your bank account.

If you’re not already banking with them, here’s how you can apply:

1. Start your online loan application on the bank’s website.
2. Click on “Do I qualify?” to check the maximum amount you can apply for.
3. Enter your details on the form that comes up and click on “Submit.”
4. A rep. will call you back so you can complete the process.

How does the Standard Bank loan calculator work?

Standard bank calculator allows you to input the amount you want, and the number of months you need to fully repay the credit. The tool will then give you the monthly installment amount for the product you have chosen.

Go ahead and use the Standard Bank loan calculator by following these simple steps:

1. Amount: Use the first slider to choose the amount of money you want to borrow.
2. Term: Use the second slider to choose the number of months you need to pay back the money.
3. Calculate: Click on “Calculate Repayments” to get instant results.
4. Give it another try: It may take a while to find a result you’re happy with. Keep adjusting the figures until you find an affordable monthly repayment.

How do I Payback my Standard bank loan

Online payments are usually faster than manual payments. It is also safer and more convenient. With Standard Bank, you can easily pay your beneficiaries or make once-off payments through Internet Banking.

To repay your standard bank loan;

1. Log into your Internet Banking profile. Locate the ‘Account Summary’ dashboard.
2. Click on ‘Transact’ in the top menu bar
3. Click on the ‘Pay beneficiary tile under ‘Pay & Transfer’
4. Click on the money icon next to the beneficiary you want to pay
5. Select the account you want to make the payment form by clicking on the dropdown menu
6. Enter the amount you want to pay and click on ‘Next’ to continue
7. Confirm the details of the beneficiary you are making the payment to and click ‘Confirm’ to continue
8. A green message will be displayed that the payment was successful

How long does it take for standard bank loan to reflect

between 24 to 48 hours

The funds should appear in your account between 24 and 48 hours after your application have been received. Please contact customer service on 0860 123 000 if this isn’t the case so that we may investigate this matter for you.

Tips for choosing the best Standard bank loans option for you

Credit is handy for times when you need extra cash to keep things flowing. However, financial responsibility requires that you do your homework before borrowing. Check out these super important tips to make sure you make a fully informed decision:

1. Choose a loan for the right reasons

Getting money in your bank account can be pretty exciting. That doesn’t mean you should borrow just because. Instead, be sure to consider every factor before taking credit.

2. Choose finance you can afford

Try as much as you can to resist the temptation to borrow a large amount. Note that the more you take, the more you have to pay back.

3. Borrow money wisely

Avoid taking up more loans if you already have an underlying loan amount because of multiple interest rates. It would be best if you kept borrowing to a minimum.

4. Find out about the interest rate

Knowing about the interest rate is crucial when you borrow money.

5. Find out how you’ll be paying back your debt

Payback usually involves monthly installments. Other times, it can be weekly or every two weeks. Find out how much you’re supposed to pay back for each installment.

Additional aspects to consider

1. Repayment method

Is it automated or manual? Furthermore, can you make extra payments without being charged a penalty fee?

2. Keep up to date with your credit history

Every citizen is entitled to get one free credit report every year. After that, you can still get one for a very small fee. Be sure to update your knowledge of what’s on your credit report. This helps you to apply for financial help with confidence.

3. Ask more questions about Standard bank loans

Do you happen to have any other queries? Feel free to ask, as they have professionals willing to help you. For example, you can receive valuable advice on which option is better suited to your needs.

Does Standardbank offer temporary loans

Is it possible to obtain an ATM loan from Standard Bank? A temporary loan obtained at an ATM is an ATM loan. Upon approval, the money is credited into your bank account immediately. You do not have to fill out an application for these types of loans.

How do I check my standard bank loan balance

How can I see the remaining balance on my loan? You can view your balance on Internet Banking, our Banking App, in a branch, or over the phone.

Advantages of Standard bank loan

Standard bank has the following advantages over other credit providers in South Africa. Some of these advantages involve the fact that;

1. Standard Bank is a registered credit provider in terms of the National Credit Act registration;
2. The bank is also a licensed financial services provider in terms of the Financial advisory and intermediary services act;
3. Prospective applicants get low and personalized interest rates that are fixed throughout the term.
4. Monthly installments are really affordable.
5. Applicants can make extra payments and pay off the debt early without a penalty fee;
6. Super easy payouts; and
7. Your payments are automatically deducted from your account through a debit order.

Conclusion

Developing and providing a solution for financial emergencies is one of the sole aims of Standard bank. Whether it’s to help you secure a mortgage, walk down the aisle or go on holiday, Standard bank offers the right credit solution for your every need.

You could need a business loan, travel loan, consolidation loan or even a car loan depending on your financial situation. However, you must ensure you have a good credit score in order to qualify for any loan. Unforeseen circumstances could make you need money urgently. Typically, this is what could come from a medical or business emergency, or need to fund a specific project. Standard bank loans offer you a wide range of loan options to fit your needs and circumstances. We will discuss how Standard Bank loans work as we go on in this article.

About Standard Bank

Standard bank is a deeply rooted financial service provider. They’ve been serving and supporting their clients, employees, and communities for over 156 years now. With a presence in 20 African countries and key global markets, their differentiator is their long-term efficiency and commitment to Africa.

What is the minimum and maximum loan amount that Standard Bank offers?

Before applying for a loan of any kind, it is important to know and understand the basic terms to make efficient decisions. Standard bank offers a minimum loan amount of R3,000. Whereas their maximum loan amount is R300,000. 

The NCA regulates Interest rate and other additional charges of banks in South Africa. However, the bank charges a one-off initial fee and service charge.

What are the requirements for Standard Bank loan?

To apply for a Standard Bank loan, every prospective applicant must have and be ready to provide to following documents; 

1. Your South Africa ID
2. Latest payslip/s
3. List of monthly expenses
4. If you’re applying jointly, they require the above from all parties
5. The Qualify Me Service is not available for home loans registered in the name of a business, juristic entity (trust), or self-employed
6. For alternative loan solutions please call 0860 500 000 or visit your nearest branch.

Having all these documents readily available increases your chances of getting your loan application approved. 

How can I apply for a Standard bank loan?

There are two application methods employed by Standard bank. They are;

1. Online application: The online application doesn’t require a borrower to visit any branch of the financial provider. You can execute this application process from any location. Standard bank employs this method of application because of the advancement in technology. This application process involves either downloading the financial provider’s app, visiting their websites, and following the instruction.

2. Offline application: The offline application process as the name implies requires the applicant to visit the nearest financial provider’s branch in person. This process also involves reaching out to the Standard bank stand by customer representative at 0860 500 000. The line is open between 8 am and 5 pm during the week.

What are the loan types Standard Bank offer?

Standard bank is one of the most efficient financial institutions in Africa. With over 156 years in service to the people, they offer a wide range of loan options. These loan options include;

1. Personal loans

Do you need a personal loan to sort your needs and other financial obligations? Standard bank offers a great personal loan option that will help you solve your financial need. 

2. Student loans

Standard bank offers student loans any student in South Africa could consider. They have taken time to put an efficient program for student finance.

3. Home loans

Standard bank home loan is available to provide you with a range of flexible options to make your dream home come true. With options suitable for everyone, whether you plan on becoming a homeowner, a home builder, or are already a homeowner.

4. Business loans

Starting/continuing a business can be really tasking financially. Having considered the struggles in the lives of business owners, Standard bank has credited a loaning option for business owners in South Africa.

Be sure to know the rationale behind why you want to apply for a loan before applying. This ensures a fast and smooth loaning process.

Conclusion

Financial situations could arise and ultimately require emergency funding. You could take a travel loan to sort your travel needs or you could take any other form of loan. However, you wouldn’t like to experience any difficulty while applying for a loan. Or would like to be a victim of loan sharks. Also, the other thing you would never want to experience when you need money urgently is lacking a credit option. So, you’ll definitely appreciate a reliable lender in Standard bank loans. With all measures put in place, they set Standard bank loans to give you a memorable loan experience.

Students can sometimes find their lives challenging, regardless of the course or program they are enrolled in. These challenges may occur in different formats and also have different solutions. Due to the fact that many students find it difficult to meet their financial obligations. Standard Bank has put together a loaning scheme out of utmost desire to serve. Its sole purpose is to ease the struggles of students.

About Standard Bank

The Standard Bank is a deeply rooted financial services provider. Their employees, clients, and communities have been served and supported for over 156 years now. With a presence in more than 20 African countries and key global markets, their differentiator is their long-term commitment to Africa.

How Standard Bank student loan works

The Standard Bank student personal loan covers tuition fees as well as accommodation, books, and study equipment such as a laptop. The total cost of these costs will determine the loan amount. Your surety’s salary income, usually your parent, will also affect the loan amount. In general, you can get the financial assistance you need.

What are the requirements for applying for a Standard Bank student loan

Applicants for a Standard Bank student loan must have and be prepared to provide the following documents; 

1. ID documents (student & surety)
2. Proof of residence not older than 3 months (student & surety)
3. 3 months’ payslips (surety)
4. 3 months’ bank statements for non-Standard Bank clients (surety)

They also require the following course-related documents during the application process;

1. Acceptance letter or proof of registration from institution
2. Proof of costs for tuition, accommodation and textbooks and/or equipment
3. Proof of your latest academic results

Who can apply for a Standard Bank student loan

The application process is super straightforward, but before application, it is important to know that;

1. Only South African citizens can apply
2. Standard Bank and non-Standard Bank account holders can apply for full-time and part-time student loans 
3. Your surety does not have to be a Standard Bank account holder
4. If, however, you apply to study overseas, your surety must bank with Standard Bank South Africa

It is also important for Matriculants to know that they will need a copy of their final National Senior Certificate results to complete their registration process.

What is the minimum/maximum amount of student loan offered by Standard Bank

Before applying for a loan of any kind, it is important to know and understand the basic terms to make efficient decisions. With Standard bank, the minimum amount you can borrow as a student is R5000.  They release this amount to the prospective student after loan approval.

While they base the maximum amount on affordability and the ability to repay the loan. This feature gives every prospective student the elasticity they need to weigh their options and make a final decision that’ll ease every financial challenge they might be facing.

How to apply for a Standard Bank student’s loan in minutes

It is well known that even 24 hours may not be enough for the average human to accomplish all his tasks. Due to the fact that being a student can be time-consuming, Standard Bank has optimized the loan application process to be less time-consuming for students.

To apply for a standard bank student loan all you have to do is

1. Apply for pre-approval on the My Student Loan Portal
2. Once they approve the online application, get the aforementioned documents ready
3. Take the documents with you to the nearest standard bank branch.
4.  Where a consultant will be waiting to assist you with your final application process
5. They make all payments to the institution and relevant parties.

It’s easy peasy, isn’t it? Additionally, you have 15 days to complete the process by visiting a branch. If your pre-approval expires, you must restart the online application process.

How are funds paid

After the execution of the final application process, they send funds to their area of purpose, respectively; 

1. They pay tuition directly to the institution
2. Accommodation fees will be directly into the landlord’s account 
3. They pay textbooks and equipment directly into the surety’s transactional account or the account of the student if they are self-assured 

Repayment terms

Standard Bank student loans are designed to favour you as a student in terms of repayment. During your full-time studies, your surety will be responsible for only the interest on the loan. The amount will be taken from the person’s bank account. The principal amount and interest will be due upon completion of your studies.

During the repayment period, you will pay fixed monthly installments. As a recent graduate, this is quite helpful for managing your finances. Moreover, you will have a grace period if you are completing an internship or participating in a similar type of program.  

Benefits of getting a Standard Bank student loan

Apart from the fact that the loan is available to ease the financial challenges of students, they also provide the following benefit;

1. It gives you what you need when you need it

A student loan is tailored to your specific needs, and the process is quick and easy. You are paid directly to your institution for tuition, your housing provider for accommodations, and a bank account for books and study equipment is directly linked.

2. It gives you the flexibility to focus

Full-time students do not have to repay their student loans until they have completed their studies. You will have the financial freedom to focus on your studies and to build the future you want when the person who signed surety for you only pays the interest and fees on the loan. Standard Bank offers flexible monthly repayments to self-assured students.

3. The interest rate is lower

You can get a student loan at a lower, personalised rate than a personal loan or a credit card, paying as little as 7%* interest per year.

4. Applying is easy

Before you complete your application at your closest branch with all of the required documentation, you can get pre-approval online.

Conclusion 

Standard Bank has strong connections in the real economy and a very deep understanding of the market.They’ve been able to not only unlock opportunities but also mitigate risk for their broad range of clients. With a proper understanding of the plight of the students and other customers, they’ve put together exceptional deals and loan services to ease their challenges.

For many people of the average/middle class, owning a home is a dream come true. In recognition of this fact, Standard Bank home loan is a developed and excellent loaning program. The scheme is specifically designed to make their dream of home ownership a reality while also simplifying the process.

Standard bank home loan is available to provide you with a range of flexible options to make your dream come true. With options suitable for everyone, whether you plan on becoming a homeowner,  a home builder, or are already a homeowner.

About Standard Bank

Standard bank is a deeply rooted financial services company. The company has been serving and supporting their customers, employees, and communities for over 156 years. Their long-term efficiency and commitment to Africa are their differentiators, with a presence in 20 African countries and key global markets.

What are the requirements for applying for a Standard Bank home loan?

To apply for a Standard Bank home loan, every prospective applicant must have and be ready to provide to following documents; 

1. South African ID
2. Latest payslip/s
3. List of monthly expenses
4. If you’re applying jointly, they require the above from all parties
5. The Qualify Me Service is not available for home loans registered in the name of a business, juristic entity (trust), or self-employed
6. For alternative home loan solutions please call 0860 500 000 or visit your nearest branch.

Having all these documents readily available increases your chances of getting your loan application approved. 

What is the minimum/maximum amount of home loan offered by Standard Bank?

Before applying for a loan of any kind, it is important to know and understand the basic terms and make efficient decisions. The process of ascertaining the minimum/maximum amount of home loans offered by Standard bank comes differently. With this type of loan, there is no fixed maximum or minimum amount you can get as a home loan. 

To determine the most suitable amount of a home loan, applicants are required to use a standard bank loan calculator. During the loan application process, this is the first step. Standard banks took the time to modify and optimize their loan calculators. This loan calculator shows you the amount of home loan you can afford with its user-friendly interface. 

How to apply for a standard bank home loan

By using Standard bank’s application method, you can apply in two ways. There are two types of applications: offline and online. The offline application process as the name implies requires the applicant to physically visit the nearest financial provider’s branch. This process also involves reaching out to the standard bank stand by customer representative at 0860 500 000. The line is open between 8 am and 5 pm during the week.

Online application on the other hand doesn’t require a physical appearance. You can execute this application process from any location. Standard bank employs this method of application because of the advancement in technology. This application process involves either downloading the financial provider’s app, visiting their websites, and following the instructions. 

Important tips for taking a Standard Bank loan

Before taking a loan of any kind, it is important to have a great understanding of the best way to approach the process. The following nuggets are vital and will improve your loaning expectations with Standard Bank;

1. Firstly, use the standard bank loan calculator to carry out a quick financial reality check.

Imagine a tool that can compare and analyze your financial status and provide immediate results about your expectations. The loan calculator is a super easy tool to use. It is available to help you make a highly informed loaning decision. 

2. Carefully decide how much to borrow

With Standard bank, you can borrow up to 100% of the property purchase price. Yes, you heard right. By registering a bond for a higher amount, you can borrow extra later, without registering a second bond.

That’s not all. As a first-time buyer, you can get up to 104% for a purchase of R1m or less. You can also decide to use the extra 4% towards transfer and bond registration costs.

3. Finding your new home

When viewing properties, keep an eye out for signs of structural damages. Be wary of anything else that might cause you to spend extra money once you move in.

You might also want to consider repossessed properties for sale through online auctions. Transfer duties do not apply to these properties.

4. Check the home’s property guide

You can make a more informed decision about purchasing a property when you know how old it is. An idea of what it last sold for and how it compares to similar properties in the same different areas. 

With Standard bank’s free property guide to homes across South Africa, you can access relevant info and key insight. More information on the estimated value of your dream home, so you can buy with confidence. 

Conclusion

 Pulling and organizing financial resources together to buy or build a home can be super challenging. Especially for average and middle-class citizens. It is because of this undeniable fact that Standard Bank has put together the home loan. With the primary purpose of equipping interested applicants with financial assistance, they need to actualize their dream.

A self-employed individual can be a freelancer working on multiple different projects at once, but without being officially employed by a company, or a newly-founded business owner with no stable or fixed income. South Africa’s lenders typically ask their borrowers to provide them with payslips, proof of a regular monthly income, and evidence of residence. Due to this, it can be quite difficult and sometimes impossible to get Payday Loans For Self-Employed.

Since self-employed individuals do not have any guarantee of work and income, they may find it difficult to get a loan in general.

If they have bad credit, things can get even worse and more difficult.

How do we know this?

The majority of lenders rely on their borrowers to have a strong credit score or to be able to provide collateral that will be taken over by the lender if the borrower defaults on their loan. Most lenders select this route because it almost eliminates the danger of not being repaid by a borrower.

Payday loans are regarded for being one of the more straightforward types of loans to obtain, especially when compared to traditional loans or loans that need collateral, such as vehicle title loans. Payday loans typically outperform other types of loans in terms of advantages, making them a perfect financial option for many people.

Good credit ratings indicate that the borrower has a track record of repaying borrowed funds on time. Collateral on the other hand entirely eliminates the danger of not being reimbursed because the borrower’s collateral may be resold to recoup the cash granted to him. if he or she fails to repay the loan.

If you don’t meet the first two criteria, getting a loan from a traditional lender is out of the question because they don’t care if you have a steady income or not; instead, they look at your credit score (which should be good) or whether you have collateral to offer if you don’t have any credit history..

In either case, bad credit score holders may find it difficult to obtain funding from a traditional lender.

What can be counted as time-taking? CREDIT CHECKS!

As a way to save time and fund borrowers as quickly as possible, payday loan lenders do not conduct credit checks. This is because credit checks can take quite a while. Since payday loan lenders offer short-term loans without credit checks, even those with bad credit can receive funding from them.

We can conclude that payday loan lenders offer cash to everyone regardless of their credit rating.

How Does Collateral Work for Payday Loans For Self-Employed?

Processing collateral takes time, which is another reason why payday loan providers avoid it. They don’t ask for collateral for two reasons. Firstly, it takes time. Secondly, they don’t see the sense in going through all the trouble of processing collateral for a loan of a few hundred dollars or less.

So, What DO Payday Lenders Rely Upon Afterall?

In order to grant loans to their customers, most payday loan lenders rely on their clients’ income statements. Apart from a few fundamental requirements, such as residing in the state in which they are requesting for a loan and being at least 18 years old, payday loan lenders rely heavily on evidence of income.

There should be no difficulty in sponsoring someone as long as they can show through their income statement.

Where can you get a payday loan for self-employed people?

Below are some lenders who offer loans for self-employed people:

1. Capitec

Self-employed individuals who receive their salary directly from their business can borrow up to R250 000. Nonetheless, informally self-employed people like freelancers and sole traders might not be eligible to apply.

2. Standard Bank 

For self-employed individuals, Standard Bank offers vehicle and home loans. The owner of the business will need to provide financial statements, as well as a statement of assets and liabilities.

3. Wonga

Prospective applicants can borrow short-term funds of up to R4000 as a new customer and up to R8000 if you’re an existing customer.

4. Nedbank 

Nedbank self-employed loans range from R2000 to R300 000 if you have a monthly income of more than R3 500.

5. Absa

When you have a regular monthly income of R2000 or R1500 on your bank statements, you can qualify for a personal or smaller personal loan.

6. FNB 

 If you qualify, you can borrow up to R300 000.

Conclusion 

Self-employed loans can be used to cover a wide range of financial needs, including business costs and personal expenses. In addition, self-employed loans are good for emergency situations since some of them provide fast payouts.

 As a self-employed individual, you can typically find a loan product that works for you if you have trouble getting funding in the past.

So, you’ve come up with a company concept that you want to put into action. You do, however, require funds. So, what exactly do you do? Business loans in South Africa are available to mitigate the financial burden on sole proprietors.

In South Africa, business loans can be used to fund both new and established firms. This form of loan, which is available from a variety of lenders ranging from banks to specialized lending businesses, may appear to be a quick and straightforward option to receive enough funding to launch your business. But don’t forget to do your homework.

Start your business loan application

To begin with, how do you even apply for a business loan in South Africa?

It can be challenging to go through the process of applying for a loan, much less getting approved for one. In many cases, businesses are desperate for help and instead of waiting for loan approval, they take the risk of going to a fast lender. 

It is likely that you will have to go through a lengthy application process if you get a loan through a reputable lender. Lenders want to ensure that you’re who you say you are and will not be a liability, which is why they often require different documents and verification. Even though you might really need the money, rather go through a company you’ve read a lot about, on Platforms like loanspot.ng. 

What type of business loans are usually available?

If you’re getting a loan from a bank or another lender, the kind of loan you’ll get will depend on the lender. Among the types of loans that you might apply for are:

1. Bank finance such as an overdraft (added to your business account when you are able to provide a business plan and some sort of asset)
2. Debtor finance (ideal for growing businesses that meet a specified turnover) 
3. Asset finance (puts the loan against assets such as equipment and vehicles) 

You could also consider asset funding from a loan specialist, using assets to secure your loan. Some lenders also offer unsecured loans that use interest rates instead of assets.

Who can apply for a small business loan? 

The Small Business Administration offers loans for people who are starting or operating small businesses. Wikipedia defines a small business as:

“An SME in South Africa is any enterprise with one or more of the following characteristics: Fewer than 200 employees. Annual turnover of less than R64 million. Capital assets of less than R10 million.”

Along with meeting the above requirements, your business must also have been operating long enough to demonstrate a track record of success. Furthermore, you will need to prepare a detailed business plan that outlines your:

1. Financial projections. 
2. Clear record of your income and expenses (and how much you’ll need as a salary).
3. Your start-up costs
4. Running costs for the first five years
5. Any other requirements requested by the lender

Where can you get a business loan? 

Now that you’re ready to start looking for a business loan, where do you go to find the best loan with the best payment terms, interest and customer service?

Banks

South Africa’s major banks like standard bank all offer loans for businesses of all sizes. You could speak to your bank first to determine what they can offer, or you could do some research to find the bank with the best overall rating.

You can easily find out how banks are rated by using a tool such as Loanspot, which displays consumer reviews. Our banking category lists all major banks in South Africa, giving a rating for the overall bank, as well as a rating for the trustworthiness of the bank. 

Asset finance houses

Lenders like these are usually part of large banking groups. As an example, Bankfin is part of Absa, Stannic is part of Standard Bank, and Wesbank is part of FNB. 

Lenders like these are often a lot more flexible than banks, making it easier to get a loan. The loans they provide are usually smaller. 

Specialised lenders

Furthermore, we have small business lenders who specialize in lending to small businesses. These lenders include direct lenders who lend directly to businesses. Those who don’t qualify for a bank loan might apply to this type of lender, such as an online lender. 

Some of these lenders provide loans to people regardless of their credit history or risk rating. The interest rates they charge tend to be much higher.

It’s loan time 

Starting a new business is an exciting experience. It’s also thrilling to watch your company expand. Obtaining funds for your company can open doors, allowing you to acquire equipment, invest in your first office or factory, recruit additional people, and fulfill your objectives. You will discover that company financing is a lot less stressful if you take the time to plan and prepare.

Conclusion

Platforms like Loanspot and Google assist you in gathering all of the information you want to make informed judgments based on facts rather than speculations. Your company is significant enough to demand cautious consideration. If you approach business loans with caution, you’ll be able to secure the funding you need to expand your firm.

Standard Bank has begun to provide Apple Pay compatibility, a digital wallet that allows customers to load their bank cards and make tap payments on compatible iPhone, iPad, Apple Watch, Loanspot.io also confirmed Apple Pay launch on Standard Bank application platforms.

About the new development

Standard bank is an innovative finance provider that provides easy credit to South Africans. As a result of the diversity of people in South Africa, Standard Bank offers a range of credit products. This is advantageous as prospective customers have the freedom to choose the option that is most suitable.

With Apple Pay, standard bank customers can now use their bank account on their iPhone, Apple Watch, iPad, and Mac. Apple Pay is simple to use, and it’s compatible with the devices that you use every day.

You don’t have to worry about your credit card information being stored on your device or shared when you pay, either. Online, in apps, and in stores, paying has never been easier, safer, or more private.

How do I link my standard bank card to Apple Pay?

How to add a card for Apple Pay on your iPhone

1. Tap Add in the Wallet app.
2. Select Debit or Credit Card.
3. Then tap Continue.
4. Add a new card by following the steps on the screen. …
5. Verify your information with your bank or credit card company. …
6. If you have a paired Apple Watch, you can also add the card to the watch.

Apple Pay purchases are secure because they use Face ID, Touch ID, or device passcodes. Standard Bank said in a statement on Tuesday that the cards also feature a one-time unique dynamic security code.

How do I tap and pay with Standard Bank app?

If you have an Android smartphone enabled with Near Field Communication (NFC), you can tap for purchases using your phone.

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How to enable Tap to Pay:

1. Tap on “Manage” at the bottom of the screen.
2. Select “Cards”
3. Choose the card which you want to activate.
4. Tap on “Mobile Tap & Pay”
5. Activate Tap & Pay.

Conclusion 

One of the Standard bank’s sole aims is to develop and provide a solution for financial emergencies. With the growing need for technological advancements, this move has become necessary. Standard bank customers can now make instant transactions with their Apple devices.

Technology as itself has paved the way for a lot of innovations, and the financial sector definitely is evolving around it. Credit cards remain one of the most advanced technological breakthroughs of all time. Owners of these cards now have access to funds in advance. With Standard bank, account holders can now enjoy the limitless benefits that come with owning a credit card.

Here’s an overview of all there is to know about Standard bank credit cards.

Overview of a Standard Bank Credit Card

The standard bank provides financial services with a rich history. For over 156 years, they have served and supported their clients, employees, and communities. They are present in 20 African countries and key global markets, which makes them unique because of their long-term efficiency and commitment to Africa.

Standard bank in their utmost will to serve, have included the credit card plan as one of the financial products they offer. Now, holders can borrow funds with the desire to pay for goods and services at merchants who accept credit cards for payment. The ease of use and simplicity of Standard bank credit cards allow cardholders to benefit from these features while using the cards.

Standard Bank Credit Card benefits and features.

The convenience that comes with a credit card is just one of many benefits consumers cannot overlook.

Some of these additional benefits and features include;

1. Secure Spending

These days, there are many financial threats flying around, so being able to bank with a financial institution with quality security is important. In accordance with their name, standard banks maintain the financial security of their citizens at all times.

2. Worldwide Acceptability

In addition to accepting credit cards at home, business owners also accept them abroad. In any part of the world, you can always use your MasterCard or Visa credit card to pay for goods and services. Additionally, if it’s really urgent, you can withdraw cash from ATMs.

3. Build up your credit record

When you apply for a loan, banks and other credit institutions always examine your credit history. The quickest way to establish a good credit record is to utilize and pay off credit cards on time. Faster approval for loans and possibly even lower interest rates are assured with a good credit score.

4. Easy Payment Solution

The budget facility on a credit card enables holders to pay off enormous expenses. Expenses like an unexpected medical emergency, a new fridge, or a missed flight, in monthly installments.

5. Convenience factor

Having a Standard Bank Credit Card comes with a number of advantages, in addition to convenience. Holders of credit cards have access to money instantly, without having to carry around cash.

6. Collect Ucount Rewards Points

With every purchase or payment you make with a Standard Bank Credit Card, you earn Ucount points. You can use these reward points with a retail partner like Caltex.

7. Free Travel Insurance

Payment of overseas flights gives Standard Bank Credit Cardholders access to free basic travel insurance.

Types of Standard Bank Credit Cards 

Standard Bank has designed its credit card system to fit the needs of all its customers, irrespective of their financial status. There are now several types of credit cards available, allowing users to select the one that matches their needs best. Check out the different credit cards Standard Bank offers;

Interest rate and other fees 

Standard banks charge interest on credit cards according to the credit card plan the holder selects. As a result, the interest rate you’ll be charged depends on the type of credit card you choose.

Depending on the Credit Card, they charge between R40 and R264 per month. According to the NCA regulations, interest rates are individualized from a minimum of 7% (prime) to a maximum of 18% (Repo rate + 14%). The minimum monthly repayment on your credit card is 3% of the outstanding balance. R180 (VAT included) will be charged as an upfront, one-time initiation fee. 

How does Standard Bank credit card budget work?

Using your budget facility

Credit cards are all about choice – that’s why you have both straight and budget facilities on the same card. When you use your budget for purchases over R 200, you can choose to repay the amount within six months or over 60 months.

How to apply for a Standard Bank Credit Card

Standard bank utilizes two types of application methods. The first is the offline application process and the second is the online application process. The offline application process, as its name implies, requires the applicant to physically visit the branch of a financial institution. The process also requires contacting the standard bank standby customer service at 0860 500 000. 

Online application doesn’t require a physical appearance.  This application process involves either downloading the financial provider’s app, visiting their websites, or following the instruction. 

The online application process can be executed from any location. Standard bank employs this method of application because of the advancement in technology.

How can I get instant loan from Standard Bank?

How to get your online loan via Internet Banking:

1. Visit online banking. standard bank.co.za on your desktop.
2. Click the “Borrow” button.
3. Follow the instructions.
4. Ka-ching! The money will be deposited into your account.

How do I pay my standard bank credit card?

Paying your debts on time is extremely important to maintain a good credit score, which is important to us as well as to you, our valued customer. Therefore, they continue to introduce new ways for repayments that are as convenient and as effortless as possible

1. Sign in to your Internet Banking profile.
2. Click on the ‘Make a promise to pay’ button on the product tile.
3. A summary of the account status is shown, along with the following information: amount in arrears, minimum payment amount, and outstanding balance.

How can I increase my standard bank credit card limit?

Would you like to increase the credit limit on your credit card so you can make a large purchase? It is possible to request an increase within six months of receiving your card. What can you do with it? You can increase your limit by calling 0860 000 000 or visiting your nearest branch.

Conclusion 

Standard bank is set to achieve some significant goals. One of these goals is optimizing their service and making banking operations very convenient for their customers. The credit card product is one of the major mechanisms they will use to achieve this purpose.