Most times, getting a loan from a financial institution is the right thing to do. This is because of the finance you need to solve a need. Some unforeseen expenses or needs may come your way. When this happens, the money you have on you might not be enough to solve your need. Some unforeseen expenses might be medical bills, car breakdown, floods and so on. Your little or no finance cannot help you out of these unforeseen expenses. BFS loans, how they work, requirements, and so on are all-inclusive in this article.
BFS Loans is a microfinance institution in South Africa. They discovered BFS loans in 1996. Their aim is to offer an ethical and innovative credit solution to people who were once employees. Also, people who do not have enough salaries can get BFS loans to cater to their needs. BFS provides loans on a short-term basis to individuals, salary earners, and small-scale business owners. BFS Loans are now known as Barko Loans. Their loans have a repayment term of 30 days.
BFS specially handles and collects information in a manner that makes its users feel more secure.
What are the requirements for BFS loans?
You must meet some requirements before you can get a loan from any financial institution.
The following are the requirements;
- Provide your bank statement of account (recent 3 months)
- Permanent employment for at least 6 months.
- Provide your residential address
- Your recent payslip.
- An original ID book or passport.
Note: The major important factor is whether you can afford the loan. However, they will determine it with your monthly budget.
What is the minimum and maximum amount of loan that I can get from Bfs loans?
Every financial institution has the minimum or maximum loan amount they offer. You must know whether the loan amount they offer can cater to your needs before taking it. However, the minimum loan amount of Bfs loan is R400. whereas their maximum loan amount is R3,000.
How can I apply for the BFS loans in South Africa?
Different financial institutions have different ways of offering their loans, and BFS loans are not an exception to this.
All loans, especially from different financial institutions, have how their applications work. And this sometimes differs from one institution to the other.
The following is how to apply
- Go to any BFS head office or branch close to you
- Ask for a BFS loan application form
- Fill in your personal details or information into that application form. Details like; name, Bank Verification Number (BVN), email address, etc
- Apply for the loans (the one you can pay back)
- Then receive your loans in 5 minutes
- Pay back the loans on time to avoid hurting your credit score
Repayment terms
In need of a loan to cater for your expenses, beware of the repayment terms of your loan. Prior knowledge of the repayment terms will help you decide the lender you prefer. Besides that, it will help you know whether you can pay back the loan with those terms. However, the repayment term of BFS loans is 30 days. Their automatic debit system quickly deducts your loan balance as the term states.
Contact details
If you need to make further inquiries about BFS loans.
For support, queries or for more information you can contact BFS loans with the following details:
Phone number: 0807773777
Whatsapp: 0728806751
Email: customercare@barko.co.za, info@barko.co.za
BFS Head Office Address: Barko Financial Services LTD.
59 Burger Street, Lydenburg, 1120.
Conclusion
Loans give you the lifeline to solve your financial needs. The right repayment plan will help you overcome your financial needs with the amount of loan that you can repay. BFS offer their loans especially to people without employment in South Africa. This gives the unemployed hope and motivation to achieve their financial goals.