More often than ever we get caught up in financial emergencies. It means loans provide a substituting aid to these emergencies in whichever way they might come. Some of these loans come in the form of a long or short term repayment period. Woolworth’s loans offer this type of service and more. Now let’s take a quick look at how and why Woolworths loan is one of the best financiers out there.
About Woolworths Loans
Woolworth’s financiers began in the year 1971 as the Safeway Employees Credit Co-operative. It was initially known as a Safeway credit cooperative before it was acquired. The credit union now became Woolworths loan in 1985.
The core goal of the establishment is to offer members a better alternative to banks and other deposit-taking institutions. They focus on providing quality financial products with competitive interest, minimal fees, friendly and personalized services.
How they operate
Taking out a Woolworths personal loan can get you up to R75 000 in cash. The loan can be repaid within a flexible time frame of 60 months. They provide affordable personal loans at the lowest possible interest rate. Your credit profile and financial capability determine whether you can qualify for a loan. Credit ratings determine how low your rates are, so if you have a good history of credit, you are more likely to get them.
Ultimately, Woolworths wants to help you grow your financial opportunities. You can also find a number of deals online or in-store that will help you save a lot of money. Take advantage of their low-interest cards and you will find that you can save even more!
Want to know the best part
Once your loan is approved, the money will be deposited directly into your bank account within 48 hours.
And that’s not all…
… Woolworths also offers revolving loan. With this financial service, you can use the money you’ve paid back as many times as you want.
They provide personal financing at low monthly fees and with low initiation fee amounts. You can settle your Woolies loan at any time without penalty.
What are the requirements for applying for a Woolworth loan
To qualify for a Woolworth loan, they require a few documents for submission to the admin either online or offline. Some of the necessary documents are seen as follows;
- Valid South African ID
- Proof of income
- Schedule of monthly household income and expenditure
- Proof of address (A bill in your name which quotes your address)
- Offer to purchase
- Bank statement
They use a credit scoring system to access almost every application, and send feedbacks within 24 to 48 hours after application.
How to apply for a Woolworth loan
With a vision of expansion and becoming the most preferred financial service provider within South Africa, the Woolworth application process is pretty hassle-free. The application process can either be online or offline.
The offline application involves physically visiting any of their group branches scattered across the country. The process also involves putting a call through to their financial call service center 0861 50 20 20 (international callers, please dial +27).
The online process on the other hand involves the following stages;
- Visiting the companies website at www.woolworths.co.za.
- Clicking loan on the top left option
- Selecting the package/loan service of the interest
- You could either download the application PDF or fill it online
- Filling the application form with your correct information
- Uploading the required documents
- Double-checking the information provided and submitting them.
Once they review and approve your application, you will receive the cash in your specified account within 48hours.
What loan products does Woolworths offer
Inspired by the zeal to provide top-notch financial services to their customers when they need it, Woolworth’s financiers have the following services in stock for their prospective customers;
- Home loans
- Revolving Loans
- Car loans
- Personal loans
- Visa credit cards
What is the interest rate for a Woolworth loan
Before applying for any loan, understanding the interest rate charged is very important. This helps you get a clear view of what to expect during the repayment process.
For Woolworth’s loans, the interest rate may vary depending on the loan taken. For easy comprehension, they have optimized and divided the interest rate category into two which are 1 year fixed terms and 2 years fixed term. The first category changes an interest rate of 2.75% per annum, while the second charges an interest rate of 2.89% per annum.
Get a deeper interest rate nuggets on the Woolworths official site.
Woolworths Financial Services Contact
Are you looking for more information about Woolworths loans services?
Call 0861 502 010 to speak to a financial consultant with detailed information about the Woolies loan.
Alternatively, visit www.woolworths.co.za to read more online.
Inspired by the goal of providing quality financial products with competitive interest rates, minimal fees, and friendly, personalized service, they’ve been able to expand and improve their financial products to suit every purpose of their prospective client.