• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Loanspot.io South Africa

  • Home
  • About us
  • Categories
    • Reviews
  • Contact us

Woolworths Loans Review – All you need to know

August 29, 2021 by hakeem Leave a Comment

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;

  1. Valid South African ID
  2. Proof of income
  3. Schedule of monthly household income and expenditure
  4. Proof of address (A bill in your name which quotes your address)
  5. Offer to purchase
  6. 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; 

  1. Visiting the companies website at www.woolworths.co.za.
  2. Clicking loan on the top left option
  3. Selecting the package/loan service of the interest
  4. You could either download the application PDF or fill it online
  5. Filling the application form with your correct information
  6. Uploading the required documents
  7. 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;

  1. Home loans
  2. Revolving Loans
  3. Car loans
  4. Personal loans
  5. Overdraft
  6. 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.

Conclusions

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.

Filed Under: Reviews

Reader Interactions

Leave a Reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Recent Posts

  • Loans for low credit score and blacklisted in South Africa
  • FNB Start-up business loans 
  • African Bank App, A Quick look into it.
  • Blink Finance; All you need to know
  • Loans For Blacklisted People

Recent Comments

    Archives

    • May 2023
    • March 2023
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    • September 2020

    Categories

    • Business Loans
    • Reviews

    Meta

    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org

    Categories

    • Business Loans (1)
    • Reviews (204)

    Copyright © 2023 LoanSpot. All Rights Reserved.