Are you in need of money to cover your finances? If so, you can get in touch with Wesbank, a leading financial institution in South Africa. The Wesbank is a division of FirstRand Bank Limited and is a registered credit provider in the country. The bank has got different kinds of loans for their customers such as a personal loan, vehicle finances, short-term loan, and more.
However, in this article, we will dive deep into Wesbank Cash Power loans and get to learn everything there is about them. Keep reading to find out how Wesbank can help you cover your finances effectively with lump sum cash.
Wesbank personal loans: What are the pros?
Following are the benefits of applying for Wesbank personal loans:
- Easy apply: For Wesbank personal loan, you can easily apply using an online application. You can click on ‘Snap It!’ on our website Snappy Loan and head straight to the application page of the bank. You can fill the form, upload the required documents and submit the application.
- Flexible and convenient repayment terms: You can repay your loan between a loan term of 2 to 6 years.
- Fixed interest rates: You don’t have to worry about disturbing your monthly budget for repayment as Wesbank provides fixed interest rates. This ensures that you can plan your budget accordingly without missing your repayment.
- Credit insurance: Wesbank personal loans also come with credit insurance that protects your interests and covers your debt in the event of disability, illness, or death.
- Outstanding customer services: Wesbank also has excellent customer services so you can get assistance in a language that you understand such as Afrikaans, English, Zulu, and more.
Although there are more pros for Wesbank personal loans, it also has a disadvantage. If you have bad credit, you can’t get a Wesbank personal loan approved. Every loan provided by Wesbank is as per the National Credit Act No.35, 2005. So, you can rest assured that you will get a personal loan as per your needs.
Wesbank Cash Power loan: How does it work?
There are three things you must understand to know how Wesbank cash power loan works.
- You can get a loan for a minimum amount of R5, 000 and a maximum amount of R200, 000.
- The repayment terms offered by the bank are 24 to 72 months for you to repay your loan.
- The bank also provides fixed interest rates that ensure you have a fixed monthly repayment so you can plan your budget.
For example, you get a loan from Wesbank with an amount of R60, 000 for a term of 72 months. The initiation fees for the loan are around R1207.50 and the monthly admin fee of R69. The interest rate at the time of writing this article was 24.50% with an annual percentage rate was 32.76%. Using these parameters the total cost of your loan comes out to be R137, 754.32.
Can the Wesbank Cash Power loan be used as a debt consolidation loan?
The best thing about Wesbank cash power loan is that you can use it for any of your personal needs. You can cover your finances for a situation such as your wedding, holiday, or other personal needs. And yes, you can use the Wesbank cash power loan as a debt consolidation loan. You can use the loan to repay all your smaller debts so that you are left with one debt account and lower interest rates.
If you want to know about debt consolidation loans, you can read our other blogs on the same and get to know more.
Wesbank loans: What are the interest rates?
As mentioned above, Wesbank provides fixed interest rates on cash power loans. But the fixed interest rate for your cash power loan will depend on your credit score. For example, if you have a good credit score, the bank will consider you as low risk. This can get you lower interest rates on your cash power loan. Additionally, interest rates will also depend on the loan amount and term. However, the interest rates for Wesbank power cash loans are limited to 24.5% per annum.
Wesbank personal loans: How to apply?
If you want to apply for loan online, the following are the things you will need to complete your application successfully.
- Your full name
- Valid ID issued by the South African government
- Proof of residence
- Bank account details where you get your monthly salary
- Bank statements for the past three months that show you get a monthly salary of R5000.
You might think that there are too many documents to apply for a loan online. But Wesbank is a responsible lender and wants to give you a loan that you can afford to repay. With the accurate information given by you, the bank can assess your ability to and provide you a loan that fits your current needs and affordability. This also allows the bank to decide on the interest rates for your loan. Giving this information is for your benefit, so, make sure that you give as precise information as possible.
Wesbank personal loan calculator
Before you get loan online from Wesbank, make sure that you use the Wesbank personal loan calculator. This calculator will help you calculate your monthly repayment amount based on the loan amount and loan term. This will allow you to understand how much loan you can afford. Using Wesbank personal loan calculator will help you make an informed decision.
You can choose different loan amounts and terms using the sliders and calculate the monthly repayment amount to make a wise decision.
Now that you know everything about Wesbank’s personal loan, you are ready to make an application. And you are already at the right place. Here at Snappy Loan, you can look at all the latest loan offers from the bank. Once you have chosen the loan offer that suits you best, you can click on ‘Snap It!’. This will take you to the Wesbank website for filling the application. Once your application is approved you will get the loan amount in your bank in few hours.
Visit our website to know more.