ABSA Bank Loans Review

ABSA offers a price guarantee on its interest rates for personal loans. Customers can borrow R3 000 to R350 000 over a term of 12-84 months.

In Africa loans granted by ABSA, a well-respected lender in the field. Applications can be made online (for existing customers) or by visiting a local branch. Loans are subject to a credit check, and applicants must be over 18. They must provide the bank with documentation such as a valid South African ID or smart card, utility bills, bank statements and/or payslips (as proof of income and residence). There are also one-off initiation and monthly service fees.

A Range of Personal Loans on Offer from ABSA – Applying for an ABSA Personal Loan

Accessing Instant Cash from ABSA
The Quick Cash facility from ABSA allows existing customers to borrow from R250 to R5 000 for a maximum of 35 days. Applications can be made exclusively online 24/7. This short-term financial product has a 10% one-off initiation fee (excluding VAT) instead of interest fees. Another way customers can access money quickly is through ABSA’s Express lending facility.

Customers are able to borrow from R1 500 to R8 000 which will be repaid in fixed instalments over 2-6 months. The APR is 5% for first-time borrowers, but if they borrow again in the same calendar year, the rate drops to 3%.

Larger Credit Facilities from ABSA
ABSA offers a price guarantee on its interest rates for personal loans. Customers can borrow R3 000 to R350 000 over a term of 12-84 months.

The APR is personalised (depending on the sum borrowed and the borrower’s personal circumstances), but is up to a maximum of prime plus 17.5%. The Switch & Save facility allows customers from other banks to transfer their outstanding loan to ABSA and also apply for additional funds.

This facility is for sums of R15 000 to R350 000 and is repaid over 12-84 months. Finally, the bank also offers Revolving Credit for loans of R15 000 to R150 000 which are left open-ended but last for a minimum of 1 year. The APR charged is up to prime plus 14% with fixed repayments. ABSA offers a variety of loans in Africa depending on the needs of its customers and their financial circumstances.