The Absa Revolving Loan is an online facility that provides qualifying individuals with access to funds without having to re-apply. This is an ongoing loan facility for an agreed amount of money.
Life tends to be unpredictable and financial circumstances are always changing. Sometimes individuals may need an extra boost of cash during challenging times.
How does the Absa Revolving Loan work?
If you happen to run out of money during the month, the Absa Revolving Loan could potentially give you the help you need. This loan is available to individuals who have an active Absa transactional account.
If you earn R8000 or more a month you may qualify.
Loan amount offered are between R15 000 and R150 000. The loan amount you qualify for is based on your individual credit profile. Once you are approved, you can use the funds to meet any outstanding financial obligations you may have. Use the money to pay for home renovations, for education costs, for repairs to your car or for a medical emergency.
The loan can be repaid in fixed monthly instalments. This gives you the benefit of being able to pay the loan off at a consistent interest rate, allowing you to be able to budget better. Your monthly instalment is not affected by fluctuating interest rates.
To re-borrow you need to have paid back 15% of the approved loan. Once you have repaid a certain amount back, you will have access to the funds again.
Interest rates are based on your individual risk profile.
A Credit Protection Plan is included. This insurance covers your debt in the event of unfortunate incidents such as loss of income due to unemployment, critical illness and death.
Additional deposits are accepted, which can help you to settle the loan faster.
Absa Revolving Loan contact
To find out more about the Absa Revolving Loan, call: 0860 100 372.
You can also visit their website: www.absa.co.za