South African PostBank Loans are set to change the lives of many individuals. Unsecured, the loans won’t require any form of collateral from applicants. Individuals will need to provide proof of affordability to qualify.
PostBank is situated in every Post Office retail branch nationwide. The service provides South Africans with reliable, accessible and most importantly- affordable banking.
Up until recently, PostBank was only a deposit-taking facility. The institution is known for offering savings accounts with some of the best interest rates on the market.
In recent months, the South African Reserve Bank (SARB) has approved South African PostBank Loans.
This service is anticipated to be a disruptor in the financial market. Top management at the State-owned enterprise disagree though. They say that the South African PostBank won’t be competing with commercial financial institutions, as its focus will be the unserved market.
Post Office chief executive Mark Barnes believes that there is no reason PostBank cannot, in time, begin offering unsecured loans at rates that are far below those other banks offer their customers.
What does this mean for South Africans?
According to a World Bank Report, South Africans were the biggest borrowers in the world in 2014. The high cost of living and rising inflation continually make it more challenging for many people to keep their heads above water. The easiest way for many people to get out of financial dilemmas is often by getting a personal loan.
With a highly developed financial system, the South African market is slowly becoming accustomed to fast and efficient financial services. Borrowers are looking for the most convenient ways to get access to personal loans.
While a large portion of the population still remains unbanked, more people are making full use of financial services available.
PostBank serves the portion of the market that may not qualify for services offered by traditional lending institutions like commercial banks. Through South African PostBank Loans, government may be able to provide access to affordable finance for low-income earners in case of financial emergency.
PostBank loans contact details
To contact PostBank, call: 0800 53 54 55