African Bank offers so much more

Fashion, funerals, electric goods, lifestyle upgrades and home improvements are the top-five motivating factors for taking out a short-term loan in South Africa. This is according to the consumer insights recently collected by African Bank among its customer base. “During our application process our customers declare what their needs are when taking out a short-term loan,” says Alfred Ramosedi African Bank group executive, sales and marketing. African Bank partnered with Edcon and Hifi Corporation to develop an extra value loans idea. According to Ramosedi, it is not a rewards or loyalty programme. They found that their customers want instant value with transparency and simplicity being key. He states that they are able to give customers value immediately at point of sale and they do not need to rack up points to enjoy discounts or savings at a later stage,” says Ramosedi.

When you apply for an extra value loan you select a portion of the loan to be loaded into your extra value card. When you intend to spend that portion of the loan at any of Edcon’s associated stored, Edcon will add an extra 10% of value on to your card. Should you intend to spend that portion at High -Fi Corporation, 5% will be added on your card. That means that you, the customer gets additional value at these two partner stores at no additional cost. There are five useful tips for getting a bank loan approved. You must understand your preferences, what kind of loan you would like to apply for. You need to ask as many questions as you possibly can. Know your limitations. You cannot spend what you can’t afford. Create a checklist for all the documentation needed when applying for a loan. And the last, do not be in a rush. The approval of the loan might take a while, so to avoid disappointment, be patient.