Although South Africa is one of the most developed countries, many people are short on their budget because of the current inflation after the Covid 19 pandemic. In such difficult times, many people require loans to fulfill their necessities.
When it comes to taking loans, many people do not prefer traditional banks because of their strict policies, prolonged verification process, and high-interest rates. Now the question is, where can one get a loan in a short time?
If you are a South African citizen, you must be aware of the Unifi Credit that offers loans to its citizens. The best part about Unifi is that it offers a loan on the same day to help people pay their bills, etc.
This department has everything one could ask for in a loan facility. If you are unaware of the Unifi credit and its services, the following article is all you need.
Unifi is one of the most prominent platforms to offer online loans to citizens, helping them to fulfill their necessities. You might know, many banks offer different loan types for people.
In contrast to other platforms, Unifi offers personal loans to fully-employed individuals who want money for home maintenance, or other purchases. Apart from South Africa, it has branches in several other countries. One of the reasons why Unifi is one of the best platforms to borrow money from is its fast services.
Unifi Loans Requirements
Initially, when applying for a personal loan at Unifi, I thought taking loans from Unifi do not need any requirements, but I was wrong. Although it offers fast loan services to its people, Unifi has certain eligibility criteria for loans.
One of the most essential factors to consider when applying for a loan at Unifi is your age limit. Furthermore, you must have a good credit score to fall in the eligibility criteria for the loan.
An applicant must provide his latest three months’ bank statements for proof. South African ID is mandatory to apply for a loan at Unifi. Lastly, you should provide your resident card to prove your address.
As I mentioned earlier, Unifi has specific eligibility criteria for loan applications. If you fulfill the eligibility requirements for the loan, you must have some essential documents at the time of loan application. The following is the list of required documents for the loan application at Unifi.
- South African ID
- Latest payslips
- Bank statement
- Residency proof
- Unifi account details
One of the best benefits of applying for a loan at Unifi is its easy 5-minute application. Firstly, you don’t need to physically visit the office. All you need is your phone or a laptop to apply for a loan.
To apply for a loan at Unifi, sign up for your account and fill out the application form. Once you fill out the form, recheck it and submit your application.
Remember, you must provide proof of your income to get a loan because Unifi offers personal loans to only employed people. Upon verification, Unifi will deposit your loan amount in your account.
How Long Does Unifi Take To Approve A Loan Application?
Here comes one of the significant factors that make Unifi one of my most favorite platforms to borrow money from. The most significant distinguishing characteristic between Unifi and other platforms is that other platforms take around 5 to 10 business days to approve a loan application.
In contrast, Unifi verifies and approves your application on the same day you apply. Compared to other platforms, Unifi ensures an easy online application at any time.
Furthermore, it sends around R2000 to R8000 to the applicant’s account on the same day. The loan amount differs for everyone, depending on their credit score and requested loan amount.
Unifi Credit Interest Rates
As I stated earlier, Unifi has a comparatively low-interest rate than many banks and online lenders. Many online lenders have around 17% of interest rate, but Unifi has a 3% interest rate for personal loans.
Moreover, it has a 6-month borrowing agreement, meaning you can take a loan for a maximum of 6 months. For a loan amount of R8000, the monthly repayment amount is around R1830. Hence, the total repayment amount, including the interest rate is R10982.
Unifi is one of the most prominent platforms in many countries, South Africa being one of the most prominent. It offers loan services to people, helping them to fulfill their needs.
This platform has many benefits, but its most prominent benefit is that it approves loan applications on the same day. Usually, online lenders and banks take around 5 to 10 business days to approve an application, but Unifi credit is different.