Banking products & Financial services in SA

Banking products & Financial services in SA
Banking products & Financial services in SA

All South African consumers need access to expert banking services and here is what you need to know about the banking industry in South Africa.

South Africa’s reputable banking partners

There are enough reputable banking institutions in South Africa for you to find the right banking partner to fit your individual banking needs.

From online loans to car finance, home loans and general banking, there is no shortage of leading financial giants in South Africa. With the need for financial services and products on the rise, banking partners offer competitive products and services to attract consumers.

Using a loan comparison site can help you easily navigate your way through finding the banking partner that caters for your financial needs. And you won’t miss out on the features, products and services that appeal to your needs.

Applying of a loan in South Africa

At some point, most consumers will need to apply for a loan. Whether it be to finance a vehicle or to buy a dream home, you will need to turn to a banking partner to apply for a loan. Applying for a loan in South Africa is fairly simple. And generally if you are employed on a fulltime basis, self-employed or earn a steady income, you should be able to apply for a loan.

Consumers with bad credit also have access to financing provided that they are able to provide security. Some of us might require a loan for an unexpected expense, that too is covered by the banking sector is SA. As a consumer that earns a steady income, you are able to apply for a short term loan, such as a payday loan, should you need instant cash fast. Payday loans have very low requirements and are accessible to most South African consumers.

Excellence in banking customer service

The finance industry is a lucrative, and thus competitive one. This is where consumers can cash in on extra added features and benefits provided by particular banking partners.

Some offer quicker turnaround times, with personalised loan repayment solutions and reward schemes. With convenient online platforms and nifty online loan calculators, and online loan processing; consumers are able to access a wealth of financial services from anywhere, at any time.

This is where a loan comparison site does all the hard work for you. It allows you to compare the best banking solution for you.

Complaint banking partners in SA

Reputable banking partners adhere to the National Credit Act of South Africa. These banking partners also support responsible lending and as a result all follow the same code of conduct as far as lending is concerned. In a nutshell this means that complaint banking partners in SA will not borrow you more than you are able to afford.

What are the loan options available to consumers?

Generally, banks offer short term and long term loans. There are various types of short and long term loans. Let’s look at the difference.

Short term loans explained

Personal loans – are flexible cash loans that can be used for almost anything. With a loan amount of up to R200 000, it leaves you with flexibility on what you would like to spend the money on.

Credit cards – also considered a short term loan, credit cards offer fantastic features and benefits to consumers. It is worth shopping around for credit card options as there are many competitive deals available.

Payday loans – are relatively small cash loans, usually with a repayment period of no longer than six weeks. It is a loan that you can have approved, and have the loan amount transferred in minutes, making it a perfect solution for cash emergencies.

Overdraft facilities – are offered by financial institutions and is an added product to an existing banking account. 

Long term loans explained

Business loans – As business loans are used to acquire expensive assets, services and more, the loan amounts are large, which carry long repayment terms.

Home loans – You also require a large amount to purchase a property or home, which makes a home loan a long-term loan type.

Student loans – The loan term of a student is unique in that during the time of studying, the student will be liable for only the interest. The principal amount is to be paid when once the student has been employed. Naturally making a student loan a long-term loan type.

Important factors to consider

When choosing a banking partner, it is advisable to choose one that best suits your financial product and services requirements. Does your lifestyle enable you to benefit from the best reward schemes, for example? If so, this would be a feature that you will look for in a preferred banking partner.

Will you have access to all the banking features that you require? If online banking is your primary means of banking, you would seek a banking partner that boasts an impressive online banking platform.

How do I choose a reputable banking partner in SA?

Using a comprehensive loan comparison site can help you find the best banking provider that will cater to your individual financial needs. That takes the hard work out of comparing your banking options in South Africa.