Are you employed in South Africa? Are you looking to obtain some form of credit, but can’t seem to find any lenders who are willing to work with you? Are your friends and family members constantly telling you that they don’t want to give you money because they know how likely it is that you will just spend it all on things like gambling and alcohol? Well, if this sounds familiar, fear not! There are many companies that specialize in providing financial services specifically to employees and others who are unable to qualify for credit through other lenders.
No #1 – Standard Bank
Not just another lender, Standard Bank has evolved over its 180 years into one of the best and most reliable financial institutions in Africa. It has fully embraced sustainability, especially economic empowerment as evidenced by its Loan to employees program. The bank is an integrated financial services provider offering a complete range of banking and insurance products as well as asset management solutions. Standard Bank is headquartered in Johannesburg, with a presence in 53 countries across six continents.
No #2 – First National Bank
More than simply giving loans to employees, First National Bank also helps them figure out how they can manage their cash flow and start planning for their financial future. Loans from FNB are tailored for people who need help with debt consolidation or bridging gaps between paychecks. As with any loan, though, it’s important to know what you’re getting into and consider carefully whether you can afford it. It might be a good idea, too, to look at some of your other debts before taking on more; after all, if you’re struggling under multiple monthly payments and carrying credit card balances as well as overdraft protection on your bank account then taking out another loan is probably not going to be helpful in resolving your situation.
No #3 – Absa Group
If you’re looking for a loan from an established, credible, and respected financial institution, look no further than Absa Group. Having been around since 1934, Absanow has made its name through consistently offering high-quality products and outstanding customer service. Whether you’re an employee or business owner looking for a personal loan, home loan, vehicle loan, student loan or even a credit card; there’s probably something available at Absanow that will suit your needs. Best of all: they give loans to employees.
No #4 – Investec Group
Investec Group is a global financial services group operating in over 50 countries across four continents. The company offers a wide range of wealth management, banking and insurance solutions. Through these various offerings, Investec Group serves more than 7 million customers globally. Not only does Investec offer competitive salaries and other benefits, but also it helps employees achieve their financial goals with its employee loan program. Investec Group offers personal loans at competitive rates ranging from 6 percent APR (Annual Percentage Rate) up to 12 percent APR depending on qualifications and term length selected. In addition, loans are available up to R10 million. Borrowers can request amounts between R5 000 and R10 million for loan terms between three months and five years.
No #5 – FNB Insurance
FNB Insurance is one of South Africa’s leading insurance companies and is part of First National Bank, one of SA’s biggest banks. FNB started out as a workers compensation company but has now branched out into general insurance for cars, homes and business. As an employee you could qualify for an interest-free loan from them, and if you don’t want to pay it back, they won’t force you – they just give it away! But please keep your finances in order! 🙂 Please note that you will not be charged any administration fees or other nonsense when taking out a loan with FNB Insurance.
Conclusion
Perhaps, one of these companies will catch your eye as a potential place to work. If so, you can apply with them and take advantage of their employee loan program. You may even be able to negotiate a higher salary so you can pay back your loan sooner. No matter which company you choose, it’s always good advice to spend time searching for loans instead of taking out payday loans or paying interest on high-interest credit cards. These loan options will not only save you money but they also give you more freedom when it comes to planning what bills are paid first and when your next paycheck is received. That way, if you have an emergency expense come up in between paychecks, like a car repair or home repair job gone wrong, then you have an option!