Vodacom really takes its whole “super app” concept seriously. VodaLend Compare is the latest feature to launch on the VodaPay app. An online version of the new service to come later. In the meantime, however, Vodacom users can venture deeper into the business ecosystem and seek out unsecured personal loans. On their phones.
Even though the product is made by Vodacom Financial Services, VodaLend Compare does not actually mean that you are borrowing money from the company. The clue is in the name. This feature makes it easy to compare loan options, just three steps to increase debt.
Nothing from VodaLend compares to you
It’s more than a comparison service. Financial institution users will actually get loans from more conventional names. Vodacom lists just a few names – Nedbank, African Bank, Boodle and Finchoice – but says users can compare up to nine different loans.
As with most personal loan options in South Africa, there is a wide range of available funds and repayment terms. Potential debtors can get between R500 and 350,000, with between three and 72 months to repay these sums. And, even if users don’t take out a loan from Vodacom itself, it may well feel like it. Loans, through one of VodaLend Compare’s providers, are approved through the app. Once the deal is done, the money is paid out within 48 hours. Standard stuff – provided you qualify.
The mobile service provider has already launched VodaLend Business Cash Advance. It’s a similar concept, except it’s aimed at small South African businesses.
Mariam Cassim, CEO of Vodacom Financial Services, said, “Offering customers unsecured personal loans can help individuals achieve their various personal goals and achieve financial freedom more easily, compared to other types of loans where collateral is required as collateral. Customers also have peace of mind knowing that their debt is being paid off with a secure capability offered by the VodaPay environment. »