Woolworths Personal Loans

Overview

The need for access to immediate cash has grown in tandem with population growth. It is for this reason that governments, public and private financial institutions, private businesses and others are recognizing the value of microfinance for poor individuals and for small and medium sized enterprises. The retail sector has also not been left out in this trend.

Retail brands have realized that by diversifying into the provision of loans and financial services, poor people and those in need of finances can gain new choices and a chance to increase their wealth. One retail giant playing a role in this regard is Woolworths.

Woolworths Holdings Limited is a South African chain of retail stores and one of the largest in the country. Established in 1931, this brand incorporates a series of food stores, some of which are attached to department stores. This store sells clothing and accessory items under a number of premium brands. Woolworths goods are sold at 149 corporate stores, 51 international franchise stores throughout the rest of Africa and the Middle East and 69 South African franchise stores nationwide. One product offering that has been embraced by the South African public is the Woolworths Personal loans.

The Woolworth revolving personal loan offers cash for unforeseen expenses. Some of the characteristics of this credit facility include flexible repayment terms of up to 60 months, re-use all the money that has been paid back towards the loan, low monthly service and initiation fees, flexibility to increase your limit should you need extra funds, flexibility to settle early without penalties, flexibility to make additional payments towards your loan and convenience of accessing cash through the interactive voice message system.

Once the loan application has been approved, you will receive cash into your bank account within 48 hours. Interest will be charged according to the National Credit Act and will never exceed the maximum allowed by the NCA.The interest rate charged is a variable interest rate that is linked to the repo rate which may change from time to time.

To apply for the Woolworth personal loan, you need to be 18 years of age or older, have a valid South African ID number, be permanently employed and earn at least R2,000 per month and have a bank account where your income is deposited and debit orders can be run.

Woolworths can be contacted on 0860022002