South Africa: Vodacom offering access to unsecured personal loans

Vodacom is now offering consumers access to unsecured personal loans through its VodaPay “super app” as South Africa’s largest mobile operator deepens its push into the fintech space.

Vodacom Financial Services (VFS) has launched a product called VodaLend Compare, a financial services marketplace for unsecured loans. A Web version will be launched soon.

“The proposition allows customers to compare personal loan quotes in three simple steps, enabling them to apply for the best option that suits their lifestyle needs and budget,” Vodacom said in a statement on Thursday.

VFS CEO Mariam Cassim said the VodaLend Compare offering is designed to help consumers “who may need a financial boost quickly for personal use, such as emergency medical expenses, unplanned relocation costs or home renovations, without a tedious application process”.

It provides access to an “ecosystem” of financial products from “independent providers and financiers”. Users are presented with up to nine personal loan offers, “eliminating the process of submitting multiple applications to a lot of institutions, which can affect the applicant’s credit score”.

The financial providers that have partnered with Vodacom include Nedbank, African Bank, Finchoice and Boodle, Vodacom said.

Quotes are based on an individual’s risk profile and customer affordability, with personal loan products across providers ranging from R500 to R350 000, and repayment terms of three months to six years.

“Approved customers may proceed to sign an agreement, and funds will be paid to them within 48 hours of approval,” Vodacom said.

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