Loans for Pensioners in South Africa
Being blacklisted is the worst thing one can expect and would want done to them. Blacklisted means you don’t benefit from a lot of financial services given to other South Africans.
Loans for blacklisted pensioners in South Africa
The retiring age in South Africa is 65 and most retired people earn a certain amount on a monthly bases that comes from their pension fund. Meanwhile, worth noting is that the financial needs for people who are aged 65 gets high taking into account that they require a lot of medical attention and need someone to look after them.
What it means is that these individuals would have to obtain a loan from a bank if their monthly pension funds does not meet all their requirements. One of South Africa’s biggest banks ABSA does not have a boundary on age limit when it comes to loans while Capitec does have options available to people receiving a monthly pension. Absa’s loans range from Personal Loans, overdrafts, express loans to instant loans and revolving credit.
Another financial institution, EC Finance gives finance from R1000 to R120 000. Clients can expect same day pay-outs.
Some financial institutions give lenders loans to people who have started their pension for a long time. Other banks give loans to people who are waiting for their pension pay-outs or lump sum pay-outs and are in need of some extra cash to pay off some debts and other expenses. These pay-outs can take some time to be processed, often leaving individuals without a source of income for a few months. Unfortunately, life doesn’t stop when your career does and there living expenses that must be paid. Lending institutions that offer loan options for pensioners usually require some documents for the application process to proceed efficiently.
Loans for Pensioners Requirements:
- A valid I.D.
- Your Pension Slip
- A copy of your pension card
- One months’ bank statement (if available)