What Are Woolworths Loans? How To Get Them?

Woolworths in South Africa is renowned for being an authorised and registered credit provider that has been providing money lending services since 2007. It is a joint venture with ABSA Bank and is known for its amazing financial services, which makes it worth considering. Here in this article, we will look at the details about Woolworths Personal Loans, how they work, the application procedure, and other relevant information about them.

What Are Woolworths Loans? How To Get Them?

Woolworths Financial Services offers financial solutions to needy individuals and provides them with financial assistance. Quick payout, flexible credit limits, and wide choices of loans make Woolworths one of the reliable companies to consider when it comes to lending money.

The company is registered with NCR National Credit Regulator and has been working since 17 years to deliver outstanding financial services to eligible people. Woolworths offers you credit cards, store cards, and personal loans to make lending easy, quick, and accessible. 

With Woolworths loans, you can get the loan amount in between R 2000 to R 120,000 with the repayment time of up to 60 months. The interest rates of personal loans you can get from Woolworths are all fixed, do not vary according to varying interest rates, and are within the limitations of the NC National Credit Act.

Moreover, the application procedure is easy and hardly takes no more than 15 minutes to complete. There are certain specific requirements that you have to make sure before applying for the loan. Let’s talk about the loan requirements and what you need to apply.

Eligibility Requirement 

To be eligible for a Woolworths loan you must make sure to fulfil the following mentioned minimum requirements. Pay attention so you can understand the minimum eligibility criteria that you should meet before initiating the application procedure. 

• You must have to make sure that your age is either 18 or older than 18. 
• You should have a South African identity document with you. 
• Your minimum monthly salary should be R 2000. 
• You should have a valid bank account registered on your name where you receive your monthly payment.

How to Apply? Application Procedure 

If you think you fulfil the eligibility requirement, here is the step-by-step application procedure that you have to follow to apply for a Woolworths loan. You can simply apply for the loan by visiting their official website or by visiting the branches of Woolworths in person. 

In order to apply online you have to visit the official website of Woolworths and have to look for the option of applying. 

• For that, you can click on Woolworths.wfs.co.za/applynow/PersonalLoanEntry.aspx.
• Then you have to fill in the application form, attach necessary documents, and submit it. 
• Make sure to provide correct and accurate information to avoid any charges or fines that can result in the cancellation of your application. 
• Now you have to wait until you receive the response from Woolworths loans. 

Alternatively, you also have the option of visiting the nearest retailer to apply for Woolworths loans. 

• You can simply visit the nearest branch of the company and ask for assistance for loan application. 
• They will provide you with the form that you have to fill. 
• Make sure to carry the necessary documents with you.
• Attach the documents and hand over the application with the documents to the sitting person. 
• Make sure to provide correct information to maximise the chances of loan approval. 
• As soon as your loan is approved you will receive a notification from the company. 
• As soon as your application is approved you receive the loan payment within 48 hours in your account.

Documents You Need To Submit 

The documents that you need to carry along with you and submit while applying for a Woolworths loan are mentioned below. Make sure to gather them before initiating the application procedure so that you can submit the application by simply filling it out and attaching the essential document all at once. 

• You have to provide a copy of your South African ID. 
• You have to provide your pay slip to confirm that you are employed and are earning a minimum of R 2000. 
• Moreover, you have to submit the latest 3-month bank statement that should be stamped. 

Pros And Cons Of Woolworths Loans

Let’s talk about the advantages and disadvantages of Woolworths loan so that you can decide whether you have to go with the service providers or not. You need to pay attention to the pros and cons mentioned below to make the right decision. 

Advantages 

• Woolworths loans offer different personal loans that come with fixed interest rates, making them perfect for those looking for affordable loans. The repayment is neither affected because the loan has fixed interest rate
• You get the repayment time of up to 6 months so you can pay back easily and conveniently. 
• Woolworths loans have more positive reviews available online by its customers. 
• The company also offers store cards and credit cards, in addition to personal loans. 
• The credit limit can be increased or decreased on the basis of your financial conditions. 
• There are no penalties on repayment that are made earlier. 

Disadvantages 

• Woolworths loans have additional charges like monthly service fee and initiation fee. 
• You might have to pay administration fees in some cases. This sometimes makes Woolworths loans more expensive than other lenders available in South Africa.

How To Contact Woolworths Loans?

In case you need assistance related to loan application, or you have any other questions or queries in your mind and you want to contact Woolworths financial services you can contact them via the available contact methods. You can contact them by calling their customer service number, emailing them, or simply visiting them at their physical address. Here is the description of their contact number, email address, and physical address.

Contact Number: The contact number of Woolworths loans is 0861 502 020

Email Address: The email address of Woolworths loans is [email protected] 

Physical Address: If you want to visit them in person, you can visit their physical address at, 

Woolworths House 21, Howe Street, Observatory, KAAPSTAD, 7925.

FAQs 

What is the time of payout of the Woolworths loan?

The time Woolworths takes after application approval to pay the loan amount is no more than 48 hours. You have to wait for a minimum of 2 days to reconsider your loan application because Woolworths pays the loan amount within 2 days and transfers the funds to the bank. 

How much loan can you get from Woolworths?

Woolworths offers loans of up to R 120,000. You can repay the loan within 60 months with fixed interest rates, making it reliable and worth considering for most customers. 

What are the benefits of Woolworths?

Woolworth’s loans are accessible and are available readily all across South Africa, including Cape Town, Pretoria, Port Elizabeth, Durban, Stellenbosch, Centurion, Alberto,n, and Arcadia. They have flexible credit limits and are known for quick payout that makes them favourable for those who need urgent cash.

What are the documents you have to submit to apply for a Woolworths loan? 

The documents that you need to submit along with your application form includes the copy of your ID document. Your latest pay slip confirms that you receive a minimum of R 2000 monthly and your stamped and recent bank statements.

Are there any disadvantages of a Woolworths loan? 

Although there are so many benefits of taking a loan from Woolworths, it sometimes may become expensive. This is because sometimes you might need to pay extra charges to the service providers in the name of initiation fee, administration fee, or for the payment of monthly service fee. This, as a whole, sometimes makes borrowing expensive.

What if you need to contact Woolworths? 

In case of confusion or questions, you can contact Woolworths via their call centre number or simply by emailing them. Moreover, you can also contact them via visiting the company in person on their physical address. You can contact them by calling 0861 502 02 and email them on their email address, which is [email protected]. You can also visit the company to contact them in person on Woolworths House 21, Howe Street, Observatory, KAAPSTAD, 7925

Final Thoughts 

Woolworths Financial Services is a recognized and registered credit provider in South Africa, working since 2007 and offering loans of up to R 120,000. You can get loans of up to R 120000 with a repayment time of 60 months. The above article tells you everything about Woolworths financial services, how you can apply, eligibility requirements, and relevant information that you should understand before initiating with application procedure so you can apply for Woolworths loans uninterruptedly and smoothly.