What are BFS Loans? How to get?

Financial calamity can occur by chance and during the time of hour no one comes to rescue. But there is one platform that can help you if you need a loan, it not only offers financial services but also helps the borrower throughout the entire process. Barko Financial Services provider (BFS) offers various types of loans that one can apply for by visiting the branch.

The eligibility criteria for the BFS loans are straightforward and the application process is simple. One can apply within 2 to 5 minutes and if he meets the eligibility criteria, the loan is transferred within 2 to 4 hours. However, you need to understand the types of loans, their eligibility criteria, and the application process before you advance forward to apply. For this, come with me to explore the types of loan programs offered by BFS and their eligibility criteria. 

Why Choose BFS Loan Program?    

The reason why you need to choose the BFS loan program rather than any other financial assistance platform is because BFS offers loans at a low interest rate compared to the other financial services providers. Furthermore, the loan schemes offered by the BFS are more flexible compared to the others. For example, you can design the repayment schedule, change the repayment schedule as well as you can apply for a loan without showing any assets. 

What Types of Loans Barko Financial Services Offer? 

1. Short Term Loan 
2. Quick Loans 

1. Short Term Loan

It is a category of the personal short-term loan which one has to return in one full installment. One can use the loan amount for a list of purposes, including managing the monthly budget and paying the utility bill as well as one can use the amount of the loan for dealing with the expenses of emergency. The amount of the loan is determined after reviewing factors, such as the creditworthiness of an applicant, his income, and the capacity to repay the loan. 

Features 

• Loan Term: The loan term is 30 days, and one has to repay the short-term personal loan amount in 1 month after receiving it.
• Installments: The short-term loan amount is repaid in one full installment. 
• Interest Rate: The interest rate of the short-term personal loan program is low, nearly 6% to 8% depending upon the amount you apply for. 

Eligibility Criteria 

• An applicant must be at least 18 years old. 
• An applicant must provide the proof of his income. 
• An applicant must have an active bank account. 
• An applicant has a valid ID document or passport. 

Application Process 

• Step 1: Visit the official website of the BFS loan through the link provided below.  BFS Loan Official Website: https://www.barko.co.za/
• Step 2: Tap on the Get A Loan or click on the Services. 
• Step 3: Tap on the Loans option and then scroll down to see the form. 
• Step 4: Read the instructions on the page if you agree with them, then enter the information in the application form.
• Step 5: Submit the application form and the agent will contact you to inform you about the nearest branch of the Barko.
• Step 6: Visit the branch of the Barko and address your purpose of visit at the reception. 
• Step 7: Go to the relevant office and fill out the application form. 
• Step 8: Attach all the required documents and then submit the application. 
• Step 9: You will receive the loan amount if you meet the eligibility criteria.     

2. Quick Loan 

Another type of loan is the quick loan program which allows you to get the loan amount as soon as possible. The quick loan application approval is fast and one does not need to engage in a long process of paperwork. Additionally, no assets are required to show so if you have a permanent and consistent income source, you can get the quick loan within 2 to 3 hours. 

Features 

• Approval Speed: The quick loan is approved within 2 to 3 hours and sometimes within 1 hour. 
• Interest rate: The interest rate of the quick loan is high, nearly 8% to 10%. 
• Loan Term: The term of the quick loan depends upon the amount you get; normally the repayment term is 2 to 3 months.

Eligibility Criteria 

• An applicant must have a consistent source of income. 
• An applicant must have a high creditworthiness. 
• An applicant has a clean history of loan. 
• An applicant is not enrolled in other loan programs. 
• An applicant has an active bank account. 
• An applicant must have a valid ID document and passport. 

Application Process 

• Step 1: Visit the nearest branch of the BFS. 
• Step 2: Go to the reception and address the purpose of your visit. 
• Step 3: The receptionist will direct you to the relevant loan department where you need to submit the application form. 
• Step 4: Fill out the application form and attach the required documents. 
• Step 5: Submit the application form and you will receive the amount of the loan if you meet the eligibility criteria.

How to Apply for Barko Loan Online?

The majority of the people ask about the method to apply for the Barko loan program online but very few are similar to the fact that there is no way to apply online. All you need is to visit the nearest branch of Barko and then apply by submitting the documents in person. If you are unable to find the nearest branch you need to visit the official website of the Barko. 

How to Find the Closest Barko Loan Branch?

• Visit the official website of the BFS and scroll down to the end of the page. 
• You can view a short form that contains various bars, and enter your data into it. 
• You will receive an email or SMS about the nearest branch of BFS. 

What is the Application Fee for the BFS Loan Program? 

Scammers often call people and ask them to enroll in a loan program that is interest-free. They ask you to submit the application fee for the loan programs and then you can get the loan. The majority of these scammers use the name of renowned financial services providers, such as BFS. 

According to the BFS official website, there is no application fee for the loan program so if you receive a call or any person at the branch asks for the application fee, you can contact the BFS hotline to register your complaint. Always check if the call is from the original BFS contact number because financial services providers never use local contact numbers to communicate with clients. 

Contact Details of BFS 

Toll Free: 080-777-3777

HQ Office: 087-980-5002

Communications Department: [email protected]

General enquiries: [email protected]

POPIA / PAIA Information Queries: [email protected]

FAQs

What is the interest rate for BFS loans in South Africa?

The interest rate of the BFS loan is 9.5%. The interest rate increases if a person has failed to repay the amount of the loan on a fixed date. 

How do I contact Barko Loans South Africa?

You can contact Barko Loans South Africa by calling the hotline. You can also make contact through email. 

Do South African banks give loans to foreigners?

Yes, South African banks offer loans to foreigners if they have valid passports. The terms and conditions for foreigners are different compared to the rules for local borrowers. 

What does Barko do?

Barko is a microfinance institute that offers ethical credit solutions. 

Final Thoughts 

There is a list of loan providers but not all of them are reliable, some offer credit to see the banking details and access to the bank accounts of the people while others are known for their high interest rates. The only loan provider in an environment of high interest is the BFS which is offering various types of loans at low interest rates. 

However, there is no way to apply for the loan online, so if you are interested in getting the BFS loan, you need to visit the nearest Barko branch. Otherwise, you can contact the Barko office through the hotline. In case you receive any SMS or call that Barko is offering interest-free loans, you can complain on the provided email addresses and phone numbers above. Follow the above guide to get the Barko loan.