Finbond Mutual Bank offers short term [30 day – 120 day] cash loans and medium term cash loans at its 171 Finbond Micro Finance branches nationwide. Finbond’s personal cash loans range from R100 – R7 000. Senior Citizens can also apply. Since this is an unsecured loan, no security is required.
The application process is very simple with very fast turn-around time of approximately 30 – 45 minutes for in-branch loans. For internet loans turn-around time is approximately 3 – 5 days.
The bank’s micro credit division owns 171 micro finance branches countrywide and charges its clients – those in the “under-banked and under-served market” – five percent interest a month for short-term loans.
This is the maximum allowed by the National Credit Act (NCA). Given this higher margin that Finbond earns in its micro credit division, it is able to pay depositors a superior above-average rate of return,
Finbond Mutual Bank is a South African mutual and savings bank, owned by its depositors. Finbond Mutual Bank specializes in the design and delivery of unique value and solution based savings and credit solutions tailored around depositor and borrower requirements rather than institutionalized policies and practices.
Finbond Mutual Bank conducts its business through two divisions focussed on:
1. Investment and Savings Products and
2. Micro Credit Products
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