Vodacom has announced the launch of VodaLend Compare, which it describes as “a financial services marketplace aimed at offering unsecured personal loans for customers.”
In a statement on Thursday (12 May), Vodacom said the new service is available via the VodaPay super app, with a web version coming soon.
How Vodacom’s VodaLend Compare works
Customers using VodaLend Compare will be able to compare up to nine personal loan quotes from various finance institutions and eventually choose one that best works for them.
This eliminates the tedious process of submitting multiple applications. Institutions involved include Nedbank, African Bank, Finchoice and Boodle, among others.
“Quotes are based on an individual risk profile and customer’s affordability, with personal loan products across providers ranging from R500 up to R350,000, and payment terms starting from three months up to 72 months. Approved customers may proceed to sign an agreement, and funds will be paid to them within 48 hours of approval,” Vodacom explained.
To access the service on the VodaPay super app, click on Services on the Home Menu and find VodaLend Compare under Finance. VodaPay is available for download on the App Store, Google Play and App Gallery.
‘Ecosystem of products’
“VodaLend Compare is designed to respond to 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,” Vodacom Financial Services CEO Mariam Cassim said.
“Through one journey and one application, within the VodaPay app, customers are able to immediately access an ecosystem of products that caters for their individual lifestyle needs.”
The new service follows the launch of VodaLend Business Cash Advance, which provides finance to small- and medium-sized businesses, in June last year. Both operate under the lending arm of Vodacom Financial Services.
“Providing customers with unsecured personal loans can help individuals meet their different personal goals and achieve financial freedom more easily, compared to other types of loans where collateral is required as security,” Cassim added.
“Customers also have peace of mind knowing their debt is being serviced through a secure capability offered by the VodaPay environment.”
For more information, visit the super app’s online page.