19 March 2018

Borrow the better way

My Money Matters |

 Overdrafts

There are times when you just have too much month and not nearly enough money. And to make matters worse life happens, like your washing machine stops working, your device screen cracks into tiny pieces of glass and there is the debit order that you completely forgot about.

No need to panic, an overdraft can help.

Not 100% sure what an overdraft even means? That’s why we created #BorrowTheBetterWay,
a handy guide that explains our borrowing opportunities, like our overdrafts, and shows why getting one with Absa is the better way.

What is an overdraft?

An overdraft facility means that money is added to your cheque account to give you instant access to cash for unplanned expenses. It works like a safety net, catching any debit orders, which would otherwise have bounced back off your account.  This is important for your credit record, which ultimately has a big say in your financial wellbeing.   Whether you’re applying to buy a home or a new car – it’s important to financial services providers that you manage your finances responsibly.

What does it offer?

  • It offers access to an amount between R500 and R250 000 at the lowest interest rate guaranteed*

How can you apply?

  • You can apply at an Absa branch, at www.absa.co.za/personal/borrow or call 08600 08600

What do you need?

  • A valid South African ID or Smartcard
  • You must be 18 years or older
  • Proof of residential address (municipal or rates bill/cellphone statement; not older than three months)
  • Your last payslip or three months’ bank statements
  • A monthly income of at least R2 000

How does it work?

  • An overdraft facility comes with a flexible repayment plan. You only pay interest for the portion of the overdraft limit you have used
  • With an overdraft facility, you get a Personalised Annual Percentage Interest Rate, up to the maximum of prime +10.5%
  • You are charged a once off initiation fee relative to the Overdraft limit and standard monthly service fee

Terms and conditions apply

*Price guarantee terms and conditions apply

Disclaimer: The advice contained on this blog is for general purposes only and does not take into account individual circumstances, objectives or financial needs. Accordingly, readers are advised to seek appropriate advice from licensed professionals prior to making any investment, or taking up a financial product or service.

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