FNB Loans

FNB offers great loans to their customers who have a cheque account with them, all loans from fnb have their cons and pros so we are going to go some of the different loans that they offer so that you can see the differences between each one and hopefully this will help you decide which one suits your needs the best.

    • Overdraft – If you’re looking for a short term loan from FNB then an overdraft would probably be perfect for you. This gives you a lot of financial flexibility since you’ll still be able to pay for things even if you have nothing in your account. Each customer can choose how much they want to set their overdraft limit to, so it’s up to you to choose (as long as you qualify for it). It’s completely free to add an overdraft to your account, so if you don’t use it you won’t have to pay anything for it. If you do use it, you’ll only pay the monthly fee if you use R 200 or more of your overdraft. There’s no minimum monthly repayment either so you can take your time paying it off if you want.
    • Revolving Loan – A revolving loan is basically a loan that will give you access to the money that you’ve already paid back to FNB. As long as you’ve paid back at least 15% of the loan you’ll be able to borrow it again if you want. There’s also no set term on a revolving loan from FNB so it’s totally up to you to decide when the loan will be paid back. The monthly fee is quite low too, since you only pay R 40 a month if you use the facility. Once again, there are no extra charges on this type of loan unless you actually use it.
  • Temporary Loan – As the name may suggest, this is a relatively short term loan that FNB offer. When you apply for the loan you’ll be given an initiation fee based on the level of risk that FNB see you as. If you have a good credit history then you shouldn’t be charged too much, while if your credit history is quite poor then you’ll be charged more. One of the best features about the temporary loan from FNB is that if you pay back the money that you borrowed (as well as the initiation fee) within 31 days then you won’t have to pay any interest at all. Not only this, but once you qualify for the loan the money will be paid in to your account immediately so you won’t have to wait days or even weeks to receive the money that you need.

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