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One month loan have helped a lot of people in South Africa, they are a new short term loan that a lot of people rely on for quick access to emergency cash when they need it most. The interest of a one month loan varies with each financial service provider.
Different Type of One Month Loans
In a financial industry saturated by different type of financial services, you will obviously get a lot of one month loan. But today we will just cover two type of them, one from Capfin and the other from FNB.
FNB One Month Loan
With FNB One Month Loan you will have to be an existing client to qualify for it, by existing client I mean you need to have a bank account with them and the account needs to have fund paid to at least once a month.
FNB will send you a notification at first and notifying you that you qualify for a short term loan of R300 to R500, this is the initial amount as they are introducing you the the month to month loan. They will ask you to apply for it through mobile or internet banking.
The loan needs to be paid back with 30 days of taking the loan. After taking and repaying back the loan you automatically you qualify for another loan and this time the amount will be increased to R700 or R1000. And this short term loan with go forever as long as you pay back the month within that given period.
Capfin One Month Loan
Capfin claim that they capfin one month loan is the lowest when it comes to interest in South Africa, the loan does not have any monthly service fee and also has 0% interest rates. The only fee added to the loan is a 10% initial fee for whatever amount you need.
To apply for this loan you do not need to be an existing client all you need to do is head to capfin.