Vodacom is really taking its whole ‘super app’ concept seriously. VodaLend Compare is the newest feature to launch on the VodaPay app. An online version of the new service coming later. In the meantime, though, Vodacom users can venture deeper into the company’s ecosystem and look for unsecured personal loans. On their phones.
Even though the product is made by Vodacom Financial Services, VodaLend Compare doesn’t actually mean you’re borrowing money from the company. The clue is in the name. The feature makes it easy to compare loan options, involving just three steps to more debt.
Nothing VodaLend Compares to you
It’s little more than a comparison service. The financial institutions users will actually nab loans from are more conventional names. Vodacom only lists a few names — Nedbank, African Bank, Boodle, and Finchoice — but says that users can compare up to nine different loans.
As with most personal loan options in South Africa, there’s a widespread of available funds and repayment terms. Prospective debtors can get between R500 and R350,000, with between three and 72 months to repay those sums. And, even though users aren’t taking a loan from Vodacom itself, it may well feel like it. Loans, through one of VodaLend Compare’s providers, are approved through the app. Once the agreement is all sorted out, the money is paid out within 48 hours. Standard stuff — provided you qualify.
The mobile service provider has already launched VodaLend Business Cash Advance. This is a similar concept, only it’s targeted at small South African businesses.
Vodacom Financial Services CEO Mariam Cassim said, “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. Customers also have peace of mind knowing their debt is being serviced through a secure capability offered by the VodaPay environment.”