How Do You Pay Back Fundi Loan?
How do you pay back a Fundi loan? It’s something that you will be wondering about if you have taken a loan with the provider. Fundi is one of the best places for those looking for educational loans in South Africa. Each year, they provide funding to thousands of people around the country. Education is one of the best investments that you can make, and you shouldn’t let a lack of money be a detriment to your dreams. But after you have gotten your loan, how do you pay it back?
How to pay back fundi loan
The following is how to pay back your Fundi loan;
- You can repay your Fundi loan via debit order. With this option, money will automatically be deducted from your account every month at an agreed to date.
- Another option is for money to be deducted directly from your payslip. You will be able to set up this option while applying for your loan.
You will only get a loan if you or your guardian are employed
That’s how to pay back a Fundi loan. One thing that you will note is that Fundi loans are not secured. But what does that mean?
Usually when you take out a loan, you are asked to provide something as collateral. However, with Fundi loans, you don’t need to provide this.
They do ask that you provide proof of employment before they can provide you with a loan. In this regard, they are different from services such as NSFAS.
When signing up for a loan, you will choose your preferred payment method. That’s the method that they will use to deduct your monthly payments.
In terms of when you will start paying back, it’s immediately after getting the loan. So, if you get your loan today, they won’t wait for you to complete your studies before collecting. They collect a month later. It’s why they will provide loans only to people who are formally employed or to those who have parents and guardians who are formally employed.
Summary
In this article we showed you how to pay back your Fundi loan. It was noted that you can make your payments via either debit order or as deductions from your salary.
Fundi is one of the best companies for educational loans. Their loans are unsecured, meaning anyone can apply for one, even people who do not have collateral.
However, you do need to be formally employed to get a loan. Either that, or your parent or guardian will need to be formally employed. That way, Fundi will be able to deducted the required amount at the end of each month.
How long does NSFAS appeal take?