Retail banking group FNB has announced new credit products.
Banking group FNB has announced new products, which it says will help South Africans get access to credit.
“This is critical in allowing them to build up an understanding of how to manage credit and then build the credit profile that gives them access to other credit solutions in the future, based on their needs,” the bank said. The Bounce Back Loan has a government guarantee and low interest rates, and has been offered to businesses affected by the Covid-19 lockdown, social unrest, and floods in parts of the country.
The bank is also continuing to leverage its digital and online banking platforms to make this access to financing as easy as possible, he said, noting that has had 32 million pre-approved offers on its digital platforms in January alone, and 80% of all pre-approved loans are paid out to customers within 10 minutes.
“This compares with 600,000 the previous year, signalling a deepening debt spiral among over 18 million consumers – more than one-third of the population,” the group said.
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