Banking group Absa has launched a product allowing its customers to apply for personal loans through their cellphones and receive the money in less than 10 minutes.
The offering makes loans, ranging from R8 000 to R150 000, immediately available to qualifying Absa cellphone banking customers.
The service works on Absa’s Wireless Application Protocol (WAP)-based mobile banking portal. The bank says more than 60% of its savings account holders own a WAP-capable phone.
Absa Retail Bank CEO Gavin Opperman says customers can process their own applications “in real time”.
Opperman says Absa will make an immediate decision based on a customer’s credit record with the bank. “The loan amount will be automatically paid into the customer’s Absa transactional account.” — Staff reporter, TechCentral
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