Vodacom Financial Services will be competing with money lending companies with the launch of VodaLend Compare.

Through the VodaPay super app, the cellphone giants are venturing into a financial services marketplace  with the aim of offering unsecured personal loans for customers.

Available exclusively through the VodaPay super app for now, with the web version launching soon, the proposition allows customers to compare personal loan quotes in three simple steps, enabling them to apply for the best option that suits their lifestyle needs and budget.

“VodaLend Compare is designed to respond to consumers who may need a financial boost quickly for personal use, such as emergency medical expenses, unplanned relocation costs or home renovations, without a tedious application process. Through one journey and one application, within the VodaPay app, customers are able to immediately access an ecosystem of products that caters for their individual lifestyle needs,” says Mariam Cassim Chief Executive Officer of Vodacom Financial Services.

Vodalend Compare presents customers with up to nine tailored personal loan offers from independent providers and financiers, eliminating the process of submitting multiple applications to a lot of institutions, which can affect the applicant’s credit score. These include Nedbank, African Bank, Finchoice and Boodle, to name a few.

Quotes are based on an individual risk profile and customer’s affordability, with personal loan products across providers ranging from R500 up to R350 000, and payment terms starting from 3 months up to 72 months. Approved customers may proceed to sign an agreement, and funds will be paid to them within 48 hours of approval.

“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,” adds Cassim.

The launch of VodaLend Compare follows the launch of VodaLend Business Cash Advance, which advances funds to small- to medium-sized businesses. Both propositions, under the lending arm of Vodacom Financial Services, are simplifying access to funding, which historically is a major economic obstacle for both consumers and businesses.

“At Vodacom Financial Services, we are committed to supporting individual and business customers. We are offering an ecosystem of convenient digital finance solutions for everyday transacting, all at our customers’ fingertips. Now with our innovative VodaLend suite of products, we are strengthening our drive to ensure all South Africans can participate in the digital economy,” concludes Cassim.

Editor@tech-talk.co.za