Vodacom Financial and Digital Lifestyle Services are launching VodaLend Personal Loans to offer a responsible credit solution for South Africans facing economic challenges. This partnership with Old Mutual Finance, a registered credit provider, provides both customers and non-customers easy access to personal loans of up to R250,000.
Mariam Cassim, Chief Executive Officer of Vodacom Financial and Digital Lifestyle Services, states, “We understand that the high cost of living and economic pressures are impacting consumers. Through VodaLend Personal Loans, we offer an accessible, trusted, and reliable financial solution in collaboration with a reputable partner, which can assist customers in achieving their personal goals and financial well-being.”
The National Credit Regulator’s Consumer Credit Report for Q1 2023 reveals an increase in loan advances from non-banking institutions, reflecting the shift towards non-traditional financial service providers for financial needs.
With VodaLend Personal Loans, customers can apply for loans online and receive provisional approval within minutes after submitting the required documentation. Approved customers will have their funds deposited into their bank accounts within 24 hours of concluding the loan agreements. This online application provides real-time responses and allows customers to manage their accounts at their convenience. The solution is available to both Vodacom and non-Vodacom customers.
Andre Keller, Chief Executive Officer of Old Mutual Finance, explains, “This integrated partnership with Vodacom ensures that consumers’ interaction with both brands is simple, convenient, and tailored to their specific financial needs. At Old Mutual, we offer our customers various channels and platforms for personal loans. Partnering with Vodacom allows us to expand our footprint and digital reach while ensuring we remain a responsible lender by providing consumers with the right financial education tools to help them achieve financial freedom.”
Mariam Cassim concludes, “Our partnership with Old Mutual is another exciting step in expanding our financial ecosystem and building on our other digital offerings. By providing more customers with access to financial services, we are fostering financial inclusivity on a broader scale, which has the potential to accelerate economic growth and transform lives.”