You can get a small loan using Vodacom's VodaLend Cash Advance service

Vodacom has announced the launch of VodaLend Cash Advance, a product that gives its customers access to money.

The mobile network operator stated that this new service is made to help the underbanked consumers who need quick and barrier-free access to funds and will be added to the VodaLend financial services suite, which includes VodaLend Compare, Voucher Advance, and Airtime Advance.

“With only 26 million South African consumers having a formal credit record, there is still a significant part of the population that doesn’t have access to formal financial services. VodaLend Cash Advance provides access to lending products for those who need these services most, but who have historically been prevented from doing so due to high fees and difficult-to-navigate paperwork,” said Mariam Cassim, CEO of Vodacom Financial Services.

Vodacom customers can access a cash advance from R50 and up to R500, with the option to settle it over seven, 14, 21 or 28 days.

To access VodaLend Cash Advance on VodaPay, click on Services on the Home Menu, and find VodaLend Cash Advance under Finance.

Customers need to keep in mind that when applying to use the service, affordability checks will be done and the credit decision process is enhanced by also looking at a Vodacom customer’s recharge and payment behaviour.

This ensures that the service can be accessed by more people, including first-time borrowers who can now enjoy the benefits of a secure, regulated lending solution.

Once approved, the money is advanced directly into the user’s VodaPay Wallet. It can be used for in-app purchases, including buying prepaid electricity and water, paying bills, scan-to-pay in shops, and sending money to friends and family.

The VodaPay super app is available for download from the Apple and Android app stores.

Written by: Shihaam (Gabriella) Steyn-Adams.

Guzzle Media