Minimum and maximum loan periods vary between 1 months and 10 years. Comparison interest rates vary between 6.55% and 60% p.a. Total interest repayments vary between R685.05 and R844.12 over the life of the loan. *Comparison rate is based on an unsecured loan of R20,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.
About Virgin Money loans in South Africa
Getting a loan from Virgin Money is more than just borrowing. It’s the personal satisfaction and joy you get from putting the funds to use. With a Virgin Money personal loan, you can build a home, not just a house. You can see your child graduate, and you can be the proud new owner of your first car. From the start, Virgin Money promises you a great and straightforward loan deal plus excellent customer service to match.
If this sounds good, and you want to see where the money is, this article shows you what you need to know to start enjoying the benefits of Virgin Money.
How do Virgin Money loans work?
Take advantage of the easy application process to access the following features of Virgin Money loans:
- Choose a loan amount between R1000 and R250 000;
- Pay back your loan over a period that’s between 1 month and 84 months (7 years);
- Choose monthly instalments that are affordable or which help you save on interest;
- Low and competitive interest rates that start from 12.9%; and
- Once the loan is approved, you can start using your money immediately.
What is needed before applying for a Virgin Money personal loan?
- Be 18 years and older;
- Valid South African ID;
- A utility bill or any approved document in your name which has your address to use as proof of residence;
- Your latest payslip; and
- A stamped bank statement showing salary deposits for the last 3 months.
Use the Virgin Money personal loan calculator to choose an affordable loan
The Virgin Money loan calculator from CompareLoans is a free and useful tool that calculates your estimated monthly repayments. If you’re interested in a Virgin Money personal loan, but you’re not yet sure if you can afford it, this calculator helps you decide. Simply, use the sliding tools to choose the loan amount and the repayment period. Next, click “Calculate Repayment” to find out the size of your expected monthly payments. You might have to use the loan calculator several times before you find an affordable option.
How do you make a Virgin Money loan application?
Ready to make a quick, online application? You can start the Virgin Money loan application while on this page. Scroll up to our comparison tables and visit the Virgin Money website with just one click on their “Go to Site” button. Once you’re there, you can complete your application in 3 easy steps:
- Fill in an online form: A loan enquiry requires you to supply your personal details such as email address, ID number, mobile number, and employment details. You also have to choose the amount of money you wish to borrow.
- Make a decision: Virgin Money acts as a go-between, and they forward your loan application to their lender partners. For example, one of their partners, Capitec Bank, will look at your application before deciding what they can offer you. If you like this offer, you can accept it.
- Finalise the contract with your desired lender: After you choose a loan offer, the lender will guide you on the best way to complete the application. Once the loan is approved, you receive money in your bank account as quickly as possible.
Get a personalised loan from Virgin Money
Virgin Money is a responsible lender, and they require their customers to borrow money responsibly. That means your application will only be approved if they believe you can afford to repay the loan. To make an informed decision on what you can afford, Virgin Money looks at the following information:
- Banking history: Your income must be regular and stable. If you earn more, you can qualify for a bigger loan.
- Expenses: Virgin Money considers what sort of expenses you deal with every month to see if the loan you’re applying for fits into your budget.
- Credit history: This shows whether you can be trusted to make your loan repayments based on your past behaviour. Making loan repayments on time improves your credit score which, in turn, helps you to get a lower and affordable interest rate. Furthermore, paying off your loan quickly means you pay less interest.
Why should you choose Virgin Money?
- They only work with lenders that are accredited by the NCA (National Credit Act).
- Your personal information is safe and never stored.
- They offer the best services to make sure you get a loan offer that works for you.
- They have a simple, online application process.
How does a Virgin Money consolidation loan work?
Virgin Money does not directly offer debt consolidation loans. Still, you can always use your Virgin Money personal loan to consolidate your debt. This is how a Virgin Money consolidation loan works:
- Once you receive the loan money in your bank account, you can use it to pay your existing debt.
- The debt consolidation loan, therefore, helps you to manage your payments.
- This is because you will only be left with your current Virgin Money loan, which requires a single monthly payment. You can also choose a better monthly repayment by opting for the right loan term when you apply for the loan. Lastly, a Virgin Money consolidation loan can help you save money if you get a more affordable interest rate.
How does a Virgin Money credit card work?
A Virgin Money credit card gives you a cash advance with a limit that is based on your credit score. It has the following advantages:
- No charges when you swipe your credit card;
- No monthly or annual service fees;
- You can link up to three additional cards to your bank account;
- Free automatic travel insurance; and
- Exclusive access to Virgin Money rewards.
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