Vodalend Compare is a financial services platform that allows you to apply for and compare personal loan offers from our lending partners.

    1. Finchoice
    2. Nedbank
    3. Mpowa
    4. African Bank
    5. FASTA
    6. Lime
    7. Boodle
    8. Uloans
    9. Unifi

    While shopping around for the best deal takes time and can cost you more both in terms of time and money, we gather all your information once, at no cost to you and provide you with the best offer from our partners in minutes without you needing to visit a branch or talk to a call centre. Immediate, easy and trusted.

    You need to be at least 18 years old and have downloaded the VodaPay app to be able to apply.

    The documents you will need can include;

    ⦁ Your South African ID document
    ⦁ Latest payslip
    ⦁ 3 months most recent bank statements

    You won’t need any of this right now. We will source your bank statement data as part of the application process. If you are approved and accept an offer from one of our partners, they may request you to provide some of these documents.

    You may qualify for a loan of up to R 350 000.

    A lender is allowed to charge the following amounts on an unsecured personal loan.

    ⦁ An initiation fee of up to R 1 050.00 (excluding VAT)
    ⦁ An interest rate of usually 24% to 25% per annum, but it could be lower
    ⦁ A monthly admin fee of R 60.00 (excluding VAT)
    ⦁ Credit Life Insurance (for death, disability and retrenchment cover of R 4.50 per month for every R 1000.00 you borrow.

    The actual amount of money each of these charges will cost you depends greatly on which lender you choose, but most often the initiation fee is R 1 297.00 including VAT. This is usually added to your loan amount.

    All lenders on our platform are registered credit providers in terms of the National Credit Act (NCA). Their details are available at www.ncr.org.za.

    No, we will never promote a company because of our position as an independent marketplace. We present updated information on all our partners and leave the decision 100% up to you to decide on the offer that best meets your needs and circumstances.

    We will only aim to make the latest information or deals available to our users and make sure you are able to both access these offers along with our comparison offers.

    Some of the lenders on the platform use this information as part of their approval process. Usually it is either used to confirm your employment or to confirm your salary payment date.

    Being blacklisted is a common misperception and does not necessarily prevent you from being able to access a loan.

    Some lenders do accept people with lower credit health and they typically get termed as blacklisted clients. It will just take a little more time to get access to credit. In most cases, you might need to look around for more alternative lenders who are able to assist you.

    Fortunately, our engine is all about helping you make better financial decisions!

    The product offers you are matched with are based on the details you provide us. If these details are accurate and not falsified, you should have the right product offers in front of you!

    It is, however, important for you to know what financial product you are agreeing to. If you are uncertain about anything related to this process, it is important to read up and research the products, companies, and make sure you understand how this process works.

    This process is completely free. The only costs are those that are charged as part of the loan agreement with your selected lender.

    In some cases, you might be able to click on more than one offer, especially if you are doing an application for the second time.

    We would, however, suggest sticking with one partner offer at a time as it will help you to get the healthiest results when it comes to making a better decision. This will also protect your credit score from taking a knock if you have been applying all over the internet and other financial partners are processing your applications.

    Currently, we have two options available.

    The first one, the online option requires you to provide your online banking credentials. This is both the most secure option as well as the fastest way for us to assess and approve your loan.

    If you don’t have internet banking, you can upload your most recent 3 months bank statements manually, in a pdf format, following the easy to understand steps in the Vodalend Compare mini-app.

    The highest possible level of encryption is used. No person can see your login details. For more information on how our encryption process works, please click here: https://vodapay.vodacom.co.za/vodapay/terms/vodapay-platform

    When you enter your bank details, your details are immediately encrypted using a unique algorithm. We then use an automated technology that logs into your online profile, and searches for your associated bank accounts. We only read the figures and transactions in your account, and in the same way that you would export a PDF, we download the transaction descriptions which are in your transactional history. Once we’re done, we log out securely and re-encrypt your bank details for extra safety. The good news is, when we say “we” it actually means our technology, so your information is both secure and private from any human intervention.

    The online login process is much faster, more convenient, and a lot more secure. Because we can automatically retrieve your data, there is no passing of PDF files between systems – which is a less secure process than the online login process. The uploading of a bank statement process requires you to log in to your bank account, download the statements, and then re-upload them to an online portal. This is time consuming and has more security risk than our seamless online login process.

    No. We only use it for the time necessary to process your application. We use your details for the time needed, and then remove them all together.

    No one will have access to or be able to see your bank account log in details. All information is immediately encrypted as you enter it into our system.

    No, employees do not have access to your bank transaction information.

    Your bank transaction information is only shared with the intended recipient, in this case being the financial service provider you are enquiring with.

    If there is an issue with your application, an employee may request access to view your files to check what the error is caused by. This will only be done with your approval.

    We use Hardware Security Modules (HSM’s) which are graded to the FIPS 140-2 Standard. This is a US-government computer security standard for processing information. Your information is never actually written to a physical server, and rather stays in dynamic memory which is immediately deleted when it is no longer necessary.

    First, you log in through our secure and encrypted portal as you would with your online banking portal. Our technology then fetches your bank statements automatically, and downloads the required information to our secure server for processing.

    In order to automatically download your statements, we need “Read-Only” access to be able to log in to your bank account on your behalf and then download your statements. This is a common procedure that is used to read information from a secure, read-only source.

    Your bank notifies you whenever someone logs into your account. Because we are doing that on your behalf, you will likely get a notification to say that someone has logged in. This is normal and can be expected every time you use this service.

    The same process as your online banking portal applies. If you put in the wrong details more than three times, your account will likely be temporarily closed by your bank until you reset the password. You will need to do this through your banking app or online banking portal.

    There are a few reasons that your bank statement might be rejected:

    1. It does not have the layout/format of a normal bank statement.
    2. It is not actually a bank statement. We don’t accept loan or credit account documents,
    3. The bank statement has been altered. We have technology that recognizes if the bank statement is in its original, untampered format.

    If you feel that your bank statement shouldn’t be failing for any of these reasons, please feel free to report the error.

    You need to select the account where your salary is deposited as well as any that you use for your regular monthly expenditure. As an example – if your salary is deposited into your cheque/savings account and all your debit orders are charged against that account then you only need to select that account.