Access to basic financial services like savings accounts and credit is essential to individuals and families trying to life themselves out of financial stress and poverty. Financial inclusion provides an opportunity to invest in a business, a home or an education.
Research has however shown that access to credit in South Africa remains very low.There are a host of reasons, which range from a weak enabling environment, corporate governance, limited access to capital, high costs of operations, limited skills to run these institutions, and limited financial literacy. Even the few institutions that are striving to serve the lowest income groups have limited product offerings.One business house trying to change this picture is Union Loans.
Union Loans is established on a strong foundation of understanding the needs of workers.This understanding arises from a firm foundation that economic freedom starts with affordable. It is for this reason that Union loans offers you the cash you need when you need it. No need to drive to the local credit provider, just apply and you will have your cash advance the same day.This cash is provided under two options such as pay day advance and emergency loans.
The pay day advance is a cash advance and the full amount will be deducted on your next pay day. Interest is calculated daily with initiation fee and service fee added. Under emergency loans, members only qualify for emergency loans after 3 months of membership.The circumstances which are accepted under emergency loan include death with death certificate provided and medical with doctor certificate provided.