UDU – pronounced “You Do” – is the latest online loan provider focused on helping its customers finding the right type of loan from a reputable lender. Historically clients would have to spend hours visiting various bank branches or on tedious calls to find out if they apply for various loans and compare the best rates – now you can do all of this with just one simple loan application online with UDU Loans!
UDU is effectively an online self-service loan management platform which leverages the latest in online loan application processing technology to get you a personalised loan quote quickly!
How do you apply for a UDU loan?
It’s important to understand that UDU does not itself issue the loans – in fact they are almost like a loan broker acting in your behalf and finding the ideal lender for you given your application criteria. UDU works in partnership with one of South Africa’s longest established short term lenders DirectAxis, which in turn can draw on years fo experience servicing clients of their shareholder, the FirstRand Group.
In order to apply for a UDU loan, you will need similar documentation as if you were applying directly to a short term loan company. The slight difference is that UDU will require you to set up a personal account with them as a first step, which will provide you access to your very own loans management portal from which you can then fill out the full application forms.
In order for UDU to be able to get a loan for you, you will need to provide them with the latest 3 month’s bank statements proving your income. These can be easily uploaded through the UDU portal, emailed to a secure address or they can fetch them directly from a local bank.
The website states that your should be able to complete you loan application in less than 5 minutes. Their UDU platform was created to make applying for a loan as simple as possible with no need for face-to face appointments, phone calls or letters or any other paperwork.
How much can you get with a UDU loans?
Because UDU covers a wide range of financial requirements, you can request a loan from as little as R4 000 to a maximum of R150 000 and varying repayment periods of 12-60 months. This makes the platform more suited for customers looking for medium term credit – as opposed to shortterm or payday loans. This also means that the rates and costs shown are more in line with personal loan interest rates.
There are additional fees, which aren’t immediately clear so please take note of these before applying through UDU loans:
* rough 27.75% annual interest rate
* once-off initiation fee of R 1 197
* monthly service fee of R68.40
* monthly premium for Personal Protection Plan at R3.50/thousand on the loan amount
Please note the full terms below:
Loan repayment terms range from 12 to 60 months. The maximum interest rate with regards to a Udu Personal Loan is 27.75% per annum (compounded monthly). Your rate will be determined according to your personal risk profile. An illustrative example of a loan at an interest rate of 27.75% per annum would be: Loan amount R60 000.00 plus a once-off initiation fee of R1 197.00 and a monthly admin fee of R68.40, over 60 months. The total cost of the loan will be R 117 876.00 which is an Annual Percentage Rate (APR) of 30.63%.
Direct Axis SA (Pty) Ltd, an authorised Financial Services Provider who manages and administers Udu Personal Loans on behalf of RedDirect (Pty) Ltd (Reg No. 2016/287928/07), a registered Credit Provider NCRCP8391
Additional benefits of applying with UDU
UDU loans provides instant decision on applications, and you don’t have to wait days or even weeks whilst your loan application is being reviewed. You should receive communication from UDU loans within a few minutes of your application having gone through! Working as a partner to Direct Axis you can trust Udu loans as an authorised financial services provider.
Receive your loan in 1 hour!
UDU transfers any cash from your approved loan straight into your bank account within an hour. Quick, easy and effortless – you should never have to wait more than a day for teh funds to be available.
As mentioned above to apply for a UDU loan, you need to be over the age of 18 years old, be a permanent resident of South Africa and provide three bank statements showing that there is a monthly salary going into your account.
That’s if for our UDU loans review -if you have any further questions please do reach out to us in the comments below! If you’re considering alternatives to UDU, why not have a look at our list of the best short term loan companies in South Africa.