Is it possible for one to get a loan from Ecocash Save account?

Question

If it is, how can one access it?

Answer 1

it does not do that,maybe in future since the ecocash system is increasing

Answer 2

no - a loan is not a savings account - theres 2 totally different phillosphies there

savings works on the basis of debit - that is, your money has to be there to use it and it is 100% "your" money

loans works on the basis of credit - that means you have a negative balance that you have to pay back to zero and its not "your" money

i wouldnt be surprised if econet roll that out in future though, seeing as they own a bank now - but i'd be very wary of quick instant loans without security - they usually attract extortionately high interest rates as can be seen in the UK right now with the likes of wonga.com

Answer 3

for now it doesn't do dat for more info u can visit yo nearest ecocash  stand

Answer 4

No, the service is still new.

Answer 5

According to the terms and conditions yes.

4.10 The loan shall be credited to your ECOCASH SAVE
deposit account less handling fees.
4.11 You shall repay the loan within 30 calendar days from the
date of disbursement of the loan or any such time as may
be stipulated by the Bank from time to time based on the
amount loaned
4.12 You shall pay the applicable fees in advance and all
repayments due shall be made automatically from the
ECOCASH SAVE Account or using the ECOCASH SAVE
Menu.
4.13 In the event that the loan is not paid up in full within 30
calendar days of the date of disbursement, the Bank will
automatically roll over the loan including fees applicable for
a further FINAL 30 calendar days
4.14 The Bank is entitled to terminate the loan agreement if it
remains unpaid after 60 Days and close the ECOCASH
SAVE services without prejudice to any of its rights
accruing hereunder including its right to collect the
outstanding loan inclusive of any accrued interest and debt
collection fees.
4.15 The Bank shall hold 25% of the funds in your ECOCASH
SAVE Deposit Account as collateral and security for any
amounts outstanding and due to the Bank in respect of
your ECOCASH SAVE Loan Accounts

Comments

Melly, i think you have your answer now.

Answer 6

Are you not crossing the bridge before you get there??

Comments

just wondering why was this comment flagged?

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Fourwallsinaroom, we are havin pple being childish and trying to do a tit for tat and just spraying questions to get points.

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That is unfortunate... Completely off topic i am seeing more questions coming up pertaining to leases, jobs in indonesia etc.  Probably need a little more on the mods side to ensure this doesnt happen!

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Im on the case my friend, l will be sharpening my teeth and bitting very hard.

Hatidi vanozochema!!