What is a BFS Loan?
Most of the BFS loan products are tailored to satisfy the needs of mid-income to low-income earners. They include short to medium-term loan solutions.
Clients can get BFS loans to meet emergency medical bills, supplement their food budget at home, or pay for their children’s school activities.
Best BFS Loans In Kenya
Does BFS have long-term loans?
Barko Financial Services only provides short-term loans that will have to be repaid in thirty-five days. The maximum amount you can borrow will depend on how much you earn each month, and other criteria. Thus, you will not find long-term loans at BFS.
What do I Need to Submit an Application for a BFS Loan?
BFS is present all over the country. So, no matter where you live, you will be able to ask for a loan at Barko Financial Services. There are almost two hundred BFS branches in South Africa. The importance of this lies in the fact that BFS does not provide online applications. If you wish to request a loan at this company, you will have to contact a BFS branch online or go to their offices.
All BFS cares about in order to offer you a loan is your affordability. This is to say, that the company needs to know for sure that you will be able to repay the loan you requested them. For this, you will have to be permanently employed and you should have been in that position for at least six months. Also, you will need to have a bank account, since the installments from your loan will be deducted from that account.
In order to establish your affordability, BFS may also run a credit check on you. Your credit history will be studied in order to find out if you pay your bills on time if you have requested other loans in the past, and such. These are procedures that every serious credit company must carry out in order to safeguard its interest as well as yours.
Can I make Inquiries to BFS Loans Online?
You might have some questions that you would like to ask BFS before applying for a loan. This is perfect; you should always have your doubts solved before entering into commitments of this kind.
BFS welcomes their clients to reach them, so they make available different options for you to contact them. One of these options is filling out an online form where you will have to enter your e-mail address and the question you want to answer. Alternatively, you can call them on their toll-free telephone number, or you can also e-mail them. Either way, you choose, your questions will be well-received.
We also offer you, at the end of this page, a form for you to leave your questions, should you have one. Also, if you want to make a comment on the company or the product, you can do it in the comment section below. Your opinion will be highly valuable to our readers, so we encourage you to tell us what you think about BFS.
How is the Interest Rate Calculated on BFS Loans?
Like all loans in the credit market, BFS loans have interest rates. This company offers very convenient interest rates in order to fulfill their commitment to the working class of the country. BFS strives to achieve its mission of allowing every South African to access credit.
However, not everybody will be offered the same percentage of interest rate. Why? This is simply because this rate is calculated on the basis of our personal information. Elements such as our salary, our credit history, and so on will be assessed by credit institutions in order to evaluate what interest rate they can give us.
Can I take Long Term Loans at BFS?
Barko Financial Services only provides short-term loans that will have to be repaid in thirty-five days. The maximum amount you can borrow will depend on how much you earn each month, and other criteria.
Thus, you will not find long-term loans at BFS. If this is the product you are currently looking for, you will need to look for another alternative. Please, refer to our articles where you will find plenty of information regarding which are the best companies for requesting long-term loans.
However, if what you need is a short-term loan, BFS can be one of the best options. As we said above, this company aims at reaching as many South Africans as possible. And, for this reason, you will only be asked to comply with certain loans requirements, which at BFS are these three documents:
- Latest three bank statements
- Your ID
- Last payslip
As you can see, there are no minimum amounts you need to earn. Unlike other credit institutions, BFS aims to be a possible option for every hard-working South African.
We have seen in this article that using a loan calculator is a good idea since it will help you organize yourself and determine if you will be able to afford the loan or not. Also, we devoted some time to talking about the short-term loans offered by BFS. The aim was to show you how to ask for these loans, what to do if you have questions, and what documents you need to have at hand to apply for a loan at BFS.