Personal banking takes a new direction this week with the announcement of a new loan-by-phone scheme underwritten by Boland Bank.
The totally paperless transaction is the first of its kind in South Africa. It is being marketed by Direct Axis, a telephone marketing company.
Direct Axis is able to do a risk assessment almost immediately after your telephonic request and a loan is granted within two hours. Loans, up to R12 000, will be available from September 25. You do not have to sign a single piece of paper and by the next banking day the money will be deposited in your account.
The system will operate seven days a week until 8pm in the evenings.