Compare the best options on the market and choose the one which best adapts to your day-to-day needs.
Further Below: Our Guide to Personal Loans in Angola, everything you need to know.
Banco de Formento Angola
- Maximum loan amount of AOA 15,000,000
- Repayment period of up to 36 months
- Competitive interest rates
- Monthly fees apply to loans customized to your needs
- Equal monthly installments
- Mortgage-free loan
- Quick approval
- Dedicated staff
- Maximum loan amount of AKZ 10,000,000
- Get financed for up to 48 months
- Interest rates of up to 10%
- Available to private clients
- Constant monthly payments plus interest
- Higher loan amounts analyzed case by case
- For the acquisition of durable assets
- No guarantor
Banco de Fomento Angola (BFA)
- Maximum lending of Kz 15,000,000
- Financing deadline of 36 months
- Competitive interest rates
- Constant monthly installments
- Tailored to your needs
- Non-mortgage credit agreement
- Credit to your measure
- Credit life insurance
- Guarantor required
Personal loans in Angola, All you Need to Know:
Our guide is here for you to help you understand everything you need to know about personal loans in Angola. We provide you with information about the various institutions that you can borrow a personal loan from and how to compare the options that you have to take a loan that best suits your needs.
The current market for personal loans
FUNDGECKO avails you of the most current happening in the financial markets to keep you updated on what is happening. Read below to find out information on the current state of affairs of consumer credit in Angola.
- When COVID-19 reached Angola, it ushered in an economic crisis. In 2020, the government introduced fiscal and monetary measures such as tax exemptions on VAT, a requirement for banks to provide credit to essential goods importers, and a credit-stimulus program that was aimed to support economic activities.
- The COVID-19 pandemic and the Russian invasion of Ukraine led to the disruption of supply chains in Angola and the globe at large. An increase in demand and lack of supply caused prices to rise hence triggering a steep rise in inflation. With time, the inflation rates have eased. In October 2022, Angola reported an inflation rate of 16 .68% which was a reduction from 18.16% in September. This rate is expected to drop to 15% by the end of the year.
- The most recent benchmark interest rate in Angola was 19.50 percent in October 2022. This rate is expected to rise to 22.76% by the end of this year.
How to compare between online loan offers
Plenty of lenders are willing to extend credit to borrowers, even those with bad credit scores. To choose the right loan, you must review the most important aspects of a loan. This is important because a wrong choice can lead to unnecessary fees and damage to your credit score. You can avoid this by comparing the most important elements of loan offers such as;
- The amount-how much money you need to borrow.
- The loan term- the amount of time you have to repay the loan.
- The interest rate charged- this is determined by the Annual Percentage Rate (APR). A low APR means you will pay less interest.
- Fees- the lender may charge you a wide range of fees that include application fees, annual fees, returned check fees, and late payment fees.
Ensure you are aware of all the applicable fees before applying for a loan and that you understand all the aforementioned aspects of the loan you are looking to apply for.
How to use FUNDGECKO to get personal loans
FUNDGECKO brings together skilled financial analysts and other finance professionals to guide you through the loan application process. We begin by providing you with the necessary information regarding the various loan types, their general characteristics, and the various terms and conditions you ought to consider. With the help of this information, users will be able to make decisions based on information. In FUNDGECKO, the steps include:
- Examine the loan and compare the various loan options you are interested in.
- The borrower is required to read and comprehend the terms of each loan’s contractually binding form.
- If you don’t understand anything, we encourage you to present all questions. This will make it easier for other users of this information to receive a trustworthy response from our team.
- Pressing the “contact” button will take you to the lender’s website, where you can begin the application process once you are satisfied with the option you chose.
- To assist other users in acquiring some information and direction, please share your experience with us in the comment section.
Why do you look for personal loans?
There are many reasons why you might need a personal loan. You may want to repair your car, pay existing debt, or take care of a hospital emergency. Personal loans are useful because they are less expensive than other forms of credit. Since a personal loan is a debt, it should only be taken for a good reason. Some of the good reasons for taking out a personal loan include:
- Paying bills
- Major medical bills
- Start or grow your business
- Buy a car
- Loan Refinancing
- Wedding arrangements
- Paying for school fees
Personal loans are perfect for people whose budgets can manage to refinance a loan and wish to take out a responsible loan to offset expenses they are unable to pay out of their pockets.
How to apply for a personal loan
Personal loans are very easy to obtain. To apply for one, follow the steps below:
- Take a look at the loans that a variety of lenders are offering, either in person or online. You can get the best arrangement by contrasting three offers and picking the one with the best terms.
- Fill out an application form- this can be done online or in person. The online application saves the time you would have gone to the store and waited for hours to apply. Before submitting the form to the lender, fill in the blanks with verifiable details about yourself and the terms of the loan as possible (amount, duration, and purpose).
- For your online application, you will get a pre-approval message right away; for your in-person application, it will take a few days. To submit the required documents, you may have options such as scanning, emailing, uploading, or dropping them off at the entity’s office.
- If the lender approves your application, you will be contacted to be informed more about the loan offer.
- Sign the contract in person or electronically if you accept the terms.
- You will receive the funds in your bank account within one business day.
Requirements for personal loans in Angola
As the borrower, you must qualify for the loan you want to take. Eligibility requirements and standards are set by lenders. Some lenders only extend credit to clients with great credit scores and high levels of income while others do not largely consider these aspects. Before applying for a personal loan, ensure that you meet the following requirements:
- Age- you must have attained a minimum age of 18 years and not exceed the age of 65.
- Identification documents- you must provide a government-issued National Identification Card. For ex-pats, you must provide a valid passport.
- Source of income- you must have a regular source of income
- Citizenship- you must be an Angolan citizen or an official resident there
- Residential address- you must provide a permanent residential address
Documentation for applying for a personal loan
Applying for a personal loan is relatively straightforward and the documents needed are easy to gather. When applying for a personal loan, you are required to submit documents by emailing them, uploading them to the lender’s app or portal, or delivering them in person. You need to document your identification, income, employment, and banking information.
- Application form- This form requests identifying information including your legal name, address, date of birth, and age. It also requests your desired loan amount, its purpose, your monthly income, and employment status among other information.
- Identification documents- the lender will require you to provide him with your ID Card and Taxpayer Identification Number.
- Proof of income- provide pay slips, statements from the employer, or proof of other income.
- Proof of residence- you may be asked for a separate proof of residence with documents like a utility bill, rental agreement, or voter’s registration card.
- Commitment letter- submit a commitment letter from your employer to deposit salary payments to the particular bank account you are taking a loan from or a statement from you committing to transfer all salary payments to a particular bank account every month.
- Life insurance.
- Statements of employer’s justification of salaries.
- Letter of commitment to the domicile of the salaries of the employer, or a statement of the client committing to transfer his monthly salary to the particular bank.
- Passport size photo
Who grants personal loans in Angola?
There are 26 commercial banks registered to operate in Angola. However, other facilities have penetrated the credit market and are now offering loans to credit consumers. Currently, the following institutions offer personal loans in Angola.
Financing through banking institutions
- Improves credit score
- Variety of products
- Higher loan amounts
- Early repayment charges
- Collateral requirements
Financing through Credit Financial Institutions (CFE)
- Better rates
- Fewer fees
- High interest rates
- Creditworthiness required
Financing from private companies
- Fast concession
- Few requirements
- Credit score not considered
- Fast approval
- Higher interest rates
- Rigid loan terms
Financing through P2P platforms
- Mostly done online hence convenient
- Fast concession
- Loan security is not guaranteed
- Long disbursement time
- Seniority considered
FAQ: Frequently Asked Questions
What is a personal loan?
A personal loan is a type of loan that lets borrowers get money quickly to cover their expenses. Your income and credit history will be taken into account when evaluating your application. You will not be required to provide collateral to be approved for this loan because it is typically unsecured. The best way to use a personal loan is to reach a set financial goal.
Why don’t you give me personal loans?
Compared to other types of loans, personal loans have fewer eligibility requirements. The lender might not say why they turned down your application. There is a possibility that your creditworthiness was questioned, that you earn less than what is required to repay the loan, or that the information on your documents conflicted with what you stated on the application. To avoid making errors like these, you must carefully review your application materials and data. Poor credit scores and a lack of supporting documentation result in the rejection of many candidates.
What is the INE Form for a loan?
An INE Form is a document you receive from a lender or loan provider that contains the entire loan information, including the amount, interest rate, commissions, payback period, installment payments, insurance, and other relevant details.
What is the binding offer of personal credit?
A document provided by the lender that outlines the terms of the credit you have selected. Before you agree to the lending arrangement, this takes place. The moneylender should allow you 14 days to choose whether to acknowledge the advance proposition or not, however, you are allowed to dismiss it assuming you so care about it.
Can personal loans be paid in advance?
Borrowers in Angola are permitted by the laws that govern credit facilities to pay off all of their debts, including interest and commissions, earlier than was earlier required at the time of taking the loan. Before the borrower makes the payment, some businesses may impose penalties for early repayment. These penalties are made known to the borrower. However, early repayment reduces the amount of interest payable by the borrower.
What if I take a loan and later regret it?
High interest rates compared to those of other financial institutions, stricter repayment conditions, and more charged fees may be one of the reasons you end up regretting taking a loan. To avoid such regrets, we advise that you weigh your different options before deciding on one. You can also seek professional advice before taking out a personal loan.
What happens if I don’t pay back a personal loan?
The first thing that happens if you don’t repay a personal loan is that it goes into default. This is the failure to repay a debt according to the terms of the loan agreement. It happens when you are unable to make payments on time or have missed payments. A defaulted loan harms your financial profile and the effects of the same include added fees and interest, debt collection, legal action, and problems in the future when financing.
When to apply for a personal loan?
You know you need a personal loan when you need money for a financial need. Since obtaining loans from some lenders may take a while, you may need to switch banks if you are not in a position to wait. You can get a loan that is just right for you, has low interest rates, and is big enough to pay for your project.
You can get a loan that is specifically tailored to your needs and their peculiarities from the reputable lenders we have listed above.
When to apply for a fast loan?
When you need money right away, an instant loan can be helpful. The application for this type of loan is quick and doesn’t require a lot of information and documentation.
A lot of borrowers, in particular, get into the bad habit of using fast loans without thinking about how it will affect their credit history and ability to get credit in the future.
We all have special times in our lives that may necessitate immediate financial support. It is essential to anticipate those occurrences. When you need them, personal loans can assist you in achieving your financial objectives and aspirations. Likewise, they give you the adaptability to pick the credit sum you want and for how long you need to acquire the sum.
About this page, our methodology
What this page is for: The primary objective of this platform is to ensure that we provide you with accurate information regarding the numerous financial solutions that are available and suitable for your requirements. We go out to the sectors of the financial markets and accumulate all sound information on the various kinds of individual credits offered their conditions for application and repayment, and current trends. The development of exposure skills for selecting the best option is aided by this.
Source: Information about personal loans in Angola has been sourced from Angola government portals, the consumer credit laws of Angola, the Central Bank of Angola, and other referential sources.
Methodology: The data relating to the conditions of these products (amount, term, interest, etc.) have been obtained through online research and consultation of the official statistics of the aforementioned reference sources
About FUNDGECKO: We are a website on the internet that looks at consumer credit data to give you accurate and trustworthy information. Moreover, we offer direction on the best way to get credits with reasonable repayment terms, affordable interest rates, and at no extra costs. FUNDGECKO will help you choose the best solution for your financial needs.Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products.