What did the credit application process look like 20 years ago? Intrusive background checks, plenty of paperwork, high interest rates and strict payment terms. But what happens when you don’t have cash on-hand or a perfect credit rating to buy something you want – perhaps a smartphone? Well, it’s a good thing it’s not 1999 anymore. The solution to this long-standing issue with the credit application process is innovative, easy to use and a first for South African consumers.
Applying for instant credit on Phonetradr with FASTA takes place solely online and is complete within six minutes, from start to end. Need help getting started? No worries. Here’s a step-by-step guide to applying for credit to get you that quality-approved smartphone…
How do I buy a phone with instant credit on Phonetradr?
Step one: Choose your device
After choosing the phone you want on our ‘Buy’ page, click ‘Buy Now’, then fill in your details. At checkout under payment methods, select ‘Instant Credit’.
Step two: Now it’s time to set your budget
How much credit do you need? How much of a deposit are you able to put forward? Using the easy-to-use slider, move left or right, increasing or decreasing the amount of credit you need. Then, below, choose how many months you will need to pay it off.
Step three: Give us your info 😉
In the empty boxes, fill in your full name, ID number and contact details. Once your enter your cell number, a one-time pin (OTP) will be sent to you phone via SMS. Simply enter the pin into the open box at the bottom.
We’ll need to know where to deliver the awesome phone you’re buying so wherever you’d like our delivery team to go, here’s where you tell us. Again, you are guaranteed 100% security while providing Phonetradr with your physical address.
Remember, your personal details are always private and secure with Phonetradr!
Step four: This step is divided into three sections:
1: Your employment status
Here, you will tell us if you are employed or not, where you work and for how long you have worked there.
2: Your monthly credit expenses
Thanks to the personal details you gave us earlier on, we’re able to pull through your current credit accounts, showing how much you pay towards them per month. If some of the information is incorrect or outdated, you can easily select the status of the account and how much you pay per month.
3: Your monthly living expenses
Do you pay rent? Or contribute to groceries, electricity and water? Here’s where you’ll tell us how much. Below section 3 is a summary on how much of your income you have left once you’ve paid all your credit obligations after your living expenses.
Something to look out for…..If the ‘submit’ button is red, this means that you don’t have enough of your income left over to pay all of your expenses. In this case, it is not wise to incur more debt and it’s unlikely that your application will be successful.
On the other hand, if it is green this means your application can continue!
Step 5 will now be for you to click ‘submit’ where your information will be reviewed.
Step six: You’re almost there…
After the wizard has accepted your bank statements, you’ll be asked to click ‘accept the offer’, then tick the T’s & C’s box, and finally, click ‘sign agreement’.
Step seven: This step offers three options
Once your application has been given the green light, it’s time to fill in your banking details so that your monthly installments to us can go off without a hitch. In addition to providing your banking details, we’ll also ask you for three months of bank statements. To make it easy for you, we have three ways to do this…
1: Log into your internet banking
Simply log into your online profile and we will automatically collect three months worth of statements. This is an industry first and is 100% secure and safe!
2: Email, if you’re not comfortable with us automatically collecting your statements
You are given a unique email address to send your bank statements too. If this is the method you’ve chosen, no one else will be given the same email address when sending your documents.
3: Upload from your laptop
If you’re super organised and have your latest bank statements saved to your laptop, simply upload it from your PC or Mac computer.
We must stress that choosing any of these banking-approved options promises total security and encryption of your personal information. You’ll never have to worry if your personal or banking information will be lost, hacked or misused! This is probably the safest way to apply for a loan online – that we can promise.
Step eight: You’re finally at the end!
The last step sees you transferring your deposit via EFT. We’ve included all of the main banks so nobody should feel left out! Also, your EFT payment is 100% safe and secured. No worries!
Ready to buy your awesome phone? Let’s go.