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Momentum Personal Loans makes debut on SA lending market

Momentum  |  02 May 2018

Brand, Media release

Momentum has made an exciting addition to its product suite and a much-anticipated entry into the unsecured lending market with the launch of Momentum Loans, offering personal loans and consolidation loans to consumers.

Hema Morar, CEO: Momentum Loans, was delighted to announce the new initiative, saying “We believe that responsible lending can be leveraged as a financial enabler while on your financial wellness journey.”

In an ideal world, everyone should have enough money saved and have enough to pay for planned and unexpected expenses throughout their life. The South African reality is that very few people are actually able to achieve this. Life happens! And when they have an emergency, unplanned expenses or the need to access money to fund something that will generate a future income, a personal loan is an option many may consider. The new Momentum Loans offering is positioned as “the right loan, at the right time, for the right reason.

“Of Momentum’s existing clients, 25% already hold a personal loan,” said Morar. “So there is demand for these loans, and we believe they can be better managed as part of a holistic financial plan within the Momentum ecosystem.”

Momentum Loans is the fruit of a successful joint venture between African Bank and MMI to extend Metropolitan and Momentum branded unsecured loans to the market.

Momentum plans to focus on needs-based lending through two products. Personal loans will provide a lump-sum pay-out to be repaid in equal monthly instalments over the term of the loan. Consolidation loans will be geared to simplifying finances and improving cash flow by consolidating multiple unsecured loans into one, manageable loan.

Momentum Loans has been launched online as part of a phased approach, with additional roll-outs planned for other channels over the coming months.

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