Vodalend: how Vodacom is helping business access short-term finance
Vodacom, Vodafone’s largest business in Africa, is enabling businesses to access short-term loans of up to R1.5 million (€88,448) through its new lending service, VodaLend. Eligible businesses can apply for a loan and receive funds within 24 hours.
Businesses must have been registered and operational for at least 12 consecutive months, have a good credit rating, and generate revenues of at least R500,000 (€29,480) per year.
Vodacom also offers additional services free of charge to businesses that secure loans through VodaLend, such as Vodacom Legal Assist and vouchers for digital and mobile advertising.
Vodacom has created a tool which businesses can use to calculate VodaLend repayment costs over a six or 12 month plan, although businesses can repay their loans early to reduce the amount they pay in total.
Vodacom also offers businesses the opportunity to become VodaLend affiliates and earn commissions through successful client applications or referrals.
- Digital Society