Woolworths Revolving Credit Plan is a unique type of personal loan, one which allows the principal amount to be increased even during the loan. For example, if the actual loan amount is R10,000, but the debtor has paid 50% of it back to the institution, this 50% or R5,000 can be borrowed back should the debtor require it.No penalty for early settlement – there are no penalties for early repayment so you can save on interest by making additional payments at any time. You have a choice of 12, 24, 36, 48 or 60 month repayment periods each time you borrow.
The minimum loan amount for this type of loan is R1,000 but can be increased in multiples of R500 while the repayment period can range from a year to three years. There is no initiation fee of the loan and the only charge for it is the interest rate that is set through the loan contract.