FNB - Revolving Loan

[shadow_man]

Hi,

Can anyone confirm if the monthly fee (R40) applies if you aren't using the loan at that point in time?

From their site:

https://www.fnb.co.za/cheque-accounts/revolving-loan.html

"You only pay a minimal monthly fee when you use the loan"

So for me that reads that I only pay when I activate the loan e.g. when I actually request money from the bank. If i'm not requesting funds and my amount loaned is R0 then I don't pay.

Do I have that correct? When I get a quote on the FNB site it says monthly cost R40.00 so its a tad confusing. I don't need a loan or money right now, its merely to up credit rating - hence if it doesn't incur a cost then all the better.

Any input?

Thanks,

 

[adam1234]

when i used this facility i was charged R40 monthly until it was paid off

 

[air]

Hi
My understanding when I checked, was that you only paid the admin charge when you consume part/all of the loan amount.
From an eBucks perspective, you only earn when you consume part/all of the loan amount.
cheers
air