FNB client? There’s misconception about how its ‘Covid-19 Cashflow Relief’ works
FNB is lying!The Money Show listener to Bruce Whitfield
In the first phase of the bank’s intervention, it will help clients who were in good standing before the Covid-19 pandemic.
The intervention will last for three months.
What the FNB Covid-19 Relief entails
A “payment holiday” (i.e. no instalments are due) for clients (in good standing with a turnover not exceeding R20 million per year) with business loans.
Support with the processing of credit insurance claims.
Personalised bridge loans.
A waiver of rental fees for Speedpoint® devices and a merchant fee waiver for merchants in good standing operating in a troubled industry.
The bank will expand on phase one of its Covid-19 Cashflow Relief intervention in the coming weeks.
FNB’s “Covid-19 Cashflow Relief” is often misunderstood, says consumer journalist Wendy Knowler.
The Money Show’s Bruce Whitfield asked her to elaborate.
FNB is the only bank that is offering this particular solution… But it wasn’t well communicated… A cashflow loan doesn’t sound as appealing as a payment holiday to most people…Wendy Knowler, consumer journalist
I’m seeing all kinds of fallout! Terrible stuff… Awful! Not good… I like to smack where necessary…Wendy Knowler, consumer journalist
It’s not like you don’t have to pay the money back… Get them to do the sums for you… what is a payment holiday going to cost you versus giving you a loan at prime? … They owe it to you to spell it out for you properly…Wendy Knowler, consumer journalist
I don’t like the word ‘holiday’… It’s the same as ‘buy-now-pay-later’… The smack awaits you down the line…Wendy Knowler, consumer journalist
Listen to the interview in the audio below.
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