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  • Affordable Monthly Repayments
  • Lower Interest Rates
  • Effective Debt Management

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uBank homepage
Author uBank. Screenshot of uBank website.
[Accessed May 11, 2023]

About uBank

For more than 40 years, Ubank has been the sole provider of crucial financial services to people who work in the mines and their families.

In the mid-70s, when other banks mostly disregarded this market sector, Teba Cash Financial Services was established to furnish mineworkers with basic banking services.

These included services such as sending money to loved ones and family members in rural and mining communities and making use of an account linked to another account.

Unique products offered by Ubank

  • Banking for U
  • Banking for SMMEs
  • Banking for Youth

From a basic to a commercial bank

The early 90s saw South Africans facing significant changes in government policies. This is when the Godsell Motlatsi Commission was launched.

The start of the Godsell Motlatsi Commission brought about a change for Ubank as it went from being a basic to a commercial bank. Mid-way through the year 2000, Ubank formerly known then as Teba Bank was issued a license to offer banking services.

The bank favoured by workers and their families

2007 saw the establishment of Ubank’s reinvention as they laid about a new set of values, mission statements, strategies, and business vision. This greatly worked in their favour, as it led to them being regarded as the ideal choice for workers.

The fourth quarter of 2010 brought about an official name change. Ubank was then officially born. The rebranding and evolution of Ubank led to an image upgrade and new strategies and initiatives were formed to take the business to new heights and improve the level of service provided.

uBank Services

Let’s start off by explaining what a debt consolidation loan is.

It’s a loan that’s unsecured, which involves taking out a single loan to pay off other loans that you have, like short-term loans and store accounts. The main purpose of a debt consolidation loan is to improve your cash flow by reducing your monthly repayments to a single payment.

Criteria to qualify for a debt consolidation loan

  1. You should be a permanent employee earning at least, R3000 a month.
  2. Be 18 and 65 years older.

uBank’s debt consolidation loan features

  • You’re allowed to apply for a loan amount starting from R10 000 to R180 000 which is dependent on how much you can afford
  • The repayment period is between 12 and 72 months
  • You can pay your debt consolidation loan at any moment with no extra penalties charged to you
  • Once you’re approved, your outstanding debts are instantly settled
  • As an applicant, you don’t need to place any deposit
  • If your debt consolidation loan is paid off quickly, you’ll be charged no penalty on interest
  • You’re free to pay up your initiation fee to reduce the admin fees, which can help you have more money in your pocket

What advantages do you stand to receive?

  • Those several monthly loan payments you used to pay are reduced to one single payment, helping to simplify your monthly repayments.
  • Having one loan instalment means you’re paying less than what you used to pay, leaving you with more money to budget and save.
  • Your monthly instalments are lowered by extending the repayment structure over a longer period, aiding you to have extra cash over a specific period of time.
  • You’re allowed to pay more on your debt consolidation loan to finish paying sooner.

Any payments that you make to the loan are not refunded or available for withdrawal later, as the amount minimises the balance you owe.

uBank – Consolidation Loan

  • Loan Type Debt Consolidation Loans

Benefits of uBank

  • Affordable debt repayments
  • Lower interest rates
  • Debt management

Documents needed to apply for a debt consolidation loan with uBank

  •  Smart ID Card or green barcoded South African ID
  • For non-South African people, a valid passport and work permit.
  • Latest payslip.
  • A loan settlement letter from a reputable bank or credit provider, which shouldn’t be older than 7 business days.
  • Proof of residence, it shouldn’t be older than 3 months. (Water bill or retail account statement)
  • You should earn at least, R3000 per month and have a bank account which your salary is paid into.

What are you likely to encounter during the application process?

  1. When you’re applying for a debt consolidation loan, you’ll be asked to bring forth all essential documents to the sales advisor.
  2. The sales advisor will perform an assessment that tells you if you can afford the loan amount.
  3. After the assessment has been completed and successful, you’ll then be granted a quote which is valid for five working days.
  4. Once you’ve accepted the quote and signed it, the bank will then pay off all your loans within 24 hours.

The importance of taking out credit life assurance

There are so many risks involved in taking up a loan. A debt consolidation loan, just like all loans, requires you to have credit life cover. At Ubank you’re offered an easy-to-pay credit life assurance policy in the event you don’t have one already. With credit life insurance, you’re afforded cover in the case of any catastrophic event occurring to you.

uBank’s terms on debt consolidation loan costs

The way in which interest is calculated is determined by how the interest rate fluctuates when compared to the prime rate. The interest rate is normally calculated in advance and is included in your instalment.

Ubank’s pledge

Ubank plans to always provide you with the following:

  1. Banking that’s centred on your needs
  2. Safe and simple banking

They plan to live up to their promise by shaping customers' lives through:

  1. Having solid relationships with communities
  2. Giving customers access to financial education to obtain desired financial outcomes.
  3. Fostering relationships that are based on taking initiative, communicating and active listening
  4. Consistently integrating principles based on humanity

Why choose uBank

  • They give 100% when dealing with clients
  • They’ve over 40 years of industry experience
  • They’re Black-owned

Download Ubank’s mobile banking app and get access to the following

  • Buy prepaid products
  • Pay your bills
  • Transfer money
  • Check statements

uBank Contact

Physical Address

Postal Address

  • Private Bag X 0030, Halfway House 1685, South Africa

Opening Hours

  • not available