Announcing the compelling finance solution at Nedbank’s offices in Cape Town today, LeisureFin founder, Clarence Ford, said that by reducing the cost of travel finance for everyday consumers, more will be able to reach their destinations affordably.
He says, “International travel is expensive for government employees, teachers, social workers and the middle class in general. Yet many, at short notice, need to visit an ill relative overseas, enrol a child on an international school sports tour or wish to fulfil a bucket list aspiration while celebrating an anniversary milestone.
“Providing some relief in the form of more affordable finance, our model has been designed to specifically cater for the middle-class who typically travel on credit.”
Traditional forms of finance include credit cards, personal loans, short-term loans, or hire purchase. “Interest rates on these types of unsecured credit are exorbitant and often just scrape by the National Credit Regulator’s ceiling. Through our collaboration with Nedbank, we’ve reduced the overall cost of credit while providing trusted expertise and guidance on where to go, how and when,” explains Ford.
To be eligible to apply, South Africans must have a positive credit history and earn a monthly income. “Responsible credit use is a priority to us and we review every applicant by affordability and credit record. If approved, they then choose their terms of between 12 and 60 months,” explains Ford. No markup or admin fees are added to partner organisation products and clients only pay for the product or package they book from these partners.
In addition to enabling travel finance inclusive of spending money, LeisureFin also handles bookings end-to-end by working with travel suppliers including MSC Cruises, Perfect Destinations, GS Travel Services and others. “With support from Nedbank, we’re making it more accessible for those who need or want to travel and require more affordable financial support,” concludes Ford.
