THE BASIC PERSONAL LOAN?

Get a loan for R2 000 or more depending on your financial profile.
Loan lenders offers flexible repayment periods from 6 to 60 months and your personal loan repayment periods can be negotiated in order to suit what is affordable for you.
Repayments are normally done via a monthly debit order and your instalment amount will remain fixed over the loan period, even if interest rates go up.
Your personal loan is offered with insurance which covers the original loan amount in the event of death, retrenchment, dread disease as well as temporary/permanent disability.
You can get a valid quote from a lender which you can either accept or decline.
 

WHAT IS REQUIRED FROM ME?

Required documentation:

Valid South African green bar coded ID.
Latest payslip/s depending on whether you are monthly, fortnightly or weekly paid.
Latest 3 months bank statements.
Active bank account for at least 6 months showing electronic salary deposits.
Must be between the ages of 21 - 63 years old.

To apply for a Personal Loan click here

TROUBLE WITH SECURING A PERSONAL LOAN?

The major financial institutions of South Africa are sometime reluctant to lend out money. We sometime forget that these institutions’ main income are generated by the interest we agree to pay when borrowing money from them.

This interest may seem like a huge amount but institutions are taking enormous risks on a daily basis, and will never be 100% certain that when lending out money, all plus the agreed interest will be returned. These institutions can however try and lower their risks by looking at the way you manage your money. Unfortunately if you have missed just one instalment or failed to meet your financial commitments in the past, you will be seen a high risk client.

There are smaller institutions that are willing to take a bigger risk, and will agree to lend out money to clients with poor credit, obviously at a higher interest because of the risk involved.

TIPS FOR PERSONAL LOAN SUCCESS

Be sure to make at least all of the monthly minimum payments to keep your accounts current.
Before signing a Personal loan application, be sure that you are going to take up the loan. Many people apply to different lenders at the same time and then only take up the best offer. Every time you complete and submit an application form, the institution will check your credit record to see whether you qualify. These records of all your “applications”, whether the loan was taken up or not, will show on your profile and may affect your ability to get a loan.

MICRO LOANS AND PERSONAL LOAN FOR BLACKLISTED PEOPLE

Looking for a personal loan or micro loan? Here’s how to choose the right one for you.

When applying for a personal or micro loan:

The interest rate you will pay will depend on your personal financial circumstances.
Compare the cost of loans by looking at the Total Amount Repayable as well as the Annual Percentage interest charged, including all monthly repayments, fees and charges. Generally speaking, the lower TAR, the better the deal.

Opt for a fixed interest rate rather than a variable one. This means that your monthly repayments stay fixed throughout the life of the loan, which not only helps with budgeting but also ensures you don’t get any unpleasant surprises.

Check out the penalties for early repayment. Around seven out of ten personal loans are paid off early, so look for a flexible loan that allows overpayments and watch out for loans that charge hefty fines for early settlement.

Don’t fall for loans with gimmicks such as repayment holidays and ‘buy now, pay later’ deals. Ultimately, you’ll pay for such ‘benefits’ so opt for a simple and straightforward loan instead. Complicated products are often more expensive.

One final point is that if you’re using a personal loan to consolidate various debts, don’t forget you will simply have switched your debts to a new lender. The total debt will still exist and it’ll only be paid off when you actually finish paying off the loan so don’t be fooled by the notion that you’ve ‘cleared’ your credit card!