There has been an increase in providers of online loans in South Africa over the last few years. They have managed to successfully assist thousands of people in need of financial assistance with quick and easy loans. One of the reasons why online loans have been successful is that many people have easy access to [...]
Personal Loans - Approved Loans
Thing You should Consider Before Applying for a Personal Loan
Personal loan is also called a signature loan. The borrowed will often use the borrowed amount to purchase good and/or equipment and appliances such as personal computers, vacations and emergencies which would require cash to be dispensed. The loan can have general purpose which can be used at the borrower's discretion.
Unsecured kind of loan
Personal loans are classified as unsecured loans considering that the lender relies only on the promise made by the debtor to pay it bank on given time. Because of the risk this kind of loan brings, personal loans tend to have higher interest rates as compared to any other types of loans.
Personal loan is unsecured loan in the sense that it does not require the borrower any collateral or assets. So this mean defaulting on a personal loan can be difficult to get. The lender will not have any piece of property to take away from you just in case you fail to pay what you owe. You may not get away from your debts though. Sure, the lender will not have anything to take away from you, but they may always have to option to hire a collections agents to do a follow through on your payment or report you to a credit bureau, worst, file a lawsuit against you.
Personal loans are fixed.
The amount of the loan play between R8000 and R400000, and depends on your credit score. The better your credit standing looks, the more likely you are to be approved of a larger amount. Some banks would grant a higher loan especially when you have an account with them and have built a good relationship over time, but some will provide whatever the minimum amount they approve.
Personal Loans have fixed repayment period and interest rates
Personal loans have a fixed dates or repayment periods. The periods are usually stated in months, 12 months, 36, 48 and so on. The longer the period of repayment, the lower the amount will be. This may look tempting especially when you are in a fixed income and a tight budget. But if you are to look back and calculate what you paid, you will notice you have paid more in interest over time. The shorter the term or period, the lower the interest.
Getting a Personal Loan
It is always wise to borrow an amount that you can afford to repay on time. It will also be hassle-less if you apply for a loan from the bank you already have an account with. Some banks would even ask you what the money is for and may give you better loans that is tailored to your needs.
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