Many banks and loan providers are making life easy for their fellow South Africans by offering personal loans to help make their dreams come true. It can be used for many purposes such as buying your dreaming house, a car, or planning to further your education or May wanting to start your own business but in need of a capital. It can all be possible with personal loans.
Personal loans can also help with paying for the expected expenses such as paying for personal medical attention, repairing car, or if it is your first time moving to a rental place and you need to pay for a deposit and rent
money, but you do not have it, you can simply apply for a personal loan.
The best thing about personal loans is that once you apply and receive approval you will receive the amount you requested and will be deposited into your account in no time, the money lenders will not waste time because they know you need cash. You also get to pay back the money with an affordable interest rate since it is monitored by the National Credit Act to protect you as a customer against being overcharged and explored by the lenders. The time frame to make payments is determined by the terms of the loan you applied for. It can be for 12, 24 or 60 months.
Making paying with instalments will give you enough time to pay without the pressure. However, if want to finish paying quicker, you can make over payments or pay off a personal loan in full at any time before the end of loan agreement without penalty.
The amount offered to borrowers vary, some start as little as R500 to R200 000 or R2000 to R175 000 it all depends on the bank or the company you choose to borrow from and the amount you need. It often easy to get a personal loan when you apply from the bank you already have an account with. To qualify for a personal loan, you must be 18 or older, have an identification document (ID), proof of income, and have an open and active bank account and valid phone number.
Some lenders will check your credit score while others ignore it. Depending on the days you have applied for the loan you get the money within 24 hours. You can also apply for a personal loan through online. It important to remember that personal loans are unsecured loans.