Personal Loans - South Africa:
When should you apply?
Sometimes unforeseen events happen in life and you need to apply for personal loans. When you are looking for financing to use for:
- Debt consolidation
- Divorce expenses
- Funeral expenses
- Relocation expenses
- Any unexpected expenses
Here are a few important points to keep in mind when applying for a loan.
- Ensure you have a clear credit record and be up to date with accounts
- Shop around for interest rates
- Ensure the company you are dealing with complies to the
National Credit Act (NCA) and National Credit Regulator (NCR)
regulations and guidelines
- Do a double check on your budget to make certain you’ll be
able to afford the installments. Last thing you’d want to happen is to
land up with a bad credit record due to the extra financial burden
Interest rates on unsecured personal loans are normally higher, for the risk to the money lender is higher.
I am not suggesting you use the financing to go on an luxury overseas
holiday. It should be used for emergency situations only and when you
don’t have alternative options.
In order to apply for finances you must meet the following criteria:
- have a regular monthly income
- be 18 years of age or older
- have a valid South African identity book (green, bar-coded)
- have a bank account into which your salary is paid
Beware of unethical money lenders. Do a thorough research about the company you want to approach.
We have partnered with DebtLab to assist you with your financial
commitments. They are professional with high ethics and operate within
the NCA and NCR guidelines in South Africa.
