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Anyone wanting to apply for Personal loans comparison should first make a study of the options on offer in South Africa.
Searching for information online is quick as loan service providers supply comparison platforms that are easy to understand.
A few points about Personal loans comparison platform –
- Online quote providers do all the hard work
- Personal Loans are short-term solutions
- Interest rates on personal loans are not cheap
- Cover outstanding loan amounts with a Personal Protection Plan
- You can repay the loan within days or years
Understanding Personal loans Comparison
There are two options:
- A secured Personal Loan where you provide collateral to secure the cash
- An unsecured Personal Loan based on your credit rating
Personal Loans range from as little as R500, up to a maximum of R150 000. Top-end loans depend on your financial stability and ability to repay the loan amount.
Interest rates on a Personal Loan
Interest rates for Personal Loans are higher than most other avenues of credit. These vary from one provider to another, but some finance houses do offer fixed interest rates.
Consumers are urged to buy a Personal Loan offering fixed interest rates. This way, the repayment plan will remain unchanged, even if interest rates are increased. Failing to pay will negatively impact on your credit ratings.
A personal Protection plan
Some lenders offer a Personal Protection Plan. However, if this option is not included in the Personal Loan, you are urged to pay a little more each month for this cover.
Personal Protection Plans settle outstanding loan amounts in the event of death, specified dread diseases or disability.
Why Personal Loans are Appealing
One of the main reasons people want a Personal Loan is the speed and ease of obtaining ready cash.
- Applicants do not have to provide any financial collateral and
- On approval, loans are paid immediately
However, there are two very important factors to remember.
Firstly, interest rates are far higher than what would be paid on a mortgage bond, for example. And secondly, they are meant to help consumers ease their debt load. The money is not meant to be for unnecessary spending sprees like an overseas holiday or furniture for the home.
You can apply for Personal Loans from R500 to R150 000 and repay it within days or years. Depending on the loan amount, you can pay over a longer period.
Information required when applying for a loan
You will have to supply:
- Full name
- Physical and email address
- Cell and daytime contact numbers
- ID document details
Other information includes:
- Homeowner, tenant or living with parents
- Employment status
- Salary payments
- Number of dependents
- Bank details
Assessing the Loan application
The next step is that the finance house will investigate your finances to establish you will be able to afford the monthly repayments.
Information required includes:
- Gross monthly income
- Take home income after deductions
- Total monthly expenses
To qualify for a Personal Loan the following points apply:
- Only South African citizens can apply
- You must be at least 18 years old
- Weekly and fortnightly earners can also apply
- Weekly earners must submit their most recent four consecutive payslips
- Fortnightly earners must submit their most recent two consecutive payslips
- You must have full-time employment and have worked for a company for at least six months
- OR you must prove you have a regular monthly income
- You MUST have a bank account
Legally, finance houses cannot approve Personal Loans to people:
- Under formal debt review
- Applicants under sequestration
Personal loans Comparison – FAQ (Frequently Asked Questions)
What is a Personal Loan?
The loan is a financial agreement that a borrower repays an amount of money back to the lender within an agreed time period. These loans are intended to help people with cash flow problems and can also be used as a method of debt consolidation.
How does the quoting process work?
Using online quote service providers is a quick and easy method of getting all the details required to obtain a Personal Loan. Simply provide all the info required on the form which appears on the service provider’s web page.
This information is then sent to a number of finance houses who provide quotes best suited to your lifestyle and income. You then receive a number of quotes, including interest rates, the agreed loan amount, the term of the loan, a monthly repayment schedule and, if required, credit protection cover.
You then select the loan best suited to your needs and financiers will make direct contact so that the contract can be finalised.
Personal loans Comparison – How long Does it take To get the Money?
Once a personal Loan has been granted, the cash is deposited directly into your bank account. The speed with which this takes place depends on you providing the correct documents.
How are Repayments made?
Most financiers prefer repayment via direct bank debit order.
The world of finance is bewildering to most consumers, so selecting an online loan quote provider is the way to go. These firms do all the hard work, saving you a lot of time and money. They are geared to negotiate the best deals because they work closely with the loan industry on a daily basis.
Using an online loan quote provider ensures that you receive the best possible deal tailored to your need. What’s more, it is a FREE service.
Apply for a loan now – Just fill in the form on this page and submit it.
All info was correct at time of publishing