Compare the best loans of South Africa and find the lowest rate
Are you wondering if this is the right moment for you to ask for a loan? Are you still in the search for a company or a private institution that positively contributes to your financial growth and advancement? Certainly, it happened to all of us. We wait for so many years to finally get a stable job, then earn some money to be able to move to a place of our own, settle down… Everyone is looking for archiving those little but significant and huge goals in life. Sometimes, although you put all your effort into saving as much money as you can, it also happens that it is not enough. Bills have to be paid, the rent as well. Not to mention if you want to pursue a career. For these situations, when it seems that everything turns out to be impossible, there are companies like GBS Mutual Bank, which are designed for offering outside-the-box alternatives and lending products that fit your needs and facilitate loan affordability.
GBS main office is located at Grahamstown. On this occasion, you will also find an office branch operating in one of the biggest cities in South Africa: Port Elizabeth. Before exploring the features of the loans you can find in GBS, let’s take a look at the following information which contains relevant data of this location:
Services provided You can invest as well as borrowing money
Port Elizabeth Location 77 Pickering Street Newton Park Port Elizabeth 6001
GBS Mutual Bank Contact, Main Office (046) 622 7109
GBS Mutual Bank Contact, Port Elizabeth (041) 365 4062
Fax number (041) 365 4486
What type of loans can I find in GBS?
There is a wide range of loan options for you to select. For instance, if you are in need of a big amount of money because you want to afford a new property or you want to improve your home facilities, you can apply for a residential mortgage. On the other hand, if you own a business and you are willing to expand it, you can also find GBS commercial loans. Finally, BGS also provides asset-based loans, which can be quite advantageous. In case you didn’t know, this kind of lending is associated with using an asset, which can be machinery for example, through which you are given some money. This kind of lending is protected by this asset and it has been created for brokers only.
General information that is shared among the various GBS loans:
Broadly speaking, GBS normally lends you cash that is almost enough to cover, approximately, more than a half of the price of the valuables you are intended to get. So this is definitely one of the most considerable advantages you can get if you decide to make use of the services provided by this bank.
What is more, there is a deposit that has to be made before you begin the application process. The percentage of money to be deposited ranges between the 20% and the 30%, depending on the loan you are requesting and the repayment terms range from the 10 to 20 years. You will have to check that information according to the loan you are about to apply for.
In case you have any doubts, now I will refer to all the types of financing in detail so that when you finish reading this article you are well acquainted with the features and the requirements as well as the benefits of each product. Let’s start by discussing the main tenets of residential mortgages.
- RESIDENTIAL MORTGAGES
As already explained just a few minutes ago, residential mortgages are a great choice when it comes to making some changes in the building in which you live. If you estimate that this kind of borrowing can give you a hand to finance your expenses, then these are some necessary prerequisites that you must fulfill:
1. You must present a monthly income that proves that you are currently working and you get an income that is fixed.
2. Don’t forget that it is mandatory that you make an initial deposit of the 20%.
Finally, after taking all this into consideration, GBS will estimate if you are eligible to do business with them or not. This means that loan approval will be determined on some relevant aspects such as your credit standing and rates as well as risk assets, to mention just a few.
- COMMERCIAL MORTGAGES
If you are a business person, then this option may be more adequate for you. This loan offers you cash so that you can invest money in your company and expand it, but take into consideration that GBS provides it only to those clients that are suitable and qualify for it.
- ASSET BASED FINANCE
This lending service is only for brokers. If you want more information about this kind of borrowing, GBS Mutual Bank recommends that you visit one of its branches and talk to an expert which will provide you with more details and further information.
If you believe that this bank does not encompass what you need or that it does not suit your needs and circumstances, I will mention hereafter others institution that is located in Port Elizabeth and you may want to consult.
Other financial institutions that operate in Port Elizabeth
- African Bank: This is a retail bank which focuses on providing services that are outstanding because of its worthiness. Humanity is one of the bank’s core values. In African Bank, they are open to each client's ideas but are also ready to give to you their own point of view on the topic you are consulting. Among its services you can find that they offer personal loans and consolidation loans. If you want more information visit the site of the bank or just contact them at this number 0800 633 633.
- Finance37: In case you are in search of payday loans, short-term ones, then this company will be right for you. The huge benefit of this company is that you can get the loan the very same day of application and the amount of money given can be one of R4000. Call them! The phone number of this company is +27 12 941 1572.
When it comes to financing, there more options than you think. Any of them can lead you to a better financial experience. Explore the benefits and let yourself go!