How to Find the Best Personal Loan in Bellville | Instant Cash

How to Find the Best Personal Loan in Bellville | Instant Cash

Cape Town is a large town and moving from one place to another may be tedious if you live in the suburbs. In this article we will show you how to find the best loans in Bellville. You will also learn about the different loan options and how to apply for them.

Can I Take Out a Personal Loan in Bellville?

Bellville is only 12 miles from the center of Cape Town, but that doesn’t mean you have to go all the way there to seek finance. In fact, there are various lending providers who let you apply for their loans online. And if you’d rather requesting your loan in person, there are some banks with branches in Bellville. We’ll tell you all about it.

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A personal loan is a type of credit that is granted to you according to your credit history and income. Once you borrow the money, you have to pay the amount you borrowed plus interest in installments.

Most banks give you the opportunity of applying for their loans online. For instance, Absa Bank offers personal loans up to R350000 and you can pay it back in up to 84 installments; African Bank offers as much as R250000; and Nedbank has a personal loan with a maximum amount of R300000. All these banks let you take out your loan from your house.

If you’d like to go to do it in person, these banks have branches in Bellville:

  • Nedbank

  • Absa Bank

  • FNB

  • African Bank

2 Ways in which you can Get Short Term-Loans in Bellville

When you take out a short-term loan you have to repay it in less than a year. These loans are ideal for when you need small amounts of cash due to an emergency, or because you run out of money at the end of the month and you won’t cash your salary for some weeks.

There are two ways in which you can access to these loans in Bellville:

1. Taking out a short-term loan with a bank such as Absa Group. With this bank you can take out up to R8000 and pay it back in six months. There is another option at FNB; only for clients, though. With FNB you can get a temporary loan with no interests; they only charge a fee. 

2. Online lending companies like Dunami. With this company you can borrow a top of R5000 and you can get a repayment period of up to six months. There are other companies that offer these kinds of loans:

  • Wonga

  • Mulah

These loans tend to be easier to get than the loans offered by banks, however, their interest rates are usually higher.

Are there Micro Loans in Bellville?

If you are considering becoming an entrepreneur and want to start a small business, a micro loan may be a perfect solution for you. This loan lets you borrow a small amount of money and at low interest rates.

One of the banks that offer this loan is Absa Bank. They created a product called Business Term Loan that might be perfect for starting your business. You can pay back this loan in a time period of a maximum of ten years.

Can I take out a Bridging Loan in Bellville?

A bridging loan is a short-term loan in nature. You can use it to pay for an obligation until you find another source of financing. This loan usually has high interest rates and it must be secured. That is to say, the lending company will lend you the money only if you have a property that will cover your debt in the event you are unable to pay it back.

One of the reasons you might need to use this kind of finance is buying a house, for instance. Let’s say you find the perfect house for you at an amazing price, but you don’t have the money to pay for it and you can’t wait until your house loan is approved. With a bridging loan you can get cash flow, pay for it, and then you pay it back with the money from your house loan. In South Africa there is a company that offers this loan: we’re talking about Bridging Finance.

What are the Requirements for a Consolidation Loan in Bellville?

Credit card bills, a student loan, a personal loan… Sometimes we find ourselves in need of finance, and we make use of loans. That’s ok. But having different loans with different providers might mean that we have to think of several due dates, we might become confused with how much money we owe to this or that bank, and interest rates might turn into a nightmare.

Consolidation loans are created just for that reason. They let you combine a number of loans into only one. This doesn’t mean you will pay less. You will have to pay the same amount you owed to the individual providers, but this time you will have only one company to pay to, you will have only one due date, and a sole interest rate.

Each bank may have different requirements for their consolidation loans, but generally they are as follows:

  • Being above 18 years of age

  • Being a South African resident and providing a certificate proving your residency

  • Having a permanent job and providing the bank your latest pay stubs or bank statements

Are there Loans Available for Contract Workers in Cape Town?

When a lending company lends you money, they need to be sure you have the capacity of paying them back. This is why you need to provide your last pay stubs or bank statements, so the bank can know for sure that you are able to pay. If you work under a contract, you probably have receipts of salary to show the bank. If you have at least three of these receipts, you might be able to apply for a loan in Cape Town.

As you’ve seen in this article, you don’t need to move from your house or suburb to get a loan. Here, you’ve learned that you can take almost all loans from the comfort of your house. You’ve been introduced to the different types of loans you can find in Bellville, and the requirements for taking out a consolidation loan. We’d love to read your comments or answer your questions, should you have one.

Preguntas Frecuentes

Can I consolidate my credit card bills with a house loan?

Yes, most consolidation loans allow you to combine different loans into one. Most banks let you consolidated these two kinds of loans.

Good day, can I get a loan if I'm self-employed but only bank statements as proof, please?

To obtain a loan in Bellville, there are main banks which have branches in the area. They are reliable companies that will ask the potential applicants to show proof of income such as their latest payslips and the recent bank statements. So if you are self-employed, you need to show you can meet all the requirements these banks ask for in order to qualify for a loan. 

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