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Top 10 Loans in Cape Town | Get a Loan Online Today

Here you will find all the up-to-date info you need about loans in Cape Town. We will present to you the different loans you can take out and the different financing companies you can choose from. After you finish reading this article, you will have a better grasp of what is more convenient for you. Should you take out a personal loan or a business loan? Read on and have all your questions answered.  

Can I get Instant Cash Loans in Cape Town?

The legislative capital of our country is a big city: you can find virtually anything you need. Quick online loans are not the exception. There are many online companies that offer instant cash loans like Konga, Wonga, Hoopla Loans, LittleLoans, and more. Usually, these companies offer lower amounts of money than big banks, but the good thing is that their requirements are less stringent.

2 Essential Requirements for Payday Advance Loans in Cape Town

Payday advance loans can be a great relief when you are facing an emergency or when you need cash immediately. For instance, you’re only child is graduating from college and you want to throw a big party in his or her honor, but you’re out of money and you will receive your salary in over a week. With a payday advance loan, you can cover the costs of the party and you pay it back once you’re paid your wage.

The essential requirements for qualifying for a payday advance loan are no different from the ones for other types of loans. That is, you have to be of legal age, more than 18 years of age; you need to prove your residence in South Africa by means of a certificate issued by the South African Revenue Service, and being able to provide your last three pay stubs or bank statements.

What Options for Personal Loans do I have in Cape Town, South Africa?

In Cape Town, there are many options when it comes to personal loans. Your decision will depend on how much money you wish to borrow and in what term you wish to pay it back. Banks, such as Absa, Nedbank, or South African Bank offer higher amounts of money (for instance, Absa’s maximum amount is R350000) and longer payment terms. But they also have stricter demands, for example, in order to qualify for these loans you may have to earn a minimum amount every month. If you wish to borrow lower amounts of money, or if your salary is not enough for you to access to the loans offered by banks, you can try borrowing money from online companies such as Konga.

Can Pensioners Apply for Loans in Cape Town?

It is true that pensioners find it harder to obtain credit. To cite an instance, home loans usually have a maximum age (usually of 60 years old), thus living some pensioners out. Nevertheless, they do have some credit options. Pensioners can easily access many personal loans offered by banks or online credit companies. Depending on the amount a pensioner earns each month, they’ll be able to apply for loans at banks or at online lending companies.

On the other hand, those people who for some unfortunate circumstances are unemployed and have no source of income have it even harder. There are no lending companies willing to risk themselves by lending money to someone who is unable to account for an income. If this is your situation, and you believe it is only circumstantial, you might want to consider asking a relative or a close friend to help you out.

2 Types of Collateral Loans in Cape Town

Collateral loans are the ones that require an asset to be the guarantee of the loan if you are not able to repay it. In Cape Town, there are two clear examples of this type of loans. The first one is home loans; in this case, the house you are buying with the loan is the guarantee. If you are not able to pay back the repayments, the creditor can use the house to pay for the debt. The second one is car loans; as with home loans, the vehicle is the collateral.

Can you Get a Loan against your Car in Cape Town?

There are various companies in Cape Town that lend money against vehicles. Usually, the process is pretty simple. You tell them what car you have and how much money you’d wish to borrow. They make you a first offer on the basis of the information you provided, if you’re ok with it, you’ll have to take your car down to their office for them to assess your vehicle and determine if they can actually respect the first offer. If both parties get to an agreement, you leave your car there (these companies usually have parking storage and have it insured), and the money is deposited in your account. Once you’re able to pay your loan back, they give you your car back.

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Which Banks Offer Consolidation Loans in Cape Town?

Keeping out of debt would be the ideal situation, but most of us need to borrow money in order to buy the things we need. Unfortunately, this might make us have several loans at once. Combining your debts into only one easier-to-pay- loan can be a great decision if you want to keep your finances neat. In Cape Town and Parow, there are some banks that offer this credit tool. Nedbank, for instance, lets you consolidate up to 3 loans for a maximum amount of R300000. Consolidation loans are also offered by Standard Bank and FNB.

What are the Requirements for a Business Loan in Cape Town?

If you run your own company and need finance, but, of course, you have no pay slips to account for your income, you can consider taking out a business loan. You can use this loan either to start a business or to grow your business. Some banks also lend you money for the specific purpose of acquiring an asset, like a vehicle or a property.

With these loans, you can usually get much higher amounts of money than the ones offered by personal loans, for example. The period of time in which you have to repay it is usually longer, around ten years.

Depending on the amount of money you would like to borrow, and the specific conditions imposed by each bank, you will be asked to provide certain documents in order to apply for this loan in Cape Town. But as a general rule, you will have to provide a certificate proving your company is duly registered in South Africa, your company’s bank statements, the IDs and residency certificates of the members of the company, and other financial information.

Are there Bridging Finance Companies in Cape Town?

Bridging finance is an instrument usually used by companies when they need cash to, for instance, buy a vehicle or a property or make an outstanding payment to a provider, they do not have the money at the moment, but they are certain they will have the money at a later period. For this reason, they request a bridging loan, usually offered by banks and some private loan companies, they buy the vehicle, house, or they pay to that provider on time, and once they receive the cash flow they were expecting, they pay back the loan.

Can I Find Micro Loan Companies in Gumtree in Cape Town?

Gumtree is an online platform where you can find all types of services and goods. This company is from Great Britain, originally, and has been on the online market for over 19 years. This site is present in Cape Town and is widely used by South Africans. Here you can find all sorts of business opportunities, however, in this page, there are only advertisements regarding the sale of Micro Loan companies, not about micro loans for individuals. If you’re looking for a micro-loan, you may consider Finbond.

Where Can I find a Home Loan if I’m a Government Employee in Cape Town?

Nothing beats owning your house. When you free from rent forever, you feel like making your house as comfortable as you like and to suit your taste. If you work for the government and need a house, you might be in luck. The Government Employees Pension Fund has created a program to assist their public servants in acquiring their house. This program is called the Government Employees Housing Scheme. With this plan you can buy, build or make repairs to your house.

Cape Town is a great city indeed. And this is a good thing when you want to find credit to pursue your dreams. Here you’ve learned the different types of loans you can take out in Cape Town and the companies that offer these services. You’ve got to know about bridging loans, personal loans, payday advances, and much more. Below you can find our comment and question and answer section, feel comfortable to use it!

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