What Do I need for a Personal Loan? Interest rates and Online Application
As times goes by, the number of South African looking for loans has increased because they find it hard to sustain all their finances with their budget. In such situation, they need to resort to a loan. However, in order to make it happen they need to be prepared so as to obtain the best terms from them.
For such purpose, in the next article you will be given information about Personal Loans, and also contact information about two of the most preferred lending companies in the country, Finbond and Albaraka.
A PERSONAL LOAN
A Personal Loan can be a helpful option if your desire is to pay for the improvements you have made to your home, medical procedure you cannot afford, medicine or even your own wedding. You can ask from about R 1000 to R 150 000. It depends of course on the company you operate with. Moreover, most companies do not ask for a collateral to secure the loan, which is a great advantage clients are given.
How do I obtain the best rates for my loan?
Interest rates in the market have become quite competitive and each of the company you operate with will try to find the lowest interest rate so that you do not lose money in the lending procedure. Rates will depend not only on the company, but also on the type of loan you apply for, your budget and the financing period you choose. That means that the less time it takes you to finance the loan, the lower the interest rates will be.
Steps that must be followed to get a Personal Loan:
1-Determine how much money you need
2-Examine your credit record to see if it is a proper one and enables you to get low interest rates
3-Get in contact with the most reliable banks and financial companies, as they have accessible requirements
4-Look for professional advice in terms of how the interest rate of the loan you are obtaining can affect your credit record
However, if you do not possess a credit record, you can ask for a loan at an online lender, which sometimes happen to possess less requirements than many financial companies.
5-The moment you have found your lender and the rates match your budget and needs, get in touch with it
THE APPLICATION FOR A PERSONAL LOAN
It is not compulsory that you go in person to financial companies, but you can start the application procedure in their website. And, regardless of the kind of lender you have chosen, you will need to be ready to begin the application procedure. So, your credit record as well as your budget will be carefully examined to determine if you are eligible or not.
It is essential to know that if you have a good credit record, the interest rates of your loan will be really low.
Why should I Apply for a Personal Loan?
You need to take into consideration the reasons for obtaining this loan, and for instance they can be financing a new vehicle for the family, a summer house, a trip to another country, appliances, etc. So, at the beginning you must have in mind the reasons, but once you have obtained the money you can use it for whatever you need, as the financial company is only worried about you paying back for the money.
CONTACT INFORMATION OF COMPANIES FOR PERSONAL LOANS
In the next section, I will give you different means of communications through which you can contact with Finbond and Albaraka, two great lenders:
-You can decide to apply for many of the company´s loans if you make one phone call to their customer service number, so make sure to keep the following numbers with you: 086 000 4249 or 012 460 7288. You even have the chance of sending a short SMS by typing this simple word: “credit”. The number for sending messages is: 45040. If you send a message, one of their professionals will of course communicate with you instantly.
-You can try to visit the company´s website with the aim of starting the submission from there in a fast way.
-You can go in person, if you prefer face a personalized attention, to one of the company´s branches in Porth Elizabeth. Such office is located in Korsten. Its precise address is: 45 Cottrell Street.
-Inside the website of Albaraka you are given the wonderful opportunity of filling a small form with your info, so as to be called by one of the workers of the company.
-You can also communicate with the members of Albaraka via e-mail. How does it work? By sending only one email to this email address from your box: email@example.com. You can not only send an email to begin the application procedure, but also to notify their members about any inquiries, questions or doubts that you might have about the loans and further financial tools obtainable at this company.
-You have the great opportunity calling the company, by dialing up their free number specifically created for calls inside the country: 0860225786. There is another phone number that allows clients to send sums from their cellphones: 43893. Thus, you can yield from this number if you are eager to interact with Albaraka from your cellphone in a simple way.
-You can also go to one of the offices Albaraka has in Porth Elizabeth, such information is provided in the chart below:
Starting from R 1000
Fixed and controlled by National Credit Acts
Porth Elizabeth, inside Newton Park. 85, Second Avenue.
Mondays to Fridays from 09:00 am to 07:00 pm
A good credit record and financial and personal statements.
Find the best loan of South Africa
Questions and answers
I need loan to get a bigger house
The type of credit you need to take is a home loan. This loan will facilitate you enough funds to afford such acquisition. Of course, as we are talking about one of the most important purchase a South African citizen can have, the requirements and process are not easy. The bank will carefully verify your economic situation before granting you the loan.
Hi, I need a personal loan. I am 65old
You might think getting a loan will be difficult, if not impossible for you as you are 65 years old. However, it is normal companies accept granting their loans to citizens who are 65 or older. In fact, there are plenty of banks that establish the maximum age to take a loan in 75 years old. As long as you can prove you are given monthly money to cancel the credit, you can apply for a personal loan.
Can I apply for a loan via sms?
You will find banks offering to start the application for a loan through SMS. For example, Capitec Bank is one of them. But, It is important to clarify you will need to present documents that, clearly, can’t be sent via sms. So, sooner or later, you will need to approach the office or send an email to go on with the procedure.
Can I get help from you? Please help me understand how do I get a good deal
Before applying for the loan, go over these 2 points to have the most beneficial experience. To start, be sure to have your documents properly arranged to present the bank and not waste time. Then, remember you have our loan calculator at hand to find out the possible cost of your loan. Besides, you can compare different options to decide on the most convenient for you. Once you complete these points, you’ll have a clear idea on how to get the best deal.
My id is very old and doesn’t always scan, mostly i use my south african passport as i have never bothered to apply for a new id as my work requires that i use my passport more. Will i be able to apply with a passport?
Some South African banks issue their loans to passport holders. Obviously, you will be asked to verify you live in the country with a proof of residence and, that you work and get a regular salary presenting your pays lips. Ultimately, having a new SA ID will help you get everything faster and simpler with most banks so, you may consider update your document either way.
I’m looking for a personal loan to get new furnishing
As regards personal loan, there are a lot of options in South Africa. We can mention some of them like African Bank, FNB, Capitec, Nedbank, Absa and Capfin. An easy strategy to know about the instalments is to use our loan simulator that will show you the cost for your loan with many companies. When you get that information, you will get no trouble on detecting the lowest rate.
I want a loan and i'm from south africa the loan must be R$50,000 without any upfront payment or fee and i will pay it off in 30years if you can help me
Hello, you can certainly obtain R 50 000 with Albaraka since that amount is permitted. However, in order to know whether your salary is enough for such amount you should phone on the following number and let a rep talk about it in detail:086 000 4249
I have a permanent job, salary after deductions is r3500. Which bank should i visit for a personal loan of r20000?
You can contact Finbond so as to apply for its Mid Term Loan, whose maximum happens to be of R 30 000. The maximum will always depend on your ability to repay for it, in this case R 2500 is needed.
Do companies make you pay extra fees?
Only if there are penalizations for not paying installments
When do you pay installments?
On a monthly basis
Are all the rates the same?
Rates are fixed based on each client
Several companies offer Personal Loans
I will try applying for a loan with Albaraka, thanks!
Very useful information to bear in mind!