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Should I Borrow Money From a Friend or Should I Apply for a Loan with a Bank? Quotes, Application and Requirements.

    Do you need to get a little help from a bank but you fell you don’t know much about loans and finance? You’ve may listened words like “borrow”, “quotes”, “rates” and you can’t figure out what they mean. You know you should never enter a contract you don’t understand entirely so, let me explain in this article different types of loans, requirements, quotes and rates from banks for you to be 100% sure to get the best loan.

    Let’s start by clarifying what is a loan. As we’re referring to the financial field, we mean the process in which one individual is borrowed money from another individual. Remember the parties could also be organizations or entities. In other words, it is the process in which you borrow money from a bank, for example.

    Now, depending on the amount of money and the purpose you need it, you may go for a Personal Loan, Home Loan or a Quick Loan.   

    * If what you need is to buy a car, go on holidays or maybe buy a new computer for your work you should apply for a Personal Loan.

    For instance, you can work with SA Cash Loans which offers quotation up to R150, 000. The quote or quotation is the amount of money you’re allowed to borrow. In this case, you can ask between R 1,000 and R150, 000 as I mentioned before.

    There are requirements you need to comply with in order to be an applicant and they depend on the bank. For SA Cash Loans these are the requirements you need to pay attention to:

- you must have a job for the last three months. It’s important that through this time you are employed by the same person.

- you must be older than 18 but younger than 65.

- you must own a bank account.

- you must receive a minimum salary of R 3,000 every month.

- you must get your salary through your bank account.

SA Cash Loans Contact Details

    If you would like to apply for a loan with SA Cash Loans you can call them at the number 021 202 1679, or email them at and complete the application form. They will inform you if you qualify for the loan, and you can go on with the procedure.

    * Now, what if you need money to buy or build your own home? Of course, you’re going to need much more money so you should look for a bank that offers Home Loans.

    In this case I’ll refer to Better Bond Hone Loans, as they specialize on this type of loan.

    Since you’re asking a higher sum of money, you’ll have to go through a little more complicated process, but don’t worry because it’s not impossible. They just need to make sure you will be capable of repaying the loan.

How to apply for a Better Bond Home Loan?

    You need to follow these steps to get a home loan with this entity:

1. Use their online calculator to calculate your loans. You submit some information about your incomes and expenses and the calculator will tell you how much money you can spend on the repayments.

2. Contact Better Bond to complete the application form.

3. You’ll receive a pre-qualification certificate.

4. Start the house hunting. Thanks to the certificate, possible sellers will trust on you, which makes this part of the process a lot easier.

5. When you find the house, contact Better Bond again and they’ll will ask you some documents along with your Offer to Purchase (OTP)

6. Better Bond will present you application and the OTP to the many banks they work with.

7. The banks that choose you will offer you an interest rate, which is the amount of money added to the loan you have to pay. This rate is included on the monthly instalments.

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8. You’ll have to think carefully and decide which is the best offer for you.

9. Once you decide, you can buy the house of your dream.

10. The last step would be to cancel the monthly installments.

    To contact them you can talk to one of their consultants at the number 0800 007 111, and you can also ask for the nearest branch to your house.

    * Last, there’s another type of loan for those unforeseen events that sometimes interrupts our plans. I’m talking about, for example, when you have a coffee accident and you break your computer. As you use it to work, you need to fix it as soon as possible but, maybe you don’t have that money available. A Short Time Loan, also known as Quick Loan, is what you need in this case.

    Wonga Loan can help you in this case. Keep in mind that, as these loans are borrowed and paid in a short time they only lend from R 500 to R 4,000. And the repayment should be in a month top.

    They also offer an online calculator so you can have an idea of the total cost of the loan before you apply for it. You enter the amount of money you need, and the repayment date you’d like, and you’ll get the interest rate along with the full cost of the loan.

Wonga Requirements

    A good thing about Wonga Is that they don’t ask much when you apply for a cash loan. You only need to have a South African I.D., a cellphone number, which everybody has nowadays, a bank account so you can receive the money through it and, your three last pays lips so they know you are employed and can afford the loan.

    In this chart you have the most important information about Wonga:


Minimum of R 500 – Maximum of R 4,00


From 4 days to one month top



0861 966 421

Working Hours

Weekdays- 7:00 to 19:00- Saturdays 8:00 to 13:00


SA I.D,bank account,cell phone, pays lips

Email Address

Video Loan

Leave your questions or comments


Questions and Answers

Can I ask Better Bond a quick loan?
Unfortunately, you can’t. You should contact Wonga.
Am I eligible for SA Cash loan if I’m self- employed?
Can I choose the repayment term?
Of course!

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Find the best loan of South Africa