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Calculate your Personal Loan Online and Compare Quotes

If you are searching for personal loans in South Africa, but you are unsure as to what is the best option for you, you’re at the right place! Here you will learn out how to use an online loan calculator to borrow money quickly. We’ll talk about the different amounts of loans you can qualify for and the best options in the market. Also, we will discuss the main requirements for accessing loans and the main differences between secure and unsecured loans.

3 aspects to look for in a comparison of loan quotes in South Africa

If you are the kind of person who carefully investigates all the loan options available before making a decision, these tips might help you out. In this site you will find objective information about the different credit lending companies of the country. Take advantage of these articles and find out what is the best loan option to address your specific need.

There are three main aspects that you should have in mind to compare the loan quotes you got and choose the cheapest and safest one:

  1. Is the loan secured or unsecured? Secured loans are the ones that require you to provide an asset as guarantee, for example, a car or a piece of jewelry. Conversely, unsecured loans are not protected by any item. Thus, if you take out a secured loan and fail to repay the loan, whatever asset you provided as guarantee will be used to procure payment.
  2. How much can I borrow? Before you start your loan search, think about the amount of money you will need to borrow. This will help you narrow down your search, since not all providers offer the same maximums.
  3. How quickly is the loan approved? Another factor which might determine the decision is how fast you need the loan. Traditional banking institutions tend to ask for stricter requirements, and, thus, they might take a little longer to approve your loan. If you want the money now, you can consider online lending companies that usually process the information much faster.

How to get personal loans with the best interest rate in South Africa?

As you may be well aware, interest rates are set on the basis of different factors. Your salary and your credit history will play a great part in how low or high is the interest rate a lender can offer you. If, after evaluating your information, the credit lending provider concludes that you represent a low risk, then you will get a better rate. However, there is one thing you should consider to get the lowest interest rest possible: the more months you take to pay back your loan the higher the interest rate.

Why you should always use a loan repayment calculator in South Africa?

A repayment calculator is a tool that lets you estimate the amount of money you will have to pay each month to repay your loan. We talk about “estimation” since, as we talked above, the loan will vary according to the interest rate you are eligible to. However, having an idea of what the installment amount will be will help you:

Is it possible to find a 10 years personal loan in South Africa?

Generally, the credit lending institutions able to offer longer-term loans are banks. This is mainly because they are able to lend higher amounts of money. However, personal loans are usually not offered with such longer terms as 10 years. Some of the leading financial institutions of South Africa offer the longest term loans. 

How do I know if I qualify for a specific loan amount in South Africa?

Usually, to be eligible to request a personal loan, you need to be under permanent employment and many banks even ask you to earn a minimum amount each month to ask for their loans. This factors will mainly affect the amount you qualify for to borrow.

How to Ask for a 1000 Rand Loan

In an a world that is becoming more and more internet savvy and dependent, companies that do not have a web presence are rare. Large lending companies are not the exception. For this reason, to ask for a loan of 1 000 rands can be super easy. Most companies offer you the possibility of applying to their loans online.

What is the best way to find quick loans up to R8 000?

Usually, when we need money quick is because we’re in the middle of some kind of emergency. Whatever the reason you need the money in such an urgent way, the best way to find them might be through an online lending provider. These companies tend to have less stringent requirements and have your loan approved within 24 hours. The maximum amounts you can borrow, will depend on the specific company you choose, fortunately many of them offer loans up to 8 000 rands.

Can I ask for 10 000 rand Loan by pawning my car?

If you are unemployed or don’t meet the requirements asked for by most banks and other lenders, that’s not the end of it; there is an alternative. You could pawn your car. In South Africa there are many companies that accept your car as guarantee for your loan. These loans are usually short-term in nature: usually a month. The lender keeps your car in a secure place until you pay back the amount you borrowed. The amounts you can borrow will decided by the provider, generally you can ask for R2 000, R5 000 and up to R10 000.

3 basic requirements to get a R250 000 personal loan

No matter how much money you want to borrow, you will always have to meet certain requirements. Why? Well, you probably wouldn’t lend someone you didn’t know R50 000 just like that, would you? Credit lending providers need to have some assurance that you will be able to afford the loan, that is, to pay them back. What each institution might ask you will depend on that specific company, however these are the 3 most common requirements to get a personal loan asked by lenders:

  1. Providing your ID (South African)
  2. Showing your payslips and/or bank statements
  3. Having a bank account under your name.

Is it possible torequest unsecured personal loans of up to R300 000?

Personal loans are in general unsecured, no guarantee is requested. You will only be asked to meet certain requirements and, most commonly, to have a permanent job. Not all credit lending providers offer this amount of money; you will most commonly find this figure at traditional banks. Thus, you should also take into consideration that you might be able to be requested to earn a minimum amount of money per month; no matter if you ask R20 000 or R300 000. Generally, the amount they ask you to earn is a minimum of 2 000 rands, but this number might vary from bank to bank.

These banks also offer protection plans that will cover you in the event of an unfortunate circumstance: if you are permanent disabled, for instance. It might be a good idea to take this kind of insurance to protect yourself and your family.

Can I take out a personal loan of up to R450 000 in South Africa if am self-employed?

It would be rare to find a bank or other lender offering such a high amount on a personal loan; like we said before, R350 000 tends to be the maximum. However, if you own a company and need to ask for that amount of money or more, you should consider a Business Loan, instead.There are several types of business loans that you can find at leading credit providers of South Africa. For instance, you can ask for a loan of, let’s say R500 000 to start or expand your business. Also you can ask for a loan to buy machinery or vehicles you need to get your company moving. There even are business loans of up to 1 million in South Africa. Of course, the requirements asked to be eligible for these kinds of loans are much stricter than the ones asked for a personal loan.

We’re nearly at the end of our article. Before we go, let us congratulate you for taking the time and the trouble of investigating your options further. If you read through this article is because you want to find the best personal loans in South Africa without taking unnecessary risks. You are willing to use an online loan calculator to plan ahead and avoid ugly surprises: you go the extra mile. And that’s why we’re here for; to help you out in this important decision. We talked about the loans you can find, the amounts you can request, and how to use loan calculators to make a more informed choice.

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