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Personal Loans: How to get one in South Africa? | QuotesAdvisor

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.


What is a personal loan? Characteristics

The first thing you should know if you are looking for a personal loan is to know what they are. A personal loan is a contract between a financial institution and a natural person, in which the former lends the latter a certain amount of money. The person acquires the obligation to return said amount, with the interest set and agreed by both, including expenses incurred to carry out the operation.

Personal loans usually have a certain maximum amount, which will depend on the institution in which you request it. This type of credit is linked to a higher interest rate. And, almost always, they are intended for consumption. When you apply for a personal loan, one of the first things you should consider, in addition to the interest rate, is the payment term, which is always agreed upon before it is granted.

What are the loans for? Examples

This allows the person to obtain money to satisfy an economic need such as buying a car, paying for studies, services or even a debt. Applying for a loan is not something you should do lightly. Before doing so, you should consider the reasons why you are going to take this debt and know if you are in a position to do so. This is why it is always necessary to be informed about all the conditions and requirements to find the credit that fits you perfectly.

You should always consider what situation you are in when taking a loan. You take into account the reason why you are going to request it and then the way in which you are going to pay it to see if it is within your possibilities. There are specific situations in which a loan is a solution to your problems. For example, if you are a business owner, you can take on debt to improve your business or maintain a certain profitability at a specific time. Another reason why you can do it is to acquire a good, such as a car or a house. Taking a loan you can finance this amount and pay it in a certain time.

Type of loans in South Africa

There are different types of loans that can help you at different stages of your life and choosing the right one is of great importance. As we already mentioned, first take the time, research the different options, the benefits and the requirements of each one to choose the one that best suits your needs. Now we will let you know the different options that are in the South African market.

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, personal loans 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.

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.

Online Loans: What are they?

Online Loans are credits that, as their name indicates, are made digitally or online, that is, through the internet through the different loan platforms.

Currently, more and more financial companies are offering this type of credit. Normally, these loans are easier to obtain than traditional ones. They are faster and request fewer requirements for access.

In the same way, despite its benefits, we must tell you that it is always necessary to compare between these and traditional credits. When you have to choose a loan, the best option is usually the one that offers the lowest interest and good periods of time to be repaid. Always consider both options when choosing which one best suits your possibilities.

How to get online loans?

Obtaining online loans, as we mentioned before, is faster and easier. For this, what we recommend is to always use a loan comparator. In this way you will be able to find and compare between different options that are in the market and thus obtain the option that best suits you.

To do this you can use our QuotesAdvisor comparator with two simple steps and you will get the options with the best rates on the market. First go to the comparator at the top of this page, enter the amount you want, the period of time for which you want to pay in installments and press the button. In this way you will get the best options at that time to hire.

Personal loan calculator: Why should you always use it?

A loan 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:

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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