While many people may require easily accessible loans, they are also more likely to look for cheap loans in South Africa. Searching for a loan solution requires a thorough comparison of various loan options available. The first step involves deciding what type of loan you need.
Short term loans are ideal if you’re looking for a credit solution designed to give you quick access to cash, which you will be required to repay within a year.
Long term loans usually provide applicants with finance for large purchases. Interest rates may be higher in the long run, when compared to short term loans.
If you are looking for a student loan, you will also want to find a solution that will charge you the least amount of interest throughout the loan term. Some lending institutions may even charge you interest rates that are dependent on your individual affordability.
Common reasons people need loans:
- Paying school or tertiary fees
- Paying for unexpected expenses
- Paying for medical expenses
- Paying for day-to-day expenses
If you are looking for cheap loans in South Africa, your best bet may be payday loans. Usually ranging between R1000 and R8000 over a 30 day repayment period, these loans are convenient and simple to apply for.
By visiting the website of the lender, you can apply online and avoid having to wait in long bank queues.
Having a short repayment period works to your advantage. You won’t have the burden of having to repay a loan for an extended period of time.
Standard Bank has personal loans ranging between R500 and R40 000. To qualify you need to earn a minimum monthly salary of R1000. Repayment terms are between 3 and 42 months.
Factors to consider when searching for cheap loans in South Africa:
- Same day payout
- Repayment term flexibility
- Low interest rates offered