Getting a personal loan can be ideal for helping you through financially challenging times. When you need access to extra cash to pay for study fees, for home renovations or for medical expenses, getting the best personal loans in South Africa can be just what you need.
The structured nature of personal loans in South Africa, with known, regular payments over a set period of time, makes it easy to budget.
There are a few steps to take however when you want to get the best personal loans in South Africa:
Do you research before you borrow
Getting a loan involves a lot more than just finding the cheapest option. You need to know what type of loan will suit your unique individual needs as well as whether you will be able to afford it or not.
Use reputable lenders
To get the best loans you need to ensure that you use only registered credit providers. The institutions which you choose must be registered with the National Credit Regulator (NCR) and they should be fully compliant with the National Credit Act.
Compare different loan providers
Compare factors such as service, flexibility, integrity and value for money. The loan provider of your choice should be willing to provide quality service as well as flexible loan options.
Know your credit score
Before you apply for a personal loan you need to check your credit score. This should give you a good idea of which loan will suit you best.
Financial website Think Money recently compiled a report on customer ratings of personal loans in South Africa, with the following results:
FNB received positive feedback mainly due to good customer service as well as loan approval for R150 000 within an hour. Most comments about Capitec pointed to the low interest rates offered, as well as flexibility and excellent customer service.
Nedbank was rated highly because of it fast approval rates (48 hours).
Make sure that you do some proper research before applying for personal loans in South Africa.