By taking a personal loan, you can pay for a variety of unforeseen expenses. This can include everything from taking a long deserved holiday to pay for your vehicle repairs or even home improvements. The personal loan can be applied for any of the major banks in South Africa or you can choose to apply at other credit providers and third party lenders.
The amount of money that you will qualify for will depend on your individual risk profile, as well as your income level. When you apply for personal loand at the bank, provided with a customised file and solution to meet your unique financial needs. Banks will also offer lower interest rates and other service providers, which is why this important for you to first apply for a loan at the bank to see if you can get the loan you need.
What You’ll Need To Take A Personal Loan
Although there is credit providers will differ in terms of the requirements, all of them will have a few basic requirements that you need to remember:
- you have to be older than 18 years
- you have to be full-time employed
- you have to have a good credit record
Banks will offer you different loan amount based on your annual income level, as well as your credit profile. This is why this important to make sure that your credit profile is always accurate and that you handle your payments and your date as well as possible.
The personal loan is a great way to pay for all this unexpected expenses, while benefiting from a convenient and affordable monthly repayment term. Personal loans can usually be up to R250,000 and you can choose to repay this loan amount over a period of up to 84 months.