Getting access to personal loans can provide simple ways for getting out of financial crises. Some people use the loans for medical emergencies while others get these loans for home renovations or to pay for tertiary education costs.
Choosing a suitable personal loan involves a lot more than just choosing the best lending institution. It also involves choosing the right loan solution for your needs.
How to compare personal loans in South Africa:
Use comparison sites
The internet has made it much easier to source and compare personal loans. There are numerous comparison sites with simple tools that allow for simple comparisons to be made. Make an apples-to-apples comparison. Be clear about your information to get the best results.
Compare interest rates and loan offers
If you are looking for the best personal loans in South Africa, it’s important that you compare loan offers from various registered lenders as well as the different interest rates.
Keep in mind that credit is key
Lending institutions take individual credit into account when offering personal loans. When you compare personal loans in South Africa find out which lenders consider creditworthiness or affordability as a deciding factor.
Interest rates on certain personal loans may be higher
Make sure you know what type of loan you need. Opting for a secured loan over an unsecured loan can make all the difference when it comes to interest rates charged.
Credit unions tend to offer the most affordable rates
Credit unions offer alternate personal loan solutions. If you are looking for another solution other than a bank loan, this type of loan may be ideal.
Consider the limitations of poor credit
If you have poor credit, you may have an easier time getting personal loans in South Africa if you have a co-signer or if you own property which you can use as collateral.
