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    Home»Personal loans»Ways to Compare Personal Loans in South Africa
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    Ways to Compare Personal Loans in South Africa

    adminBy adminAugust 10, 2016No Comments2 Mins Read
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    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.

     

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