In South Africa, a personal loan is any loan that is advanced to an individual by a registered financial services provider authorized to offer credit through the National Credit Act.
A personal loan is medium to long term in nature meaning that the repayment period may be anything between 3 to 72 months.
Personal loans are unsecured meaning that you do not have to put up any collateral like a car, house or even have someone sign surety for the loan.
They are usually used to purchase an asset or to make payments like outstanding school fees. Personal loans in South Africa will usually range from R 3,000.00 to R 200,000 in value.
How to apply?
There are many personal loan providers in South Africa and applying to them directly can take several days to get a response and then when you get the response, it may take a few days to get the loan deposited into your account.
Never mind the added burden of having to go to the branch of a personal loan provider to have your loan qualified processed.
There is however a faster way to apply for a personal loans SA, through online loan brokers.
These providers have agreements in place with most if not all personal loan providers in South Africa.
You just log onto a web platform and make an application for online personal loans.
Through their advanced technology, they are able to distribute your loan application to hundreds of personal loan providers and you can get a response on your request within minutes.
This way, you are able to get the best interest rate and most favorable terms for your loan. Once this process is complete, you are able to access your loan from your bank account with a few hours.
How personal loans help you?
Best personal loans in South Africa are a good way to get you back on your feet when you have lost control of your finances. They give you time to be able to settle your daily needs as you take back control of your finances.
You are able to buy that asset that you have always wanted, be it the furniture for your house, a new car or to pay outstanding school fees for yourself or your children.
You are able to do all this while in the comfort of your home or office and with total discretion as friends and family never get to know about this application.