Address: Louw street, Alberton, Gauteng 1450, South Africa
Phone: 0867227109
Website: https://www.mrcashloans.co.za/personal-loans-explained
Email: [email protected]
Everyone needs a little help now and then. A Personal Loan can help you afford that upcoming big dream or purchase or a well planned personal loan can be a great option to consolidate multiple debts into a single monthly payment. First select all your debts that may have a higher interest rate than our Personal Loan. Then apply for the total sum, letting us know all the debts you would like to consolidate into your loan. Once you are approved, the Personal Loan funds can be used to consolidate your higher interest debts.
You can get these online loans, typically unsecured, in amounts ranging from R5,000 to more than R100,000. And with a good credit score, you’ll likely be able to snag the most affordable interest rates, too.
Your options shrink and your payments grow if you have no credit history or bad credit, but you’ll find some lenders are willing to consider more than your credit score.
Here are some things to consider while searching for a personal loan:
With unsecured personal loans, credit is key
The interest rates on unsecured personal loans are typically higher than rates on secured loans, or loans backed by property. Because these rates depend on your creditworthiness, having a good credit score can also make it easier to find a low interest rate. Your affordability may also be a factor in loan approvals and the amount offered.
Borrowers with average credit will find plenty of options, along with higher rates. Some lenders will consider additional factors such as your job history or earnings potential in making their final decisions.
What you need to apply for a personal loan
To apply for a personal loan, here are the documents you’ll typically need to provide:
• ID
• Latest Payslip
• Latest Bank statement
After providing this information, you’ll need to specify the amount of money you want to borrow and some lenders may ask you to choose how much time you need to repay it (typically 1 – 5 years). Keep in mind that the longer you pay back your loan, the more you’ll have to shell out cost of credit and interest payments. If you borrow only what you need, you can keep your costs low.
Shop around. Your local bank or credit provider may have great rates, especially if you have a long relationship. But online lenders are offering very competitive rates, especially for borrowers without top-notch credit
https://www.mrcashloans.co.za/personal-loans-explained