Categories
Personal Loan Calculator

Use Nedbank Personal Loan Calculator for Getting Affordable Finance

get a loan online

A personal loan is the best way to cover your major expenses. Whether you want to buy a home, a car, or just cover your existing debt, personal loans can help you do that. When you apply for a personal loan, you get the amount in lump-sum for a loan term.

The benefit of taking out a personal loan is that you don’t need to repay the loan amount in lump-sum, instead, you can do so in smaller instalments over some time.  

Smaller instalments make it easier for you to repay the loan while managing your monthly expenses. The only thing you need to consider while taking out a personal loan is that whether you can afford it. 

And that’s where the Nedbank personal loan calculator can help you. Nedbank is a registered credit provider as per the National Credit Act. They offer personal loan offers along with a loan calculator that can help you calculate the affordability of the loan. 

Nedbank personal loan calculator: How do they work?

Calculating your monthly repayment is of the utmost importance to ensure that you can afford the loan or not. This will also help you make an informed decision and keep your budget in check. Here are the steps that will help you use the personal loan calculator efficiently for calculating the monthly repayment. 

  • Use the sliding tool to choose the loan amount as per your requirement.
  • Use the next sliding tool to choose the loan term. This term is in months and determines the period you will need to repay your loan. 
  • You can click on ‘Calculate repayment’. This will give you the amount of your monthly repayment for the chosen loan amount and term. 
  • To get a better idea, you can use this tool multiple times to determine the monthly repayment value for different loan amounts and terms. 

 Monthly repayment instalment: Does it include interest?

Yes, monthly repayment instalments include the interest rates. The interest rate is the amount that Nedbank will charge you for borrowing money. In South Africa, the maximum interest rate for a personal loan is 27.5% (at the time of writing this article). However, the interest rates will depend on several factors such as your credit score. 

If you have a high credit score, you can get a lower interest rate. This is because with a higher credit score, you become less risk for the bank, and you would pay your monthly repayment as per the agreement. 

Monthly repayment instalment: How to get a lower amount?

When it comes to the monthly repayment amount, a lower instalment might seem attractive to you. You can achieve in by increasing your loan term. But remember, a longer loan term means paying more interest rates on your loan that will increase the total costs of your budget. This will stretch your budget in the long run. 

So, as much as it looks attractive and comfortable to have a lower loan repayment amount, it is not a better option. However, the Nedbank personal loan calculator can help you make better decisions. 

Can I find the total costs of my loan using the Nedbank calculator?

Yes, you can! The Nedbank personal loan calculator will help you calculate the overall costs of your loan. The monthly repayment amount given by the calculator includes other charges too. For example, Nedbank has a monthly service fee and an initiation fee. 

Both these extra charges are included in your monthly repayment amount that is calculated using the Nedbank personal loan calculator. Hence, before you apply for loan online, using this calculator will give a clear idea of how much you need to pay over the due term. 

Nedbank personal loan calculator: What are the advantages?

  • Plan your budget: Using the personal loan calculator helps you plan your budget. With the calculator, you can get a clear idea of how much loan you can afford based on the monthly repayment amount. You can adjust the loan amount or term to get the desired repayment amount that fits your budget. 
  • Save time: The Nedbank personal loan calculator allows you to save your precious time in making lengthy calculations or contacting the lender for understanding the math. The loan calculator helps you calculate the monthly repayment amount in just a few clicks. 
  • Save money: The Nedbank personal loan calculator allows you to determine the right monthly repayment amount that fits your budget. This allows you to save money in the long run as you can choose an amount that is suitable for the term and interest rates. 
  • Understand how Nedbank personal loans work: While using and experimenting with the calculator, you get to learn and understand how Nedbank personal loans work. This allows you to make the right choice for yourself. 

Nedbank personal loan: Frequently Asked Questions

  • How much can I borrow from Nedbank personal loans?

You can borrow a minimum amount of R2, 000 and a maximum amount of R300, 000 for a term of 6 to 72 months.

  • Nedbank loans: What can I use it for?

Nedbank personal loans can be used for several purposes. Whether you want to buy a home, car, cover holiday or wedding expenses, consolidate your debt, personal loans can be used for all these purposes. 

  • What are the requirements for applying for Nedbank personal loans?

The general requirements of Nedbank personal loans include having a valid bank account and a South African ID. You also need to be 18 years of age or above. You must be employed or self-employed. 

  • How to apply for a Nedbank loan online?

 To get a loan online from Nedbank, you need to know the latest loan offers. And for that, you can visit our website Snappy Loan right away. 

We have curated all the personal loan offers from Nedbank and other loan providers in South Africa. You can search, review, and compare different loan offers with just a few clicks. 

To get the Nedbank loan offer that you choose, you can click on ‘Snap It’ and you will be taken to the lender’s website where you can apply for the loan.

Visit our website now to know more.

Categories
Capitec Personal Loan

Capitec Personal Loan Calculator- Things You Must Know!

apply for loan online

Do you want to apply for a loan to a loan provider in South Africa? If so, you might want to keep reading this article. Usually, when you apply for loan online, you do so to cover some of your expenses. But you need to remember that you need to repay this loan in due time. So, taking a loan that you can afford is the best decision. 

But how do you ensure that the loan you have taken out is the one you can afford? The answer is simple. You need to use a loan calculator to determine the monthly repayment amount to get an idea if you can afford the loan. Each loan provider will offer a loan calculator with different features but with a basic function of monthly repayment calculation. 

In this article, we will talk about the Capitec personal loan calculator offered by Capitec. They are a certified financial provider according to National Credit Act. So, you can rest assured that you will get high-quality loan services from Capitec. 

The main aim of this article to tell you how to use the Capitec personal loan calculator along with some general information that can help you make the right decision. 

Capitec Personal Loans: Quick Information

As you might already know that Capitec is one of the leading loan providers in South Africa. And when you apply for a loan with such a reputed loan provider, you want all the information you can have about loan offers provided by them. 

Let’s give you a quick rundown of some crucial information about Capitec loans.

  • Loan Amount: Carefully think about the loan amount you want to take. The amount must cover your expenses but also something that you can afford. Remember, you have to repay the loan amount in due term. 
  • Interest Rates: Knowing the interest rates will always benefit you because it will also help you determine the loan amount. You have to repay the loan amount along with the interest rates. So, get to know the current interest rate. The lower the interest rates, the affordable the loan amount is.
  • APR: Always get to know the annual percentage rate because it will tell you the overall costs of your loan. This includes the interest rates along with some extra service charges. Knowing this will give you a better idea about your overall loan costs. 
  • Monthly Repayments: You need to use the calculator to determine the monthly repayments for a personal loan. This is quite tricky. If you choose a longer loan term, you will pay more interest. But if you choose a short loan term, you will put pressure on your current budget. So, strike a balance between these two factors to get a comfortable and affordable monthly repayment amount. 
  • Terms and Conditions: Always read the terms and conditions of the credit you intend to borrow. Why is this important? It is because some credit providers don’t allow you to make early repayments and if you do, they will penalize you. Sometimes some credit providers want you to have credit insurance. So, knowing these terms and conditions will ensure that you choose the right credit and repay it comfortably. 

Capitec Loan Calculator: How to Use?

Once you have chosen a few of the loan plans from Capitec, what next? The next step is to calculate your monthly repayment amount to get a better idea if you can afford the loan. Use the calculator using the following steps:

  • Select or manually enter the loan amount and term.
  • Click on ‘Calculate repayment’. This will give you a monthly repayment amount based on your selection. 
  • You can adjust the loan amount and term to see different values of monthly repayment. 

Once you have made a few selections and got the information about monthly repayments, you can choose the loan amount and term that gives you an affordable monthly repayment amount. 

Using the calculator, you can get a rough idea about what credit amount you should borrow. But remember, the actual monthly repayment amount might slightly vary based on the current interest rates after approval. However, the variation won’t be drastic. It will still fit your budget. 

Capitec Interest Rate Calculator

Apart from a personal loan calculator, Capitec also offers you an interest rates calculator that will help you calculate an estimated interest rate for the loan amount and term you select. 

  • Choose the loan amount and loan term. 
  • The result provided by the calculator will be the estimated interest rate for your credit. 

This can certainly help you make an informed decision and choose the credit that you can afford. 

Note: Remember the interest rates calculated with this calculator are just an estimate. The actual interest rates can vary based on your credit score and profile. 

Overview of Capitec Personal Loans

  • Loan amount: R10, 000 (minimum) and R250, 000 (maximum)
  • Loan term: 1 month to 84 months
  • Interest rates: Fixed interest rates that start from 12.9% 

Requirements to Apply for Capitec Personal Loans

When you want to get loan online, you need to complete the following requirements:

  • Valid ID issued by the South African government
  • Bank statements of the past 3 months
  • Recent pay slips
  • Age 18 years or above. 

If you fulfil these requirements, you can apply for a loan with Capitec. 

Conclusion

Capitec is one of the largest credit providers in the country that is known to offer the best loan plans. You can choose from a wide range of loan offers from this provider. 

If you want to get a quick overview of all the loan offers from Capitec, you can visit our website Snappy Loan. We have curated all the current loan offers from different loan providers in the country. 

You can search, review, compare and apply for a loan directly from our website with just a few clicks. When you choose the loan offer that suits you best, you can click on ‘Snap It!’. You will be taken to the lender’s website where you can fulfil the requirements and apply for a loan. 

With Snappy Loan, you can easily apply for a loan online! Visit our website now.

Categories
Personal Loans

Calculate Your Monthly Repayment with Absa Personal Loan Calculator

personal loan

Are you planning on taking out an Absa loan? If so, you might want to keep reading this article for further information. Although taking out an Absa loan is not tough, making it stress-free is our goal with this article.

In this article, we will tell you about a free Absa loan calculator and some more information about the types of Absa loans. With this article as your guide, it will be easy for you to apply for Absa loans.

The repayment calculator offered by Absa will help you to calculate your monthly repayment. This will give a better idea if you can afford the chosen loan. But before we tell you about the Absa personal loan calculator, let us give a brief about Absa loans.

Absa personal loans: Quick information

  • The amount you can borrow: R250 and R350, 000 is the range of amount you can borrow from Absa personal loan
  • Loan term: The loan term range for making your repayment is between 12 to 84 months
  • Interest rates: The base interest rate for an Absa personal loan is 21%. The charges also include service fees.
  • Application requirements: If you want to apply for Absa personal loans, you need to have a valid South Africa ID, latest payslips, and bank statements.

If you want to know more about Absa personal loans, don’t hesitate to visit their official website.

Absa personal loan calculator: How does it work?

The personal loan calculator offered by Absa is straightforward and simple to use. Here is how it works:

  • You can use the slider and move right or left to choose the loan amount you seek. Alternatively, you can also type the loan amount manually.
  • Use the adjacent slider and move it right or left to choose the loan repayment term. Alternatively, you can enter the loan term manually.
  • Get your results by clicking on ‘Calculate Repayment’.

Absa personal loan calculator: What factors determine the calculation?

  • Loan amount: The usual loan amount that most people can apply for is between R3, 000 to R250, 000. But this amount will vary based on how much you want to borrow and the purpose of borrowing. Another thing that determines the amount is how much you can afford. If you take a higher loan amount, you have to pay higher monthly repayment and vice versa.
  • Loan term: The amount of time that you will need to repay the loan amount is known as the loan term. It is in months and will determine your monthly repayment. If you choose a higher loan amount, you will need a longer-term to avoid putting pressure on your budget. You will also have a lower monthly repayment amount.
  • Interest rates: The last factor that determines your monthly repayment is interest rates. The rates are included in your monthly repayment along with other charges.

So, when you apply for loan online with Absa, make sure to calculate your monthly repayment amount ensuring that you afford the loan.

Best monthly repayment: How to choose?

Based on what you select on the slider, the calculator will give you the monthly repayment amount. But how do you determine which repayment amount might be the best choice for you? Here is how:

  • Want to reduce the overall cost of your loan? If you want to reduce the overall costs of loans, you can check out the debt consolidation loans offered by Absa. The debt consolidation loan will help you group all your existing loans in one leaving only one loan to repay. This way you can reduce the overall loan costs.
  • Want a lower monthly repayment?If you have a lower monthly repayment amount, it will be easier for you to afford it without putting too much pressure on your budget. You can easily manage your monthly expenses while paying your monthly repayment. The best way to ensure a lower monthly repayment is by choosing a lower loan amount or a longer loan repayment term. Just remember, that you will have to pay higher interest rates if you choose a longer loan repayment term.

Absa personal loan calculator: Benefits

When you want to get loan online for covering your expenses such as a home, car, wedding, or holiday, you need to know if you can afford it. A loan calculator can help you determine the same.

  • Convenient Tool: A loan calculator is a convenient tool to determine your monthly repayment amount. If you try to do it manually considering the interest rates, you might make a mistake and that would cost you a lot. So, using the calculator, you just have to enter the values and click calculate. The loan calculator will give you the repayment amount.
  • Accurate Estimate: When you use a loan calculator, you will get an accurate estimate of the monthly repayment. You can get a fairly good idea of if you can afford the loan or not. You can also change the loan term and amount to see different monthly repayment amounts to make an informed decision.
  • User-Friendly: The loan calculator is extremely easy to use. Also, you can access the loan calculator anywhere anytime. You can use them on your smartphones, laptops, desktops, or tablets. Absa loan calculators help you compare different loan offers easily and choose the right one.

What to do after using the Absa online calculator?

Once you have used the loan calculator to determine your monthly repayment amount, it is time to apply for the loan online.

If you want to choose the right Absa loan offers, you can check out our website Snappy Loan. We have loan offers from all the leading banks, financial institutions, and loan providers.

You can search, review, and compare different loan offers from different lenders. You can choose the loan that suits you the best and click on ‘Snap It’. You will be taken to the lender’s website, where you can fill the form and upload the required documents.

Once submitted, wait for the approval. Once the loan is approved, you will get the loan amount in your bank account.

With us at Snappy Loan, applying for a loan is easy, hassle-free, and quick.

Categories
Car Loans

Secured Car Loans: Everything You Need to Know!

Secured Car Loans

Are you in the market for buying a new car? If so, it can be a big move for you. But do you have enough funds to cover the costs of buying this car? If not, you have come to the right place. If you don’t have enough finance to cover the costs of the car, you can opt for secured car loans. In South Africa, several financial institutions provide secured car loans to cover the car expense.

In this article, we will tell you everything about secured car loans. So, keep reading to find out more.

Secured car loans: What are they?

When you borrow money from a bank or a lender to buy a car, it is known as a car loan. The car loan is secured when you leverage your car as collateral. Secured car loans are easily approved as you provide a car as a security. This way you don’t have to pay the full price of the car, instead, you pay it over time as monthly instalments.

Secured car loans: How do they work?

When you get a secured car loan, you use the money to pay the complete cost of the car. Once that is done, you start paying your car loan in monthly instalments. When you repay the loan, you also pay other costs such as admin fees and other charges.

But always remember that you might lose your car if you default on repaying the monthly instalments for the car loan. So, make sure you take a secured car loan only if you can afford it.

Secured Vs Unsecured Car Loans

When you start searching for car loans, you will find secured and unsecured car loans. As mentioned above, secured car loans require you to keep your car as collateral.

However, unsecured car loans don’t require your car as collateral. But on the flip side, you have to pay higher interest rates and if you default at repaying the unsecured car loan, you might be charged heavy penalties and charges.

Moreover, unsecured car loans are usually approved for people who have a good credit score.

When you apply for loan online, the minimum and maximum loan amount for secured care loans is R10, 000 and R300, 000 respectively.

Secured car loans: What are the interest rates?

In South Africa, the maximum interest rate for secured car loans is 27.5%. Also, you will find two types of interest rates for secured car loans.

  • Fixed Interest Rates

Your secured car loans can have fixed interest rates. This means that the interest rates never change over time. You know exactly how much you have to pay. The interest rates will be unaffected by the prime market rate. However, if the prime market rate goes down, you won’t be able to benefit from it.

  • Variable Interest Rates

Your secured car loans can have variable interest rates. This means that the interest rate will go up and down as per the financial activity of the South African Reserve Bank. This will affect the prime market rate, thus, your interest rates.

Sometimes, you might end up with a very low-interest rate, but you might also have to pay highinterest rates too.

Secured car loans: How to Choose?

With so many options on the market, it can become difficult to choose the right secured car loan that suits your needs. But here are a few things that you must always consider before making your final choice.

  • The Loan Amount: Always choose a secured car loan that provides you enough money to cover the costs. But make sure to choose a loan that you can afford. If you default at repaying the loan, you might lose your car.
  • Interest Rates: Choose a loan that provides low-interest rates.
  • The Loan Term: The most common loan term offered by banks is 7 years. But remember, the longer time you take to repay our loan, you will have smaller monthly instalments with bigger interest repayments. However, when you have a short loan term, you will pay higher monthly instalments with lower interest rates.
  • Additional Charges: Always look for any additional charges such as service fees, admin fees, and more. This will increase the overall loan value.
  • Requirements and Application: Applying for secured car loans can be easy and complicated based on the lender you choose. So, get to know the requirements and application process prior.

Secured car loans: How to apply?

When you want to get loan online, the following are the application requirements:

  • Proof of income
  • Valid ID issued by the South African government
  • Proof of address
  • Age must 18 years and above
  • Minimum monthly salary (usually R5, 000)
  • Copy of driving license

You can either apply for a loan online or visit the nearest branch of a bank to fulfill the application process.

Benefits of secured car loans

  • Secured car loans have lower interest rates so you can repay them easily.
  • You can either buy a used or new car with secured car loans. This gives you a choice to buy a car that you can afford.

Disadvantages of secured car loans

  • Since you to keep your car as security, you might lose the car if you default repayment.
  • Secured car loans are strictly for buying a vehicle, unlike personal loan that can be used to buy anything.
  • Make sure the car your buy must be in its best condition.

Now you have this article as your information guide whenever you want to apply for a secured car loan.

And you can visit our website Snappy Loan to search, review and compare different secured car loan offers in South Africa. We have loan offers curated from different banks, lenders, and financial institutions.

You can set the loan amount and loan term to find a list of loan offers on the website. You can ‘Snap It’ to go to the lender website and fulfill all the requirements to apply for a loan online.

Once the lender has approved the application, you will get the loan money directly in your account. With us at Snappy Loan, finding and applying for a loan has become easy and hassle-free.

Contact our team to know more.

Categories
Get Loan Online

A Simple Guide to Navigate Loan Application While Being Blacklisted

get loan online

Do you want to apply for a loan online in South Africa? Did you just find out that you are blacklisted and can’t apply for a loan easily? If so, you have come to the right place.

When you live in South Africa and are blacklisted, it can get extremely difficult to apply for a loan to a bank or any financial institution. However, it is not impossible!

You can apply for loan online to independent lenders who provide loans to blacklisted people. But do you know exactly what it means to be blacklisted? Or how you can improve your credit score? If not, keep reading this article to find out more.

Blacklisted! What does it mean?

If you are blacklisted, it simply means that financial institutions consider you as a risk and liability. This happens if you consistently fail to repay your loans and debts.

However, know this, that there is no such ‘blacklist’. It is a term used to identify people who are not reliable for giving loans due to their history of defaulting on loan repayment.

How to find if you are blacklisted?

It is quite easy to find out that if you are blacklisted or not. In South Africa, you are entitled to get a complete credit score report and history from a local credit bureau.

There are some independent companies too that can give you complete detail of your accounts, debts, and credit score. But always remember, no company can tell you exactly you are ‘blacklisted’ because as mentioned above such a list doesn’t exist.

 Bad Credit Score: What is it?

To explain in brief, a credit score is calculated based on different factors and lies between 300-850. A credit score is called good when it lies towards the higher end of the range. Whereas a bad credit score lies at the lower end of the range. Following are the factors and information used to calculate a credit score.

  • Payment history
  • Money you owe
  • Your account’s age
  • Bank account activity
  • Previous credit checks carried on you

A credit score is an indication of how your financial behaviour is: good or bad? However, if you want to improve your credit score, keep reading this article. We have got some tips for you!

Blacklisted: How does it affect you?

The major impact on your life due to being blacklisted is that you won’t be able to get loan online easily. But you don’t have to worry too much or feel ashamed about being blacklisted. Numerous professionals have been blacklisted before due to poor credit scores.

Will I be blacklisted forever?

Yes and No! If you don’t take any steps to improve your credit score, you might stay blacklisted forever. But if you are actively making effort to pay back your debt and show proof of debt consolidation, you will not be blacklisted forever.

Tips to fix bad credit score

So, you know what it means to be blacklisted and how it can prevent you from getting a loan. But let’s now talk about how you can improve your bad credit score to not stay blacklisted forever.

  • Debt Settlement

As mentioned above, the best way to improve your credit score is to settle all your debts. Now, remember this, that debt settlement will not drastically improve your credit score. But when you apply for any personal loan, having better loan management on your credit record can play in your favour.

Most banks tend to study your debt management record as compared to direct credit score. This gives them an idea about how you tackle your debt.

  • Fraudulent Activity Check

So, you applied for a personal loan and the bank rejected your application citing a bad credit score as the reason. Now, if you know that you have done everything in your capability to maintain a good credit score, make sure to check for fraudulent activity.

You can do so by getting in touch with the local credit bureau and complain. If this doesn’t work in the next 20 days, contact Credit Ombud.

  • Timely Payment of Bills

The best way to ensure that you never fall into debt and have a good credit score is to ensure that you pay all your bills on time. It is just that simple! Manage your budget and finances so that you don’t default on your debt repayment.

  • Pay Credit Card Balance

Credit card debt can have a major impact on your credit score. If you make timely payments of your credit card balance, your credit score will surely improve. So, if you haven’t added a credit card repayment to your plan, do so now. If you are consistent with your credit card balance repayment, the bank will be able to assess your overall repayment history and strategy.

These a few of the ways that can help you improve your overall credit score. This can certainly bring you back on track and prevent you from staying blacklisted for long.

If I am blacklisted, what type of loan I can get?

  • Secured Loans

When you are blacklisted, it is easy for you to a secured loan. Why? Because the lender will ask for a property as collateral before approving your loan amount. In case, you default to repay the loan, the lender can keep the leveraged property.

  • Payday Loans

You can also apply for a payday loan when you are blacklisted. But the drawback is that payday loans are unsecured loans that come with high-interest rates. It can get increasingly difficult for you to repay the loan.

If you are blacklisted and want to apply for a loan online, you can visit our website Snappy Loan.

We have a complete list of the latest loan offers provided by lenders to people who are blacklisted. You can search, review, and compare different offers on our website.

By clicking on ‘Snap It’ you will be taken to the website of the lender. Fill the application form and fulfil all other requirements to get the loan.

To know more, get in touch with our team!

Categories
Holiday Loans

Holiday Loans: Perfect Gateway to Fund Your Getaway!

apply for loan online

Have you been thinking of taking a holiday anytime soon? If so, you might want to have a relaxing time with maximum amenities wherever you go. This means you will need enough funds to cover the expenses of your holiday.

But do you have the required funds for your upcoming holiday plans? If not, holiday loans in South Africa are the best option to support your finances and cover the costs of your holiday.

Holiday loans are your perfect gateway to funding your getaway! But do you know everything there is about holiday loans? If not, this article will certainly help you.

Holiday loans: How does it work in South Africa?

In simpler term, holiday loans are a type of personal loan that has the following features:

  • Unsecured loan: Holiday loans are unsecured loans where you don’t have to give your personal property as collateral. So, you can borrow money without losing your property.
  • Minimum and maximum loan amount: The minimum holiday loan amount is R2, 000 whereas the maximum loan amount is R300, 000.
  • Minimum and maximum loan term: You have to repay the loan as monthly repayments with a minimum loan term of 12 months to a maximum of 84 months.
  • Fixed or variable interest rates: Holiday loan interest rates are either fixed or variable depending on the loan and the loan provider.

Holiday loans: What is it used for?

Of course, holiday loans are used to cover the expenses of your vacation during the season. Following are the activities that you can use your holiday loan for:

  • Booking plane tickets
  • Buying gifts
  • Holiday shopping
  • Accommodation
  • Meals

Anything that contributes to our relaxing vacation, you can use holiday loan cash to cover the expenses.

Comparing holiday loans? Consider these factors

When you are looking for holiday loans, make sure to compare different plans to make an informed choice. And for the same, you must consider the following factors:

  • Interest Rates

When you are comparing loans, a lower interest rate must get you hyped up. This is important because a lower interest rate will also affect the overall costs of the holiday loan. So, when you are searching for holiday loans, go for a loan offer that has lower interest rates as per your credit score.

  • The Overall Cost of the Loan

Before you finalize a loan offer, make sure to check out any additional charges that might be included in the overall costs of the loan. Usually, a loan provider will charge initiation fees and a monthly services fee. But additional charges can increase the overall costs of the loan. So, before you apply for a holiday loan, make sure to check out any hidden charges.

  • Repayment Options

When you are choosing a holiday loan, make sure to consider the loan repayment options. This will include the loan repayment term and amount. If you intend to save money, you must repay your loan in short term by paying larger amounts. If you want to make early repayments, make sure that your loan provider offers this facility. Some loan providers might penalize you for early repayments. So, always consider your repayment options.

  • Specific Advantages

Always look for a loan where you can get some specific advantages such as if you are going for a holiday on short notice, you might need to borrow money immediately. Hence, you must look for loan providers who offer instant holiday loans online. You can apply for loan online and get cash in your account in just a few hours.

Repayment calculator for holiday loans

Before you finalize a loan offer for your holiday, make sure to use an online repayment calculator. This calculator is specifically built to help you calculate your loan repayment amount.

All you need to do is enter your loan amount, loan term, and click calculate. It will give you your monthly repayment amount. Calculate for different holiday loan offers and choose the offer the fits your budget.

Holiday loans: Requirements

When you are applying for a holiday loan, you need to fulfil the following requirements:

  • Valid ID issued by the South African government
  • Minimum 18 years of age or above
  • Regular monthly income
  • Proof of address
  • Bank statement and payslips for the past three months
  • A good credit score

Holiday loans: How to apply online?

When you want to get loan online for your holidays, you can check out our website Snappy Loan right away.

We have got the best and latest holiday loan offers from reputed and trusted loan providers in South Africa. Applying for a loan online using our website is easy and hassle-free. Here are the steps you must follow:

  • Search, Review and Compare

When you visit Snappy Loan, you must search for the holiday loan offer by choosing your loan amount and loan term. You can review each loan offer to understand the terms and conditions.

Make sure to compare each loan offer based on various factors such as interest rates, additional fees, charges, loan repayment amount, and more. Use the repayment loan calculator to make an informed choice.

  • Click ‘Snap It’

When you have decided on a loan offer you want to apply for, just click on ‘Snap It’. This will take you to the lender’s authorized website for further information.

  • Start the Application

Once you have understood the terms and conditions and fulfil all the requirements, start filling the application form. Complete every detail and enter submit. Once approved, the loan amount will be transferred to your bank account.

Based on the turnaround time of the lender, you can get the loan amount either on the same day or in a few days.

With Snappy Loan, searching, reviewing, comparing, and applying for a loan is easy, quick, and hassle-free. So, whenever you want to apply for a loan online, don’t hesitate to visit our website right away.

You can also get in touch with our team for any further questions. They will be glad to be of help. So, enjoy your holiday plans by choosing the right holiday loan offers now.

Categories
Motorbike Loan

A Complete Guide to Motorbike Loan in South Africa

motorbike loan

Motorbikes are the easiest way to commute in South Africa. And if you have been thinking of buying a motorbike, you have come to the right place. Oh no! We will not talk about the different types of motorbikes (or maybe a little!), instead, we will tell you about motorbike finance in South Africa.

Motorbike finance is the best way to cover the extra costs of your motorbike during purchase. This is followed by a monthly repayment plan.

So, let’s get started to know about motorbike financing options in South Africa.

General overview of motorbike finance

  • Loan amount: R10, 000 (minimum) and R300, 000 (maximum)
  • Loan term: The loan term can vary based on whether the motorbike is new. It can vary from 6 months to 7 years.
  • APR: Interest rates and other costs are involved in the annual percentage rates. The maximum interest on motorbike finance is 27.5% and on top of that, you must pay other extra costs such as service fees.

Motorbike finance: What is it? And How does it work?

In simpler terms, motorbike finance is just like any other personal loan that allows to buy and drive luxury motorbikes in South Africa. Once you have bought the motorbike using finance, you must start monthly repayments of the loan amount.

In South Africa, you can also find specialized motorbike finances such as:

  • Off-road motorbike finance: If you intend to buy a dirt bike, off-road motorbike finance is the best way to cover the costs. Off-road bikes are specialized motorbikes that you can drive on gravel, sand, mud, and unpaved pathways.
  • Ducati motorbike finance: If you intend to drive this sweet ride down the road, you can do so by getting a Ducati motorbike finance. These bikes are expensive and luxurious but with the right Ducati financing, you can purchase this motorbike from the dealer.
  • Used bike finance: If you are buying a second-hand motorbike, you can apply for used bike finance.

Motorbike finance loans can be secured or unsecured. If you are getting a secured motorbike loan, you must keep your motorbike as collateral. So, if you miss paying your monthly repayments, you can lose the motorbike. So, make sure you pay your monthly repayments at the right time.

Buying a motorcycle? Consider these factors!

With so many options on the market, finding the right kind of motorbike can be difficult. But here are a few factors that you can consider finalizing your choice when shopping around for a motorbike.

  • Motorbike brand: With several brands on the market and each claiming to give you high quality, it can be difficult. But always consider a brand that gives you value for your money.
  • Motorbike type: This depends on how you will use the motorbikes. You can find different types such as dirt bikes, sports bikes, cruiser motorbikes, and standard motorbikes.
  • Engine capacity: This is one of the most important factors. Usually displayed as ‘cc’, the average range is 50cc to 1500cc. The larger the engine capacity, the more powerful a motorbike will be.
  • Ease of use: Make sure to test drive the motorbike of your choice to get a feel of the bike. This will give you an idea about if it is the perfect choice for you or not.
  • Other features: Don’t forget to consider other features such as a control panel, adjustable seats, height to make the right choice.

Motorbike Loan: Making the right choice

Choosing the right motorbike loan for yourself can be difficult. Here are a few questions you must ask when you are choosing a motorbike loan.

  • Can you afford the loan? Always make sure to get loan online that you need but also the one that you can afford.
  • How long should my loan repayment term be? Loan repayment is crucial and must be a comfortable process. Hence, determine how much time you will need to repay the loan. Also, make sure to choose a loan offer that allows you to make early repayments of the loan.
  • What is the interest rate? Choose a loan offer that has lower interest rates so that the overall costs of your loan are lower too.
  • Are there any other fees involved? Any hidden fees will increase the costs of your loan. So, make sure to know everything about any additional costs.
  • Secured or unsecured loan: Which to take? Secured loans have lower interest rates but will need your motorbike as collateral. Miss monthly repayments and you must give up your bike. Whereas unsecured loans have higher interest rates but more flexibility.

Motorbike loan: How to apply?

Following are the standard loan requirements to apply for loan online:

  • Valid driving license issued by the government
  • Good credit score
  • Valid ID issued by the South African government
  • Minimum 18 years of age or above
  • Proof of income (payslips or bank statement for last 3 months)
  • Must have a monthly income above R5,000

When you are browsing the current offers at our website Snappy Loan, you can click on ‘Snap It’ that will take you to the lender’s website. You can fulfil the requirements and get the loan in due time.

Frequently Asked Questions

  • I have a bad credit score. Can I still get a motorbike loan?

Yes, you can! There are specific loans for people with bad credit. And certain South African lenders don’t check your credit score.

  • New or used motorbike: Which one should I buy?

You might already know that new motorbikes are usually expensive. So, if you are taking out a motorbike loan, make sure you choose the one that you can afford. Also, when you take a used motorbike loan, you can’t use it for buying stolen, older models, or damaged motorbikes.

  • Can I use a motorbike loan for other expenses?

No! Motorbike loans are specifically meant to cover the costs of motorbikes. But some types of loans can be used to get motorbike insurance.

  • Fixed and variable interest rates: What is the difference?

Fixed interest rates don’t change whereas variable interest rates change. This affects your overall costs of the loan.

Now that you know everything about motorbike loans in South Africa, you can check out our website Snappy Loan. We bring to you a complete overview of the latest motorbike loan offers in South Africa. You can search, review, and compare different loan offers. Once you have chosen the loan offer, just ‘Snap It’ and go to the lender’s website to fulfil the formalities and get the loan.

Categories
Personal Loans

Unsecured Personal Loans in South Africa: All You Need to Know!

personal loan

Have you been thinking of taking out an unsecured loan? Do you know everything there is about an unsecured loan to make an informed decision?

Since you are reading this blog post, we assume that you don’t have complete information about unsecured loans. Moreover, you might have been confused with so many options on the market.

Don’t worry! In this blog post, we give you a comprehensive overview of unsecured loans that will help you make an informed decision.

What is an unsecured personal loan?

Now, firstly, let’s understand what a personal loan means. So, in brief, personal loans mean borrowing money from a financial institution such as a bank to cover large expenses. You can use personal loans to cover your wedding expense, university fees, renovation of home, or any such personal requirement.

An unsecured personal loan means that you don’t have to provide any personal property as collateral. All you need to do is apply for the loan and get the loan amount without putting your personal property at risk.

Unsecured loans: How do they work?

As said above, that you don’t have to risk your personal property for an unsecured loan. However, this is the reason why unsecured loans have higher interest rates.

Higher interest rates ensure to protect the lenders if you default at paying your monthly repayments. Also, some of the unsecured loans have a borrowing limit for the same reason.

But the overall following is the comprehensive review of unsecured loan:

  • Minimum loan amount: R1, 000
  • Maximum loan amount: R350, 000
  • Loan term: The usual loan term is 1 month to 84 months (7 years) for repayment of a loan.
  • Interest rates: 27.5% is the maximum interest rate for unsecured loans in South Africa.

Apart from unsecured personal loans, you can also choose from other unsecured loans such as payday loan, student loans, and lines of credit.

Unsecured loans: When is the best time?

Since you don’t have to keep the personal property as collateral for taking out an unsecured loan, you can apply for it any time. But it is wise to take out an unsecured loan when you need it the most.

Always remember, you must repay the loan with interest rates in due time. So, apply for an unsecured loan when you the utmost need for money. Here are some situations where having an unsecured loan might be helpful.

  • Buying essential items: If you intend to buy essential items such as a laptop, electronic items that make your life easier, an unsecured loan can assist you with that. If you need money to fix your car, you can apply for an unsecured loan in that case too.
  • Emergency: If you encounter a medical or family emergency, taking out an unsecured loan will be advantageous to cover the expenses.
  • Holiday or wedding: These events are quite expensive, but they add value to your life. And if you need financial help to pay for them applying for an unsecured loan would be a great idea.
  • Debt consolidation: If you have several smaller debts, you can use an unsecured loan to consolidate those debts effectively. Now, you will have only one debt to repay.
  • Investment: If you want to invest in something that will give you profit over time, you can use an unsecured loan.

Secured Vs unsecured loan: The comparison

  • As mentioned above, you don’t have to put your personal property such as a car or home as collateral when you take out an unsecured loan. On the contrary, secured loans need collateral.
  • If you take out unsecured loans, there is no risk of losing your personal property. If you default at repayment. Whereas in a secured loan you can use your property to cover the repayments.
  • Unsecured loans have higher interest rates as compared to secured loans.
  • Lastly, there are some unsecured loans where you must face a borrowing limit. Also, unsecured loans have stricter requirements and if you have poor credit, you might not be able to apply for an unsecured loan.

Unsecured loans: Advantages and Disadvantages

When you are borrowing money from a financial institution, you must consider the benefits and disadvantages.

  • Benefits of unsecured loan:
  • You don’t risk losing your asset since unsecured loans don’t need any security.
  • When you opt for unsecured loans, you can use the money for any purpose.
  • If you fulfil all the requirements of unsecured loans, applying for them is quite easy. You apply for loan online easily with just a few steps.
  • Disadvantages:
  • Unsecured loans have higher interest rates
  • You might have to repay your loan on short term
  • You might not be able to borrow larger amounts as some of the unsecured loans have borrowing limits.

Unsecured loans: How to choose?

  • Borrowing amount: Make sure to decide on how much loan amount you want to borrow. You must be able to afford the loan amount as you need to repay it in due time. Find a loan that can give you the said amount.
  • Interest rates: Although, unsecured loans have higher interest rates, you can find some unsecured loans that can offer affordable rates. Also, you need to choose between variable interest rates and fixed interest rates.
  • Annual Percentage Rate (APR): Make sure to choose an unsecured loan that has a low APR. This will allow you to keep the overall loan cost down.
  • Additional features: Make sure to find as much information about the loan as possible. You don’t want sudden surprises! For example, some unsecured loan asks for credit protection fees that cover in case you lose your job, or you die.

Unsecured loans: Application requirements

The general application requirements for unsecured loans are:

  • Minimum monthly income (depends on the lender)
  • Valid ID issued by the South African government
  • Good credit history
  • Proof of income (payslips for the past 3 months)
  • Minimum 18 years of age or above.

Based on the above information, you can visit our website Snappy Loan to search, review, and compare different unsecured loan offers. Once you have chosen a loan offer, just click on ‘Snap It’ and go to the lender’s website. You can fulfil the requirements and apply for a loan right away. Visit our website now to know more.

Categories
All Personal Loans

Personal Loan in South Africa: A Complete Guide!

short term loan

As per the latest statistics, around 40,000 people search and apply for a personal loan in South Africa. If you are one of them, clearly you are not alone. But do you have a complete guide about a personal loan that will help you navigate your search and application?

Well, in this blog post, we give you a complete rundown of personal loan in South Africa. So, let’s get started, shall we?

Personal loan: What is it?

When you borrow money from a financial institution to cover any financial gaps, it is a personal loan. Since you have borrowed money from the lender, you ought to pay it back. Following are the general features of a personal loan:

  • You can get a personal loan for an amount between R2, 000 to R300, 000.
  • You need to pay back the money in a span of 1 month to 84 months (7 years)
  • You can use the funds for several general purposes such as covering wedding expenses, home renovation, buying a car, debt consolidation, and more.

Standard terms: Definition

  • Loan terms:
  • Principal Amount: This is the base amount that you borrow from the lender. This amount does not include any interest charges or any other fees.
  • Term of Loan: This is the time in which you need to pay back the loan amount. For a personal loan, the loan term is between 1 month to 84 months (7 years).
  • Interest: This is the amount charged by lenders on the borrowed amount. This can vary based on the lender as it is decided by the lender.
  • Monthly Repayment: This is the amount of money you pay back to the lender monthly. This amount is meant to cover your principal amount and interest rates charged by the lender.
  • APR: This is the annual percentage rate also known as the comparison rates. This rate includes all the other debt charges and interest rates.
  • Terms for your situation
  • Credit History: This is the history of all different types of loans you might have taken from the lender. It also shows how you made your previous repayments. In South Africa, you are entitled to have one complete credit report for free.
  • Credit Score: This score is evaluated from your credit history. The score indicates how good you are at repaying your debt. A credit score of 800 and above indicates that the lender can trust you for repayment of the loan. However, a credit score below 579 is not a good indicator. It shows the lender you can default on the loan repayment.
  • Drawdown: Once your application is approved, the lender will draw down the loan amount in your account. You can start using your loan amount as you want.
  • Defaulting: So, if you fail to pay your monthly repayment amount, you have defaulted on your loan. Defaulting can lead to a poor credit score.

Personal loan: How do they work?

Following are the steps generally involved in applying for personal loans in South Africa:

  • Compare Loans: There are different types of personal loan plans offered by lenders. Each plan has different terms and conditions. So, you must compare each credit plan before you choose the one that suits you.
  • Checking Qualification Requirements: Once you have finalized a loan plan that suits your needs and budget, you must ensure that you fulfil all the eligibility criteria such as minimum age or proof of income.
  • Contacting the Lender and Applying for a Loan: Once you fulfil the requirements, you can contact the lender and apply for loan online or going to the nearest branch office.
  • Approval and Agreement Creation: Once your application is approved, the lender will make a loan offer. Once you accept the loan offer, an agreement will be created that will have the terms and conditions for the loan repayment. Once agreed and signed, the lender will draw down the loan amount. You can start using the money for your needs.
  • Repayment: Usually, you must make monthly repayments to the lender. The amount will depend on your credit amount and interest rates. Make sure not to default on the repayment to avoid penalties.

Personal loan: What are the types?

Credit providers who are registered to give personal loan offer to people in South Africa provide different types of personal loans. The type you choose depends on your requirements and if and how you will repay it.

Following are the different types of personal loan:

  • Unsecured Loan: This type of personal loan doesn’t need any type of guarantee however, it comes with higher interest rates.
  • Secured Loan: This type of personal loan needs an asset or property as a collateral guarantee. The loan has lower interest rates and other perks too.
  • Debt Consolidation: If you want to repay all your smaller loan amounts in one go, a personal loan can be used as a debt consolidation loan. You will now have just a single account for a loan.
  • Student Loans: A type of personal loan, this is used to pay for your education and living expenses.
  • Lines of Credit: Just like credit cards, this type of personal loan comes with a maximum credit limit. The repayment depends on how much credit you have used.
  • Overdraft: When you withdraw a small amount of money even when your bank balance is low, this is known as an overdraft loan.

Personal loan: Minimum requirements

  • Self-employed or employed
  • Minimum 18 years of age
  • Must have a regular monthly income
  • Must have a South African residence permit or citizenship

Personal loan: Documentation

  • Valid ID issued by the South African government
  • Residence proof
  • Payslips for the past 3 months as proof of income
  • When you are taking a secured personal loan, don’t forget to give ownership proof for the asset you are using collateral.

So, now you know the basics of personal loans and how you can apply for them. To know more about the latest offers on personal and short term loan, don’t forget to check out our website Snappy Loan.

On our online platform, you can search, compare, review, and apply for a loan online. With just a few clicks, you will be approved for a loan offer and you can get the loan amount in a short while. Make sure to repay the loan amount without defaulting to avoid penalties. Visit our website to know more!

Categories
Payday Loans

An A-Z Guide for Payday Loans in South Africa

payday loan

Are you someone who plans your budget every month to keep a track of your expenses? Does this budget include unexpected expenses? Probably not! Most people create a budget based on their regular expenses.

But when an unexpected expense such as a sudden trip to the hospital comes up, people fall short of money. And the situation gets sticky if you haven’t got your salary yet. And in times like these, you need immediate cash that will help you cover your finances.

This is where a payday loan comes to your rescue. But do you know what payday loan is exactly and how the process works? If not, don’t worry! We have got you covered. In this blog post, we will give you the complete A-Z of payday loans that will better prepare you when the time comes.

Payday loan: What is it?

As the name suggests, a payday loan is a type of short-term loan where you get a small amount of money until your salary arrives. Once your salary gets deposited into your account, you need to pay back the loan.

Since this is a short term loan, you need to pay it back as quickly as possible. The loan also has higher interest rates, so it is beneficial to pay it back ASAP.

Payday loan: How do they work?

  • Compare: Start by comparing different payday loan offers available on our website Snappy Loan. You will find numerous offers from lenders around the country.
  • Calculate: Use our online calculator to determine the repayment amount. This will help you understand whether you can afford the loan or not.
  • Apply: By clicking on ‘Snap It’, you will be taken to the lender’s website where you can apply for the loan.
  • Approval: After application, the lender will verify all the information and get back to you with a loan offer.
  • Get Money Instantly: Once you accept the loan offer, the cash will be transferred to your account in 24 hours.
  • Repay Your Loan Quickly: Make sure that you repay your loan quickly. Usually, you can either pay the amount in a lumpsum or smaller instalments. Sometimes, a lender can place a debit order on your account so that as soon as you get your salary, the amount is deducted.

Features of payday loan

A payday loan is quite popular in South Africa and you will find several lenders giving different offers on the same. You can find payday loans under the following names:

  • Instant Payday Loan: In this type of payday loan, you will get your money instantly which is usually 24 hours.
  • Same Day Loan: In this type of payday loan, you will get the loan amount in just a few hours
  • Payday Loans for the Blacklisted: This payday loan is specifically meant for people who have a poor or bad credit score.

Other general features include:

  • You can get a small amount of money (Minimum-R100; Maximum- R8, 000)
  • Receive the money instantly just as your application is approved.
  • Repay the loan amount quickly (Minimum loan term-1 day; Maximum loan term- 6 months)
  • Payday loan has an initiation fee of 16.5% for the first R1, 000 you borrow, and then it is 10%
  • Higher interest rates, typically 5% per month
  • A monthly service fee of R60 per month with a VAT of 15%.

Benefits of payday loan

  • Cover your emergency expenses with payday loans immediately.
  • No need of carrying the debt for long. You need to repay the debt quickly.
  • Payday loans are unsecured and hence you don’t need to own a valuable asset.
  • The application process is fast and can be done without much hassle.
  • If you are an existing customer, you get to borrow more money up to R8, 000 and quite quickly.

Risks involved in payday loan

  • Delaying the repayment of a loan will increase the interest rates making it difficult for you to pay.
  • This will increase your monthly expenses making it difficult to manage your budget.
  • High penalty fees if you default on the loan repayment.
  • This can negatively affect your ability to get a loan in the future.
  • Frequent borrowing of a payday loan might result in a crippling debt situation.

Payday loan: What is the best time?

Well, truth be told, there is no best time to take out a payday loan. Most people don’t prefer taking out such short credit by having emergency funds in place.

Payday loans are taken only when it is utmost necessary. Usually, payday loans are the last option when all your other options are exhausted.

At Snappy Loan, we suggest our customers take out a payday loan only when necessary. Otherwise, wait till you get your salary or apply for a personal loan that has more flexible conditions.

Requirements for applying fora payday loan online

When you are applying for a payday loan online, you must fulfil the following requirement:

  • You should be either self-employed or employed at an organization
  • Valid ID issued by the South African government
  • South African bank account where your salary gets deposited
  • You must have a regular income that is deposited in this account. Some lenders also specify the specific amount of income you must have. Usually, it is R2, 000.
  • Proof of income for the last 3 months
  • You should 18 years of age or above
  • Proof of residence

Payday loan: How to compare different offers?

There are several factors that you must consider for comparing different payday loan offers:

  • The minimum and maximum amount offered: Some lenders will offer a limited loan amount whereas some will offer flexibility in the loan amount. Borrow what you need.
  • The repayment window: Choose a repayment term that offers you the flexibility to repay your loan quickly without putting too much strain on your budget.
  • Interest rates: Payday loans have higher interest rates as compared to other types of loans.
  • Additional fees: You might have to pay initiation and monthly fees. This will entirely depend on the lender.
  • Calculate repayment amount: Make sure that before taking the loan you have calculated the repayment amount.
  • Requirements: Make sure to check out the qualification requirements of the loan offer. Different lenders have different requirements.
  • How fast can you get the loan? Make sure that the lender you choose has the ability of quick turnaround when it comes to payday loans.

And to compare your loan offers, you can visit our website Snappy Loan. We have excellent payday loan offers from authorized and registered lenders and banks in the country.

You can review, compare, and apply for a payday loan with just a few clicks. If you want more information about a payday loan, don’t hesitate to get in touch with our team at Snappy Loan now.