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Get Loan Online

Pros and Cons of Taking Out a Loan in South Africa

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In our previous blogs, you might have read a lot about different types of loans, lenders and banks, their terms and conditions, the best way to apply for loan online, and more such information. But we never talked about the costs of borrowing money in South Africa. 

Understanding the costs of loans in South Africa is of the utmost importance to ensure that you are educated on the pros and cons of taking out a loan. As a country that is submerged in debt, having a complete understanding of the consequences of taking out a loan will be beneficial. This will help you make an informed decision, be financially responsible and take out a loan only when you need it. 

In this article, we will tell you the pros and cons of taking out a loan in South Africa. 

Pros of Taking out a loan

  • Borrow large amounts

The biggest benefit of taking out a loan is that you can borrow larger amounts. This is to compare with the amounts you can take out when you use a credit card. Credit cards usually have an upper limit to spend that will increase based on your spending and payback habits. This usually takes time.

However, when you apply for a loan, you can get approval for a large amount in a short time, and you get the money in a lump sum which can be beneficial when you are in a sticky situation financially. 

  • Spend money as you desire

When you take out a loan, you have the freedom to spend the money as you desire. For example, if you take out a personal loan, you can spend it on your wedding, holidays, cover your extra immediate expenses, and more. 

However, loans such as home loans, car loans, student loans are specific and need to be spent on buying things that they are meant for. So, a home loan for buying or renovating your home, a car loan for getting a car, and a student loan for your education. 

But make sure that you make habit of borrowing large sums and spending it carelessly. Remember, you have to repay the loan amount in due term. 

  • Repayment structure flexibility

When you borrow a loan, you will have the flexibility of repayment structure. However, this flexibility will be agreed upon by you and the lender. Once agreed you need to follow that repayment plan for due time. 

If you default in repaying the loan, it will affect your credit score and the ability to take out a loan in the future. 

Cons of Taking out a Loan

  • Good credit score

If you want to take out a loan, you must have a good credit score. The score must be above 580 to be considered as good. You must understand that a good credit score is elemental to the approval of your loan. 

If you don’t have a good credit score, it is indicative of poor financial management. This will affect your approval and you might even get blacklisted if it’s too bad. Once you are blacklisted, getting a loan will be next to impossible. 

  • Increased financing costs

When you are deciding to take out a loan, you need to make sure that you can afford the loan. You need to take a good look at your income and ensure that you have enough money to afford the loan and finance any emergencies. 

This is important because if you don’t consider affordability and chew more than you can bite, you will default on the repayment further increasing your problems. You will end up in a debt trap and you certainly don’t want it! 

  • More now but less for future

When you get loan online, the money will be able to cover your expenses in the present time but will leave you dry for future expenses. There might be a time when you have to compromise your desire to enjoy such as going out with friends. You might also struggle for funding your short-term emergencies. 

Taking a loan might seem like a tempting offer but it does have long-term consequences on your budget. So, be mindful when you take out a loan. 

Factors Determining Loan Costs

  • Size of loans

Get this that the bigger amount you borrow, the bigger repayment amount you need to pay monthly. Hence, take out a loan that you can afford. If you default on repaying the amount, it can cost you a lot in the future. The rule is that if you have a higher income and a great credit score, you can borrow significantly higher. 

  • Interest rates

You might already know that loans have interest rates applicable that will determine your monthly repayment amount. Also, interest rates are how lenders will make money. Based on your loan type and loan term and the current status of the market, the interest rate will be determined. 

If you have a great credit score or a secured loan, you will get lower interest rates. So, aim for loan types and amount that gives you lower interest rates. 

  • Loan term

This is another deciding factor! If you take a loan that you repay in short term, you will have a higher repayment amount but lower interest rates. However, if you take a loan that you repay in long term, you will have a lower repayment amount but higher interest rates. 

You must find a perfect balance between your loan amount and repayment term to get the best of the loan. 

Through this article, we want you to better understand the whole concept of loans and how borrowing will affect your finances. This will certainly help you make an informed decision. 

To find the right loan for your needs, you can visit our website Snappy Loan. On our website, you can search, review, and compare different loan offers available in South Africa. You can also visit the lender’s website directly from our website by clicking on ‘Snap It!’ for applying. 

You can also read all our previous blogs for more information on different types of loans. Visit our website now.

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Personal Loans

Everything You Need to Know About Building Emergency Fund

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Life is uncertain and you might end up in some emergency that might need you to have enough funds to cover the expenses. But what if you don’t have enough money in your bank account to cover the emergency expenses? In such a case, having an emergency fund will come in handy. 

Of course, you can take a personal loan to cover your financial gap, but this might take some time for approval and in an emergency, this might not be the right option. So, if you haven’t set up an emergency fund, now is the time. 

But do you know what an emergency fund is and how you can set it up so that you always have some money just in case you need it immediately? If not, keep reading this article to find out more. 

What is an Emergency Fund?

An emergency fund is defined as the money you save in your account. It is the money you can use only when you have unplanned expenses. 

Usually, while you are creating a budget, you know how much money will be needed for your usual expenses such as electric bills, groceries, water bills, house rent, and more. But you don’t know how much you will need when you or anybody from your family falls sick or loses their job or the only source of income. In situations like these, having an emergency fund will be beneficial. You will be able to pay your medical bills or cover your living expenses until you find a new job. 

Therefore, if you haven’t set up an emergency fund, you must take the required step to set up an emergency fund. 

Another reason why an emergency fund is important especially in South Africa because most people live on a paycheck to paycheck basis. So, when they don’t have money to cover emergency expenses, they take a long-term or short term loan. This strategy might seem like a good one at the time, but it backfires when they have to repay the loan over time. 

So, instead of taking out a loan every time you need money, it is better to save up every month. This gives you peace of mind when you have an emergency.

Emergency Fund: How to Create it?

If you thought keeping extra money under the mattress or in your pant pocket is what we mean by the emergency fund, then you are wrong! Setting up an emergency fund takes consistency and dedication with a thought to have a better future. Here are two ways you can set up an emergency fund:

  • Savings Accounts

As the name suggests, it is an account specifically created to save money. Most banks offer savings account where you can save money that also builds interest over time. You can make withdrawals but can’t use them on day to day basis. So, this makes it a perfect type of account to save money. 

Savings account agreement that you sign might require you to make monthly deposits. You can also find high-yielding accounts that are insured. 

  • Transactional accounts

As the name suggests, these are the accounts that you can use for making daily transactions. The type of account you receive your monthly income to is transactional accounts. You can also have a different transactional account to build your emergency fund. 

But know that most transactional accounts don’t build any interest. Also, they might have monthly charges. To find what is the best option for you, make sure you get in touch with a financial advisor. 

Emergency Fund: How much money you should put? 

One thing you must know is that building an emergency fund will take time and consistent effort from your end. So, start your emergency fund with an end goal in mind which is to have enough money that allows covering your emergency expenses if the need arises. 

If you ask the experts how much money you should put in your emergency fund, they will say money at least worth your salary for three months. Some will say you must have enough money in your emergency fund that allows you to sustain for six months in case you lose your job. 

All in all, you must make sure that you have a strategy in place for building the emergency fund such as:

  • Put some money aside every month after you have made your budget. It doesn’t need to be thousands of Rands, instead, you can put R100 or even R50 to the very least. This will build up over time. 
  • When you find lose money in your home or at the end of the month, make sure you save it up rather than spending it.
  • Another way to ensure that you put money in your emergency fund every month is by setting up a debit order from your salary account. The amount will be automatically transferred to your emergency fund account. 

Emergency Fund: What are the benefits?

  • You will learn the best way to handle personal finances.
  • You will be disciplined and would avoid the temptation to make unnecessary expenditures. 
  • If you have an emergency, you don’t need to borrow money from your family or friends or apply for loan online.
  • When you have an emergency fund, you can earn more money with high interest rates. 
  • You will always have peace of mind because you know that you always have backup money to cover your expenses. 

Emergency Fund: What are the features it must have?

  • Make sure your emergency fund is easily accessible when you need it. You shouldn’t be in a position where you can’t withdraw money from your emergency fund due to some regulations. 
  • Make sure you create your emergency fund in a bank that is registered with a good reputation. 
  • Make sure your emergency fund is always gaining value. It shouldn’t lose value due to inflation. 

When you have set up an emergency fund, you can rest assured that you have a backup. However, if you want to take out a loan, make sure you visit our website Snappy Loan where you can compare, search, and review the different loan offers in South Africa.

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Get Loan Online

Loan Application Rejected? Here’s Possible Reasons and Ways to Fix It!

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Have you applied for a personal loan recently? Did your loan application get rejected? If so, you might be frustrated and worried about how you will manage your current finances. You might also be thinking that the lender has a specific grudge against you and hence they rejected your loan application. 

But this is not the case! Your loan application might have got rejected due to several reasons. In this article, we will tell you the reasons that might be responsible for the rejection of your loan application along with ways to increase your chances of approval. 

Possible Reasons Loan Application Gets Rejected

  • Credit score problems

If you didn’t know this already, most lenders will check your credit scores before approving your loan application. Now, there can be several things that might have triggered issues with your credit scores:

  1. You may have a low credit score. This is indicative of poor financial management and shows that you have a history of defaulting on your debts. 
  2. You may have no credit history. This doesn’t give the lender a clear picture of your creditworthiness to approve the loan applications. 
  3. You have too many debts. If you have already taken too many debts that you can’t afford to repay, the lender might consider this as an issue and reject your loan application. 
  4. You have made too many credit inquiries. If you have applied for multiple loans, the lender will assume that you have too many financial problems. This might be a reason for rejecting a loan application.
  5. You may have negative judgments. If you have been entangled in a court judgment, debt review, sequestration, the lender might reject your loan application. 

If you want to know how you can increase your credit score, you can read our previous blog about ways to improve your credit score here. 

  • Income problems

Most lenders will conduct an affordability assessment by looking at your monthly income and employment status. For example, if you are permanently employed and have a monthly income of R10, 000 or more, the chances of your loan approval will increase. 

When you have constant monthly income, the lender trusts your ability to repay the loan in due time as compared to someone who works on contracts. 

  • False information on the application form

When you fill the application form, it is of the utmost importance to ensure that you give the right information. If you give false or incomplete information about yourself, the lender will reject your application. 

If you are wondering why this is important, the answer is that most lenders will use personal, financial, and employment information to check your credibility. If they find something that doesn’t match your application form or is false, they will reject your loan application. 

  • Inaccurate loan purpose

When you apply for loan online, the lender will ask you the purpose for taking out the loan. If the purpose of taking out the loan doesn’t relate to the type of loan, your application may be rejected. 

For example, if you applied for a personal loan, the lender would expect you to give loan purpose as buying a home, fulfilling your wedding or holiday expenses and such. But if you are using the personal loan to buy Bitcoin or start a business, the lender might not see it as the right fit for the type of loan and reject your application.

  • Don’t match the requirements

If you have researched different loan types and lenders, you might have noticed that different lenders and loans have specific requirements for making an application. If you don’t meet those requirements, your application will be rejected. 

Hence, you must take note of the loan requirements and ensure that you fulfil those requirements accurately.

Ways to Increase Your Chances of Approval

Now that you know the most common reasons why a loan application might get rejected, let’s talk about how you can increase your chances of approval. 

  • Improve your credit score

One of the ways you can ensure loan approval is by improving your credit score. There are several ways you can use to get a score above 580 that will make it easy for you to get approval. 

  1. You can ensure that you deposit your monthly instalment on the due date and avoid defaulting.
  2. If you don’t have a credit history, start by building it slowly. Take an affordable credit card and keep an eye on your expenses.
  3. Don’t apply for too many loans. Apply for loans that you can afford to repay. This will increase your credibility. 

If you want to know more ways to improve your credit score, read our previous blog here. 

  • Debt settlement

Before you decide to get loan online, make sure you settle all your previous debts. Once you have settled all your debts, you will have space in your monthly budget to afford a new loan.

If you have settled your previous debt efficiently, the lender will find you credible and approve your application.

  • Take a secured loan

Another way that you can increase your chances of getting a loan application approved is by applying for a secured loan. When you put a personal property or asset as collateral, the lender is interested in taking the risk. If you default in repaying the loan, the lender can take the personal property away from you. This increases your chances of getting your loan application approved. 

  • Find a co-signer

A co-signer can be a relative or friend who has a better credit history and income than you. This way lenders will be ensured that they can recover the money in case you are unable to repay. 

The co-signer will be responsible for repaying the loan along with you. So, choose someone who has the better financial ability as compared to you. 

Now, these are only a few ways that can help you improve your chances of getting a loan application approved. If you want to know more about different loan types, lenders, and more detailed information, you can visit our website to read detailed and informative blogs. 

Get in touch with our team to know more about South African lenders and loans!

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Get Loan Online

What is Financial Responsibility? And Four Ways to Achieve It!

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Do you hear people around you say that it is crucial to be financially responsible if you want to have a comfortable life? Do you wonder what exactly financial responsibility means? If so, you have come to the right place. In this article, we will discuss what is financial responsibility and how you can achieve it to ensure that you always have enough funds to cover your expenses. 

What is financial responsibility?

In simpler words, financial responsibility is to strike a balance between your income and your expenses. And most importantly, the balance must be in favour of your income rather than your expenses. To give you an example, if your income is more than your expenses, you will always have money to invest in plans that secure your future. This is known as being financially responsible. 

However, if your expenses are more than your income, financial responsibility will be hard to come by and you might have to depend on short term loan such as payday loans to cover your expenses. But know that you must repay your short-term loan eventually. Hence, make sure you have struck balance in the favour of your income. 

How can you achieve financial responsibility?

Now, you might think that achieving financial responsibility is difficult to achieve. However, if you follow some simple rules, you can become financially responsible and ensure that you can cover your expenses without any issues. Let’s look at certain ways that can help you ensure financial responsibility in the long run. 

  • Make your budget and include the tiniest details

The first step to being financially responsible is to sit down with yourself and make your budget. And this will include your expenses, even the tiniest expense too. Don’t try to hide or cover up any of your expenses. It will never play in your favour in the long run. 

Sit down and make a note of your cash receipts, cash withdrawals, bank transactions, and any other transactions that have your name on them. When you have jotted your tiniest expense, even one rand spent, you will know how and when your money disappears. Several people complain about struggling at the end of the month because they have spent their whole monthly salary before the next one. When you make a budget, you can prevent this from happening.  

Also, make sure that you make a budget that you can execute in real-time. Most people try to make a budget that makes them feel virtuous more like a new year’s resolution. But when it comes to execution, they can’t! So, make sure that your budget must be able to accommodate everything that supports your lifestyle. 

  • Make sure to keep your debt at the minimum

So, once you borrowed some money from your family or friends to cover your finances. But don’t make a habit of it! You need to ensure that you keep your debt at the minimum because there is always a price to pay. 

Even if you borrow money in the form of a payday loan or personal loan, you need to understand that you need to repay this loan to the bank. You can’t live off borrowing money from other sources and not pay the price. 

This is to say that sometimes loans can become inevitable. For example, you want to buy a new home, you must take out a home loan. But at the same time, you need to ensure that you take out a home loan that you can afford to repay. The main aim must repay your loan in time and avoid building it up in the future. This will help you to become financially responsible efficiently. 

  • Create a savings plan

The key to being financially responsible is to ensure that you spend less than what you earn. And on the other hand, make sure to invest a certain amount for yourself. You can do so by creating a savings plan and investing money in plans that act as your emergency fund or nest egg. 

This will help you build financial protection for your future self and trust your future self will thank you for that. Any financial expert you talk to will say that you should at least keep 6 months of salary tucked away as savings for your future. You can of course save more than that if you have the capacity. 

  • Financial growth is key

If you have been reading this article until this point, you might have thought that financial responsibility includes living a frugal life and cutting back on all your expenses. However, you don’t have to! You can always work on financial growth in your life.

You can invest in the stock market, invest in EFTs and mutual funds, ask for a raise at your workplace, or start working on a side gig that gives you extra income.

Conclusion

So, as you can see that by following a few simple rules keeping your income and expenses in mind, you can achieve financial responsibility. Now, it might seem that it is difficult, however, once you start practicing, you will find that your finances are in better shape in the future. 

However, sometimes you might have to take out a loan, especially, when you are buying assets such as a new home or a car. You might need to apply for loan online to a financial institution in the country. 

As mentioned above, you need to ensure that you need take out a loan that you can afford, and you can do that when you have complete information about different loan offers in the country. 

And for the same, you can visit our website Snappy Loan. We have created a platform where you can get all the information related to all the latest loan offers from all the prestigious and registered loan lenders. You can search, review, and compare all the loan offers available on the platform. 

Once you have found the loan offer you want to apply for, you can click on ‘Snap It’. You will be taken to the lender’s website where you can fill the application form and get the loan approved. 

Visit our website to know more.

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Get Loan Online

Credit Score: What Is It? And Seven Ways to Improve It!

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Do you intend to take out a loan from one of the biggest financial institutions in South Africa? Do you know what your credit score is? Do you think you have a good credit score for applying for a personal loan? If you are wondering about these questions for some time, you have come to the right place. 

In our previous blogs, we have always talked about the different types of loans you can apply for, the lenders, and their terms and conditions to approve the loan application. And there is always one thing in common, you must have a good credit score to apply for a loan online and get it approved without any hassle. But what does it mean to have a good credit score or rather what is a credit score? Let’s look. 

Credit Score: What is it?

In simpler terms, a credit score can be defined as a numerical score that tells the loan lender that how consistent you have been in repaying your previous debts. It also indicates whether you repaid your loan in the given loan term or not. 

If you have a good credit score, the lender will consider you at a low liability risk and approve your application easily. You might also get a lower interest rate. However, a bad credit score will cause problems in approval. 

A bad credit score indicates that you have previously defaulted, paid the loan after your term had ended, or have applied for too many credits. This tells the lender that you are at high liability risk. This gives the loan lender the right to reject your application or charge you a higher interest rate. 

Anytime you apply for loan online, your credit score will be evaluated. This will determine your eligibility to get approval on the loan application. 

Credit Score: How do I know if it’s good or bad?

So, there is a simple scale to determine if your score is good or bad. 

  • 579 and below: Poor
  • 580-669- Average/Good
  • 670-739- Very Good
  • 740-799-Perfect
  • 800+- Outstanding

You can keep this scale in your mind when determining whether your credit score is good or bad. Anything above 580 will certainly make it easy for you to apply for a loan online. You can easily get your application approved and might also get lower interest rates. 

So, if you haven’t paid attention to your credit score, now is the time. Look at your credit score and if you find it below 580, make conscious efforts to improve it. However, you should know that improving your credit score will require time. Although, there are a few ways you can choose to improve your credit score gradually. 

Credit Score: 7 Ways to Improve

Here are 7 ways that you can use to improve your credit score gradually. You must choose the way from the list as per your situation. Every improvement way mentioned here might not work for your situation. However, knowing about it will certainly give you an idea about how to improve your credit score. 

  • Learn about your credit score

The first step to improve your credit score is by becoming aware of it. There is no point in ignoring your credit score. Knowing about your current credit score will allow you to improve it efficiently and quickly. In South Africa, you can apply for one credit score report every year. You can apply to credit bureaus such as Credit Genie or TransUnion to know your credit score. 

  • Repay your existing debts on time

Another way to improve your credit score is by making sure that you repay your existing debts in time. Don’t default or delay your repayments. If you didn’t know this already, a third of your credit score is determined by your ability to make repayments on time. 

  • Bring some stability in life

To improve your credit score, you need to bring some stability to your life. You can do so in several different ways simultaneously. First, start by getting a stable job or source of income. Make sure you don’t change your address too frequently. Keep an eye on your spending habits. Don’t max out your credit cards and make sure not to spend on things that you don’t necessarily need. If it is not crucial for your survival, do not buy it! 

  • Avoid any instances that can drag you in court

Several lenders see courtroom drama as a liability risk. When you are summoned to the court for a hearing, you might not have time to work and thus repay your loan. Hence, avoid instances that can drag you to the court. 

  • Borrow what is necessary

Make sure that when you want to get loan online, don’t borrow more than what is necessary. If you have a good job and monthly income that can fulfil your daily needs, borrow only what you need and what you can afford. If you borrow more than what is required, you might lapse your repayment which will affect your credit score negatively. 

  • Low amounts of high limit credit cards

This is generally a good situation to be in. If you have a credit card with a high spending limit but you made the repayment in full and have a low amount left at the end of the month, your credit score will improve. 

However, make sure that reduce your credit limits when you are applying for a home loan. A high credit limit might be seen as a liability by some lenders. 

  • Don’t make a regular credit application

Make sure that you don’t apply for credit loans frequently. This is an indication that you have poor management of your finances and thus need external finances to cover costs. This will negatively affect your credit score. 

So, these are a few ways that help you improve your credit score efficiently. And if you want to apply for a loan, you can check out our website at Snappy Loan. 

We have gathered all the latest loan offers from prestigious lenders in South Africa. You can search, compare, and review different loan offers and make a direct application on the lender’s website. 

You can also read our previous blogs to gain more information on applying for a loan in South Africa from different credit providers. 

Visit our website now.

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Wesbank Cash Power Loans

Wesbank Cash Power Loans: Learn Everything You Need to!

Wesbank Cash Power Loans

Are you in need of money to cover your finances? If so, you can get in touch with Wesbank, a leading financial institution in South Africa. The Wesbank is a division of FirstRand Bank Limited and is a registered credit provider in the country. The bank has got different kinds of loans for their customers such as a personal loan, vehicle finances, short-term loan, and more. 

However, in this article, we will dive deep into Wesbank Cash Power loans and get to learn everything there is about them. Keep reading to find out how Wesbank can help you cover your finances effectively with lump sum cash. 

Wesbank personal loans: What are the pros? 

Following are the benefits of applying for Wesbank personal loans:

  • Easy apply: For Wesbank personal loan, you can easily apply using an online application. You can click on ‘Snap It!’ on our website Snappy Loan and head straight to the application page of the bank. You can fill the form, upload the required documents and submit the application. 
  • Flexible and convenient repayment terms: You can repay your loan between a loan term of 2 to 6 years.
  • Fixed interest rates: You don’t have to worry about disturbing your monthly budget for repayment as Wesbank provides fixed interest rates. This ensures that you can plan your budget accordingly without missing your repayment. 
  • Credit insurance: Wesbank personal loans also come with credit insurance that protects your interests and covers your debt in the event of disability, illness, or death.
  • Outstanding customer services: Wesbank also has excellent customer services so you can get assistance in a language that you understand such as Afrikaans, English, Zulu, and more. 

Although there are more pros for Wesbank personal loans, it also has a disadvantage. If you have bad credit, you can’t get a Wesbank personal loan approved. Every loan provided by Wesbank is as per the National Credit Act No.35, 2005. So, you can rest assured that you will get a personal loan as per your needs. 

Wesbank Cash Power loan: How does it work?

There are three things you must understand to know how Wesbank cash power loan works. 

  • You can get a loan for a minimum amount of R5, 000 and a maximum amount of R200, 000. 
  • The repayment terms offered by the bank are 24 to 72 months for you to repay your loan. 
  • The bank also provides fixed interest rates that ensure you have a fixed monthly repayment so you can plan your budget. 

For example, you get a loan from Wesbank with an amount of R60, 000 for a term of 72 months. The initiation fees for the loan are around R1207.50 and the monthly admin fee of R69. The interest rate at the time of writing this article was 24.50% with an annual percentage rate was 32.76%. Using these parameters the total cost of your loan comes out to be R137, 754.32. 

Can the Wesbank Cash Power loan be used as a debt consolidation loan?

The best thing about Wesbank cash power loan is that you can use it for any of your personal needs. You can cover your finances for a situation such as your wedding, holiday, or other personal needs. And yes, you can use the Wesbank cash power loan as a debt consolidation loan. You can use the loan to repay all your smaller debts so that you are left with one debt account and lower interest rates. 

If you want to know about debt consolidation loans, you can read our other blogs on the same and get to know more. 

Wesbank loans: What are the interest rates?

As mentioned above, Wesbank provides fixed interest rates on cash power loans. But the fixed interest rate for your cash power loan will depend on your credit score. For example, if you have a good credit score, the bank will consider you as low risk. This can get you lower interest rates on your cash power loan. Additionally, interest rates will also depend on the loan amount and term. However, the interest rates for Wesbank power cash loans are limited to 24.5% per annum. 

Wesbank personal loans: How to apply?

If you want to apply for loan online, the following are the things you will need to complete your application successfully. 

  • Your full name
  • Valid ID issued by the South African government
  • Proof of residence
  • Bank account details where you get your monthly salary
  • Bank statements for the past three months that show you get a monthly salary of R5000. 

You might think that there are too many documents to apply for a loan online. But Wesbank is a responsible lender and wants to give you a loan that you can afford to repay. With the accurate information given by you, the bank can assess your ability to and provide you a loan that fits your current needs and affordability. This also allows the bank to decide on the interest rates for your loan. Giving this information is for your benefit, so, make sure that you give as precise information as possible. 

Wesbank personal loan calculator

Before you get loan online from Wesbank, make sure that you use the Wesbank personal loan calculator. This calculator will help you calculate your monthly repayment amount based on the loan amount and loan term. This will allow you to understand how much loan you can afford. Using Wesbank personal loan calculator will help you make an informed decision. 

You can choose different loan amounts and terms using the sliders and calculate the monthly repayment amount to make a wise decision. 

Now that you know everything about Wesbank’s personal loan, you are ready to make an application. And you are already at the right place. Here at Snappy Loan, you can look at all the latest loan offers from the bank. Once you have chosen the loan offer that suits you best, you can click on ‘Snap It!’. This will take you to the Wesbank website for filling the application. Once your application is approved you will get the loan amount in your bank in few hours.  

Visit our website to know more.

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Get Loan Online

Direct Axis Loans: All the Information You Need Before Applying!

personal loan

Have you been thinking of taking out a loan from Direct Axis bank? If so, you will make the best decision when it comes to your finances. Direct Axis bank is a registered credit provider so you can rest assured that you will get the best loan plans and offers. 

Direct Axis bank is also a business unit of FirstRand Bank Limited, so it is registered under National Credit Act. This allows you to get the finest personal loan and consolidation plans from Direct Axis. In this article, we will learn about Direct Axis personal loans in detail. 

Direct Axis Personal loans

When you are getting personal loans from Direct Axis, you can get a minimum loan amount of R1, 000 and a maximum loan amount of R250, 000. The loan term offered by the bank for a personal loan is between 24 months to 6 years. When it comes to interest rates, the bank provides as low as 15%. Remember that the maximum interest on loans in South Africa is around 24.75%. 

Apart from this, you also need to pay an annual percentage rate on Direct Axis loans. If you take out a personal loan of R50, 000 for a loan term of 72 months, you need to pay an annual percentage rate of 15% that will bring your monthly repayment amount to R555. 

Direct Axis personal loans: How do they work?

As mentioned above, you can take a loan amount between R1, 000 and R250, 000 with a loan term between 24 months and 6 years. You can either apply for loan online or visit the nearest branch of the bank. Once you have submitted your application, you need to wait for a few days. The bank will review your application to determine whether you are eligible for the loan or not. 

Also, the bank believes in responsible lending so it will provide you a loan amount that you can afford. Once your application is approved, you will get the loan amount in your bank account in just a few hours. Direct Axis personal loans can be used for different purposes. Whether you want to cover your existing finances, pay for your holiday or wedding, or any other expense you might want to cover, you can use the money from personal loans. This is the reason why personal loans are a favourite for many people in the country. 

Direct Axis personal loans: What are the benefits?

  • With Direct Axis personal loans, you can apply online right from the comfort of your home. You don’t have to go anywhere else to make an application. With just a few clicks, you can apply for a personal loan online.
  • Direct Axis provides fixed interest rates on personal loans. This allows you to have a fixed monthly repayment amount. This ensures that you can manage your budget effectively. 
  • When you want the loan fast, you can trust Direct Axis. The bank is fast and will deposit the loan amount in your bank account in 48 hours if everything in your application checks out. 
  • And you can use the money for any purpose you want. 

Direct Axis debt consolidation loans

The bank also provides debt consolidation loans for a minimum amount of R1, 000 and a maximum amount of R250, 000. The loan term offered is between 24 months and 6 years. The bank provides an interest rate as low as 15%. The maximum interest rate in South Africa is 24.75%. You also need to pay an annual percentage rate that includes interest rates, initiation fees, and admin charges. 

Direct Axis debt consolidation loans: How do they work?

If you have multiple loan accounts that demand you to pay several monthly repayments, you will understand how difficult it can get to maintain the accounts consistently. Also, you can default on repaying any loan. So, the best way is to consolidate all these smaller loans in one account. 

Direct Axis debt consolidation loan will allow you to repay all your existing loans. The bank will take care of the admin and ensure that you are left with one loan account that has fixed interest rates and longer repayment terms. This will ensure that you just have one loan account to manage, making it easier to manage your finances. 

Direct Axis debt consolidation loans: What are the benefits?

  • With debt consolidation loans, all your loan gathers at one account that has fixed monthly repayment. 
  • Since you are paying less, your monthly repayment will become more affordable. 
  • All the admin work will be handled by the Direct Axis bank. 
  • With debt consolidation, you will be able to qualify for more credit easily. 

Direct Axis personal loans: What are the requirements?

When you want to get loan online, you need to provide the following documentation:

  • You must have a monthly income of R5, 000. 
  • You must have a good credit record
  • Provide a valid South African ID issued by the government 
  • You need to have a South African bank account to get the loan money. 
  • Provide proof of residence that is no older than 3 months. 
  • If you are getting a debt consolidation loan from Direct Axis, you also need to provide bank statements for the past 3 months. You can also provide payslips. 

Direct AxisLoans: How to apply?

If you want to apply for Direct Axis loans, you can visit our website Snappy Loan. You can search and review the loan offer that you want to apply for. You can click on ‘Snap It!’ which will take you to the website of Direct Axis bank. 

You can fill the application form and provide the required documents and wait for the approval. Once approved, you will get the loan amount in your bank account in 48 hours. 

Make sure to use the loan calculator to calculate your monthly repayment amount for a loan amount and term you intend to apply for. This will ensure that you take out a loan that you can afford. 

Also, Direct Axis provides a Personal Protection Plan that will cover you in the event of disability, illness, or death. 

Direct Axis: Why are the good choice?

Taking out a loan from Direct Axis will be the best choice because the personal and debt consolidation loans offered are unsecured. So, you don’t have to put a personal asset as collateral. Also, the bank has excellent customer service. And lastly, the bank is regulated under the National Credit Act No. 34 of 2005. 

If you want to know more about Direct Axis bank loans, visit our website Snappy Loan now.

Categories
All Personal Loans

Thinking of Getting an Absa Personal Loan? Read This Article Now!

personal loan

Have you been experiencing financial issues and unable to cover your immediate finances? Or maybe you want to buy a home or car or need finances for some other personal expenses? If such is the case, getting a personal loan might be a great idea. 

A personal loan gives you the ability to cover your finances without putting immediate pressure on your budget. However, remember that you need to repay your loan over time every month. 

But which bank you should choose to get a personal loan from? The answer is simple. You can get a personal loan from Absa, a registered credit provider in South Africa. Absa personal loans will surely accommodate your needs easily. 

Sinceit is a registered credit provider, you can rest assured that you will be easily able to cover your finances. You can take out a loan between R250 and R350, 000. You can get a loan based on your individual circumstances and cover any personal needs you might have. Let’s get to know about Absa loans in detail in this article. 

Absa personal loans: How do you qualify?

Following are the requirements for you to qualify for Absa personal loans:

  • Proof of residence
  • Minimum age of 18 years and above
  • Valid South African ID book or card
  • Credit protection
  • Bank statements of the past 3 months as proof of income

For credit protection, you can either have your plan or you get the credit protection plan offered by Absa. 

Absa personal loans: How to apply?

Following is the process to apply for Absa personal loans:

  • Before you apply for a personal loan with Absa, you should use the monthly repayment calculator to determine your monthly repayment amount for a specific loan amount and term. Once you have found the monthly repayment amount that suits your budget, you can start filling the application form. 
  • To go to the website of Absa personal loans, you can click on ‘Snap It’ on our website Snappy Loan. This will take you to their website. 
  • If you already have an Absa bank account, you can directly login online using a tablet, mobile or PC. 
  • From the menu, you can choose Apply and Personal loans.
  • Fill the application form with the required details and submit the required documents.
  • Once your application is approved, the amount will be transferred to your bank account in a few hours.
  • You can either apply for loan online at the Absa website or visit your nearest Absa branch and talk with an official about the process. 

Absa personal loans: How much money can be borrowed?

When you apply for a personal loan online at Absa, you can get a minimum amount of R250 and a maximum amount of R350, 000. If you want a larger loan amount, you need to earn a minimum of R2, 000. However, if you are applying for a smaller amount, you need to earn a minimum of R1, 500. Also, smaller loan amounts up to R8, 000 get repaid in a short duration of 2-6 months. 

Absa personal loans: What are the repayment terms? 

To repay your Absa personal loan, you get a loan term of 12 months to 84 months. However, for current Absa customers, the minimum loan term is of 2 months. If you have taken smaller amounts, they usually get repaid in 2-6 months. 

Apart from an interest rate, the bank also charges an initiation fee and service charge on the loan amount.

Absa personal loans: What are the benefits?

  • With Absa’s personal loan, you don’t need to provide any personal property as collateral. This makes it easy for you to get a personal loan. However, the loan approval depends on your credit history.
  • You can find a personal loan calculator with Absa that will help you calculate your monthly repayment amount for a loan amount and term to help you make an informed decision.
  • Once your application is approved, the loan amount is transferred to your account quickly, usually, within a few hours.
  • With Absa personal loans, you can get competitive interest rates. 
  • With Absa personal loans, you also get credit protection. This ensures that your debt is paid in the event of an illness, disability, or death. 

Absa study loan: A brief introduction

Apart from a personal loan, you can also get a study loan from Absa. This loan will help you fund your education. Following are the things you need to qualify for an Absa study loan. 

  • Valid proof of South African citizenship
  • Proof of residence
  • Minimum salary of R3, 000
  • Acceptance or registration certificate for any undergraduate and postgraduate program from a university. 

The student loan offered by Absa is available for parents, guardians, and students who have a part-time or full-time job with proof of income. You can get a minimum study loan of R3, 000 and a maximum loan of R150, 000. 

You can use the Absa study loan for covering your costs for every year of your study. You can use the money to cover the expenses of 

  • Tuition fees
  • Prescribed textbooks
  • Accommodation
  • Registration fees
  • Any computer equipment that you might need to cover your educational needs

To apply for the Absa study loan, you can visit the nearest Absa branch, or apply through their student bureau or by calling their call centre. 

Absa express loan

The express loan offered by Absa is a type of short term loan that is usually repaid in 2-6 months. If you have a regular monthly income, you can get an express loan of a minimum amount of R1, 500 and a maximum amount of R8, 000. 

When you take the first express loan from Absa, you need to give an interest rate of 5%. If you take any subsequent credit in the same year, you need to pay an interest rate of 3%. You need to pay service and initiation fees as applicable. 

If you have a good credit score, you can get your Absa loan application approved in a few days. Once approved, you will get the amount in just a few hours. 

If you want to know more about Absa loans, you can visit our website Snappy Loan. You can search, review, and apply for Absa personal loans with just a few clicks.

Categories
Personal Loans

African Bank Personal Loans: Get a Loan Up to R250 000

get loan online

One of the things that are crucial for a comfortable life is having enough money to cover your expenses. For most of our lives, we are trying to figure out how we can best use our finances so that we can make every dollar count. We are always planning on how to pay the bills, cover our rent, groceries, and more. 

This becomes difficult especially when we are in a tight financial situation. That’s when having a reliable and trusted bank by your side that can offer you a personal loan becomes crucial. One of the banks that you can trust to get a personal loan is Africa Bank. 

There are several reasons why African Bank is a great choice to get a personal loan from. 

  • The bank has been in South Africa for several years. This allows them to understand the specific financial needs of the South Africans. This prompted them to create personal loan plans according to these requirements. 
  • African Bank is transparent with its customers. They will let you know the total costs of your loan before you borrow it. 
  • Lastly, the bank works in compliance with the National Credit Act No, 34 of 2005. This makes them a certified credit provider in the country. 

African Bank personal loans: How does it work?

If you are thinking of applying for African Bank personal loans, here are a few things you must know.

  • Loan amount: When you apply for a personal loan at African Bank you can get a maximum loan of R250, 000 with a repayment term of 7 to 72 months. 
  • Fixed repayments: The bank gives fixed repayments which means you can always plan your budget prior. 
  • Easy application: The bank has a simple, quick, and easy application process. You can either apply online or visit the nearest branch for the application process. 

African Bank personal loans: What are the requirements?

If you apply for loan online with African Bank, these are the requirement you need to fulfil. 

  • Proof of residence
  • Proof of income that shows salary deposits for the past 3 months
  • Bank statements that show salary deposits of the past 3 months
  • The minimum age should be 18 years or more
  • Active email address
  • Valid ID issued by the South African government

African Bank personal loans: What are the interest rates?

The interest rates at African Bank range from 15% to 27.75%. The insurance rates range from 5.04% to 5.4%. 

African Bank personal loan: What is the application process?

The first step to applying for a personal loan at African Bank is using the loan calculator. The loan calculator will allow you to determine the monthly repayment amount for the loan amount and the terms you have chosen. This will allow you to make an informed decision. 

Once you have chosen the loan amount and term that suits you best, you can fill out the application form and upload the documents. The representatives from the bank will get back to you for verifying the information. Once your application is verified and approved, the loan amount will be deposited in your bank account right away. 

African Bank personal loans: Advantages

  • The bank deposits the loan amount in your bank account after the approval of your application. 
  • The repayment amount is fixed that allows you to plan your budget prior and never miss a payment. 
  • The bank provides flexible repayment terms with a maximum loan term of 72 months. 
  • You can easily make the application online. You don’t have to go anywhere to make the application. 
  • If you choose the break option, you can skip few payments on qualifying products. 
  • The interest rates offered by the African Bank are competitive. 
  • The bank also provides loan settlement options in the event of disability, illness, death, retrenchment. 

African Bank personal loans: Repayment options

If you want to know your repayment dates, you can check the loan agreement. You need to make the first repayment seven days after the loan amount is deposited in your account. 

After this, you can deposit the repayment amount every first day of the month. You can use the following modes of repayment:

  • Direct debit order from your bank account
  • Payroll deduction
  • In-store payments
  • Monthly deduction on your payday
  • Visa or Mastercard payment
  • EFTs

African Bank personal loans: Benefits of applying

  • Manageable

One of the biggest benefits of African Bank personal loans is that you have a large amount to cover your expenses rather than smaller and multiple amounts generated from your credit card. This allows you to manage everything easily. 

  • Improve Credit Score

Taking out an African Bank loan will allow you to improve your credit score. You can use the loan to repay your other debts thus giving a boost to your credit score. You can also improve your credit score by paying back your African Bank personal loan in the given time. Having a good credit score is important as banks will check the score before approving your loan application.

  • More Money than Credit Cards

African Bank personal loans give you more money than credit cards at fixed interest rates. This makes it easier for you to cover your expenses. 

African Bank: Other types of loans available

  • Debt Consolidation Loan

If you want to get loan online, you can also apply for a debt consolidation loan. This will allow you to repay all your smaller loans. 

  • 15% loan

A low-interest loan offers fixed interest rates of 15%. This loan has flexible payment terms and fixed interest rates. You can get this loan online, over the phone, or by visiting the nearest African Bank branch. 

  • Value-Added Deals

The bank goes a step further by collaborating with South African brands that can offer you education and entertainment vouchers. This will improve your credit. You can choose the deal as per your preference and add it to your credit. 

There are few other things you should know about African Bank loans.

  • You can’t get a loan from an African bank if you are blacklisted. You can apply for a consolidation loan.
  • The maximum loan amount you can get from African Bank is R250, 000. 

Now that you know everything about African Bank loans, you can visit our website Snappy Loan to search, review and compare different loan offers. 

You can not only find loan offers from African Bank but also other lenders and loan providers. Visit the website now.

Categories
Personal Loans

First National Bank Personal Loans: All Things You Must Know

short term loan

The First National Bank (FNB) is amongst the leading banks in South Africa trusted by several people in the country. Being a certified lender under the National Credit Act, this bank is one of the best choices you can make if you want to take out a personal loan. 

But do you know the complete process of applying for an FNB personal loan? Do you have a comprehensive knowledge of different aspects of FNB personal loans? If not, keep reading this article to find out more. 

First National Bank- How do they work?

Briefly, in the First National Bank loans, you can take out a minimum loan amount of R1, 000 and a maximum loan amount of R300, 000. The minimum loan term is 1 month whereas a maximum loan term is of 60 months. 

The interest rates for FNB personal loan varies with a minimum interest rate of 12.75% and a maximum interest rate at 27.75%. 

Also, the overall process of applying for an FNB personal loan includes applying for a loan on the FNB website or in the nearest branch. You will also provide all the required documents with the application. 

Upon approval, the loan amount will be credited to your bank account. You can use the loan amount for any purpose you want and start repaying your loan on the agreed amount and term. 

FNB personal loans- How to use them?

FNB personal loans are a general credit loan, hence they can be used for several purposes such as 

  • Building your new home or renovating the existing one
  • Covering your wedding expenses
  • Use it to cover your holiday expense
  • Cover any other unplanned or planned costs

First National Bank personal loans- Advantages

Applying for a personal loan at FNB has several advantages. This is the reason why FNB personal loans are popular in the country. 

  • Based on individual circumstances and credit reports, FNB offers personalized interest rates when you apply for the loan. 
  • FNB offers flexibility in the loan amount. You can apply for a minimum loan amount of R1, 000 and a maximum loan amount of R300, 000. 
  • FNB loans also provide unsecured loans that mean you don’t need to give any collateral.
  • FNB loans provide flexibility in making repayments. You can maximum loan term of 60 months. Also, since you have a fixed interest rate, the repayment loan amount doesn’t change making it easier for you to manage your budget every month. 
  • FNB also protects its customers with a Customer Protection Plan (CPP). This plan is much like credit insurance that protects you in case you fail to repay your loan in situations like death, illness, disability, or a global pandemic. 
  • You don’t have to pay any penalty fees if you make early repayments. 
  • With FNB, you also get Take-a-Break January where you can skip repayment for this month if you have spent too much during the holiday season. However, this just an option. If you wish to repay in this month too, you can very much do so. 

Take-a Break January: Little more info

As mentioned above, Take-a-Break January is a convenient option offered by the FNB. In this option, you can skip your repayment for January. However, if you have enough budget for the month, make sure you make the repayment. 

Also, this option is available for those customers who have a loan term of more than 6 months. And to avail of this option, make sure you have an up-to-date monthly repayment deposits for the past months. 

FNB personal loan interest rates: Briefly explained

The FNB interest rate is capped at 27.75% as per the regulation set by the National Credit Act. Also, the bank provides a fixed interest rate.

This fixed interest rate is personalized based on the individual customer’s circumstances. The two factors that are considered for this personalization are the credit score and current financial conditions. 

FNB personal loans: How to apply online?

If you want to apply for loan online from FNB, you need to fulfil the following requirements:

  • You must be a valid South African resident
  • Must be 18 years of age or above
  • Must have a valid and active South African bank account where your salary is deposited
  • You must be either employed or self-employed

You also need to provide the following documentation during online loan application:

  • Your latest payslip
  • A valid South African ID issued by the South African government
  • Proof of residence
  • You need to provide 3 months of bank statements if you don’t have an FNB account
  • If you are self-employed and don’t have an FNB bank account, you need to give bank statements for the past 6 months

FNB personal loans: A few key points to know

  • Using an FNB personal loan calculator, you can calculate your monthly repayment amount. You can read our previous blog on FNB personal loan calculator on our website.
  • If you want to make an online loan application for FNB personal loan, you can visit our website Snappy Loan. We give you a quick way to review the latest loan offers from FNB bank. You can click on ‘Snap It’ and will be taken to the lender’s website for online application.
  • When you have applied for FNB personal loan, the loan amount will be credited to your account either in a couple of hours or a few days upon approval. However, the pay-out time also depends on the type of credit you are applying for. 
  • You can easily make your repayments for FNB personal loans. You can do it via FNB ATM, FNB app, online, and cell phone banking with EFT. You can also create a monthly debit order. Or you can deposit by visiting the nearest branch or ATM. 
  • With FNB loans, you also get a top-up option. If you have already taken out a loan with the bank, you can apply for additional funds. The maximum limit for additional funds is R300, 000 for a term of 60 months at fixed interest rates and no initiation fees. 
  • Apart from personal loans, you can also apply for student loans, debt consolidation loans, short term loan, revolving loans, credit cards, and overdraft loans. 

Now that you know everything about FNB personal loans, you can visit your nearest branch or our website Snappy Loan to make an application.