Categories
Personal Loans

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

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

Nedbank Personal Loans: Crucial Information You Need to Know!

When you decide to take a personal loan, you need to make sure that you choose a lender that is certified and reputable. One of the lenders that you can choose to take out a personal loan is Nedbank. 

Nedbank is one of the reputed and trusted South African lenders that provide a personal loan that can be used for various purposes. But do you have complete information about the loan procedures at Nedbank? If not, you must keep reading this article to know more. 

Nedbank personal loans: Documents needed?

To apply for Nedbank personal loans, you need to present the following documents:

  • Valid South African ID issued by the government
  • Recent payslip for the past one month or an employment letter as proof of income. 
  • Bank statement of the past three months showing your account activity. 
  • Residence proof, you can give utility bills such as water bills or electricity bills. However, the proof should not be older than 3 months.

Nedbank personal loans: Other requirements?

Apart from the documents above, you need to also fulfill the following requirements:

  • Have a good credit score
  • Must be employed or self-employed
  • Must have a minimum monthly salary of R3, 500. Additionally, this salary must be deposited in your account electronically. 
  • You must be a minimum of 18 years of age or above. 

When you apply for a personal loan from Nedbank, you can get a minimum loan of R2,000 and a maximum amount of R300, 000. 

Nedbank personal loans: Interest rates?

When it comes to interest rates of Nedbank personal loans, you need to pay 27.5% on your loan. However, due to continually market changes, these interest rates can change. Sometimes, they can go as low as 10%. Whenever a bank provides an interest rate on its website, it is usually an estimate. 

This can change based on the amount you take out, the loan term, the day you are applying, and several other factors. Estimated interest rates are given so that you get an idea, and you can budget your monthly expenses accordingly. 

 Nedbank personal loans: Other costs?

As mentioned above, that apart from interest rates, there are some other additional costs involved in calculating the overall cost of your loan. For Nedbank personal loans, there is an initiation fee and monthly administration fees. Here’s an example of the calculation.

For example, you take out a loan of R50, 000 for a term of 5 years (60 months). The initiation fees for this loan will be R1,207.50 and an administration fee of R69. Say the current interest rate is 24.75% along with a maximum APR of 29.3%. Based on these parameters, the total cost of your loan comes out to be R95, 842. 

This gives you a rough idea about how the total cost of the loan is calculated and what costs are included in the calculation. This can help you better decide the loan amount and determine whether you can afford the loan. 

Nedbank personal loans: How to apply online?

Applying for a loan online with Nedbank is easy and hassle-free. You can follow these steps to apply for loan online with Nedbank.

  • Start by calculating whether you can afford the loan or not. You can use the Nedbank personal loan calculator to determine your monthly repayment amount for a chosen loan amount and term. 
  • Once you have chosen the loan amount you want to take out, you can begin filling the application. 
  • On the website, you can start by choosing ‘Apply’, followed by ‘Borrow’ and lastly ‘Personal Loans’. Start filing your application. 
  • You need to login into your Nedbank account. If you don’t have an account, you can open that in just a few minutes. 
  • You need to provide all the required information and documentation to finish your application. 
  • Once you have submitted your application, you need to wait for the approval. Once your application is approved, you will get the loan amount in your bank account directly. 

Nedbank personal loans: How do I pay the loan back?

When you have taken out a loan with Nedbank, you need to pay back the loan by depositing a monthly repayment amount. 

This amount will depend on the loan amount, the loan term, and interest rates. You can use the Nedbank calculator to determine the monthly repayment amount for your loan. This is usually the first step before application. You can also read our previous articles on using the Nedbank calculator. 

Nedbank personal loans: What if I fail to repay?

There can be certain situations where you might not be able to repay your loan. To tackle this situation, Nedbank asks you to take a personal loan protection plan. You can either opt for the protection plan provided by Nedbank or you can also choose another insurer. Make sure the insurer can fulfill the requirements of Nedbank.

Such a personal loan protection plan will prevent your rights during situations such as death, illness, disability, or retrenchment.  However, if you fail to repay your loan due to reasons not covered under the plan, you will face legal actions along with a bad credit score. 

Nedbank personal loans: Benefits

  • An easy and hassle-free loan application process
  • Affordable loan with the best possible interest rates
  • Upon approval of your application, you will get the loan amount in a few hours directly in your bank account
  • Repayment terms are quite flexible.
  • Direct debit of your monthly loan repayment amount from your account
  • Nedbank is certified and registered under the National Credit Act

Apart from personal loans, you can also Nedbank for other types of loans such as vehicle loans, student loans, home loans, credit card loans, and overdrafts.

If you want to get loan online from Nedbank, you can visit our website Snappy Loan to get a comprehensive overview of the loan offers from this bank. 

We have already researched and curated the loan offers from the best lender in the country. You can review and determine the loan offer you need with just a few clicks. So, visit our website Snappy Loan now and get the best personal loan for your needs.

Categories
Capitec Personal Loan

Applying for Capitec Personal Loans? Read This Article for More!

Being a resident of South Africa, you might have already heard about Capitec. This is one of those banks in South Africa that has gained the trust of customers in the country. The bank has built a good reputation in the market and most people feel extremely comfortable working with Capitec. 

Another thing that makes Capitec the first choice of banks for most people in the country is their easy and quick personal loan application process. The bank offers competitive interest rates making it easier for people to apply for a personal loan at this bank. 

In this article, we will go in-depth and learn everything there is about Capitec personal loans. So, let’s get started! 

Capitec personal loans- How it works?

  • You can apply for unsecured personal loans. This means you don’t have to keep a property or an asset as collateral. 
  • The bank will offer interest rates based on your ability to repay and your credit risk report. The lowest interest rate offered by the bank is 12.9%.
  • The bank gives you a chance to take flexible loan amounts. The approval of a loan amount will depend on your credit risk report and the purpose of using the loan. You can get a maximum loan amount of R250, 000 for covering your finances. 
  • The bank has mobile and internet banking services that make it convenient for you to bank anywhere, anytime. 
  • Capitec loan application process is quick and hassle-free. You can apply for the loan online and if you qualify, you can get approved in just a few minutes. So, applying for Capitec loans is also great if you need to borrow money immediately in your bank account. 

Capitec personal loans- How much do they cost?

Here’s a quick overview of the Capitec personal loan plans. 

  • The interest rates offered by the bank fall in the range of 12.9% to 24.5%.
  • You also get credit life insurance where you can pay between R4.00 to R4.50 for every R1, 000. 
  • You need to pay a once-off initiation fee which is a minimum of R1, 207.50 for an amount of R25, 000. 
  • You need to pay a monthly service fee of R69.00 for an amount of R25, 000.
  • Depending on the loan amount and term, your monthly repayment amount is decided. This amount is fixed. 

Capitec Finance- What types are available?

With Capitec finance you can get two types of loans:

  • Personal loans: With Capitec personal loans, you can borrow a maximum amount of R250, 000 for a loan term of 84 months. You can repay the loan amount during the loan term or you can also repay the loan early if you can afford it. You can also opt for credit life insurance to ensure that you are covered in the event of death or illness. 
  • Car loan: You can also get an unsecured loan to buy a car of your choice. 

The total cost of your loan will include the monthly initiation fees and services fees. Don’t forget to read the terms and conditions of the loan on the Capitec website to get a better understanding. 

Capitec personal loans: What are the requirements?

  • You must have a valid South African ID that is issued by the government. 
  • You must be 18 years of age or above. 
  • Make sure you have an income that can help you cover your repayment costs. This will make the loan more affordable. 
  • Capitec will perform a credit check to determine whether you are a risk liability or not. So, make sure you have a good credit score. This will ensure that your application is processed and approved easily. If you don’t have a good credit score, your application might not be approved. 

Capitec personal loan application: What are the documents required?

When you want to apply for loan online, here are the following documents you need to have in your hand.

  • Your valid South African ID 
  • Residence proof: you can give your utility bills such as water bill or electricity bills
  • Proof of income: You can give your bank account statement for the past three months. You can also submit your payslips. 
  • Capitec might also want you to declare your assets, expenses, and liabilities to ensure that you can afford the loan. This depends on the loan amount you have taken. 

Capitec personal loan application online

You can apply for the Capitec personal loan in two ways:

  • Offline application: You can visit the nearest Capitec branch or make a phone call. You will be guided by the staff for the application process.
  • Online application: The easiest way to apply for Capitec loans is through an online application. You can visit the website of Capitec loans and start filling the form along with the documents. You need to select the loan amount and term and upload the documents from your device. 

If you also want to know how much your monthly repayment amount will be you can use the Capitec calculator to find the amount. Once you have submitted your application, wait for approval. Once approved, you will get the amount in your bank account. 

Capitec evaluates your loan application based on three factors:

  • Your credit history: With a good credit score, the bank can easily approve your loan. 
  • Income and expenses: If you have declared your income and expenses during the application, it can also determine the approval.
  • Stability of income: Based on the stability of your income, your loan application approval will be determined. 

Capitec personal loans: Advantages

  • You can borrow a maximum amount of R250, 000. The bank offers flexibility in choosing your loan amount and term. However, the approval will depend on the above-mentioned three factors. 
  • You can get credit insurance with Capitec loans.
  • The loan repayment amount is fixed so you can plan your budget efficiently. 
  • The bank also offers flexible payment terms so you can afford the loan.
  • The loan you will get will be based on your credit score. 

Before you get loan online with Capitec, you can browse the existing loan offers from the bank on our website Snappy Loan. 

We have curated the latest loan offers from all the lenders and banks on our website making it easier for you to choose the loan that suits your needs.

Categories
Capitec Personal Loan

Capitec Personal Loan Calculator- Things You Must Know!

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

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!

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.

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Get Loan Online

A Simple Guide to Navigate Loan Application While Being Blacklisted

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!

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Holiday Loans

Holiday Loans: Perfect Gateway to Fund Your Getaway!

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

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.

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Get Loan Online

A Simple Guide for Online Loan Application in South Africa

Most people these days use the Internet to search, apply, and purchase different products and services. And the same goes for bank loan applications. You can apply for loan online right from the comfort of your home.

And it is not just about comfort when it comes to filling online loan applications but you can also get great loan offers at your fingertips. But do you know what it takes to make a successful online application for a loan? Don’t worry! This blog post will give you all the details about the online loan application process. 

What types of loans are available online?

In South Africa, you can find online loan offers for the following types of loans:

  • Short-Term Loans: This type of loan can be easily applied online. You can borrow only small amounts when applying for short-term loans. These loans have higher interest rates, and thus, need to be paid off quickly. Payday loan are a great example of a short-term loan. 
  • Secured and Unsecured Loans: Secured loans come with low-interest rates and require you to provide a property as collateral. On the other hand, unsecured loans have higher interest rates and don’t need collateral which makes them risky. 
  • Debt Consolidation Loan: This loan assists you in paying all your existing debt. This way you are left with just a single loan account that is easy to manage and payback. 
  • Study Loans: These loans are meant to assist your education. Study loans have different structures and lower interest rates as compared to personal loans. 
  • Motorbike Loan: You can apply for a motorbike loan if you want to buy a motorbike in South Africa.
  • Car Loan: If you intend but a car and need financial support, car loans are the best way. 

Checklist to Apply for loan online

Have you finally decided to apply for a loan online? How do you know which loan offer is best for your needs? Below is a checklist that will help you efficiently comparing different loan offers and get loan online

  • Loan Term: You can choose a loan term between 6 months and 72 months. Make sure to choose a loan term that gives you a comfortable period to payback. 
  • Minimum and Maximum Loan Amount: Make sure to choose a lender that can give you the flexibility to choose your loan amount. Some lenders in South Africa limit the loan amount range. 
  • Interest Rates: You might already know that low-interest rates are the best choice. But what you don’t know is that you have to choose between variable and fixed interest rates. Fixed rates don’t change over the period but variable interest rates change over time. Both have pros and cons but the choice depends on your requirements.
  • Terms of Repayment: Usually, loan repayment occurs every month. But some lenders give you the flexibility to pay on weekly basis. You can opt for these repayment terms if you want to pay your loan quickly. 
  • Additional Benefits and Fees: To stay ahead of the competition, some lenders give you additional benefits for no extra charges such as excellent customer service. Take advantage of these benefits. But also be wary of any additional fees. The loan might look cheaper initially but might have hidden costs. 

The process to apply for a loan online

Let’s take a look at the general requirement and process of applying for a loan online in South Africa.

Loan application requirements

  • Age 18 years and above
  • Valid South African ID
  • Payslips and bank account statements as proof of income. It shouldn’t be older than 3 months
  • Minimum monthly income proof. Some lenders want you to have a minimum monthly income to qualify for a loan. 
  • Good credit score

The online loan application process

  • Once you have searched, reviewed, and compared different loan offers on our website Snappy Loan, click on “Snap It!” You will be taken to the lender website. You can start applying for the loan online. 
  • Chances are that the lender will ask you to fill an online application form for details such as an address, name, email, and more. 
  • Once you have filled the online application form, click submit and wait for the approval. 
  • After submitting your loan application, the lender will approve it and send you a loan offer. You have to accept the loan offer for you to receive the loan amount in your account. 

Traditional loan application Vs. Online loan application

So, when you compare traditional loan application with the online loan application process, applying for a loan online has got several benefits:

  • Easy and quick applications since you don’t have to visit the lender. Instead, you can apply for a loan online in the comfort of your home. 
  • Most online loan offers in South Africa have instant approval. So, you might have to just for a few hours or business days to get your loan amount in the bank account. 
  • You can easily compare different online loan offers anytime anywhere as the details are always available on the website. 
  • Online loans are also generally a safer option. This is because the information is available online that can be verified easily. You can also check out the National Credit Act that tells you about the lenders that are strictly regulated and other financial services. At Snappy Loan, all the lenders are regulated by the National Credit Act. You can easily find reviews and ratings for different loan lenders online. 

Online loan application has made it easier for people to apply and get a loan from the comfort of their home. But if want extra information or assistance, it would be wise to visit a branch nearby. 

Online personal loan calculator

When you are looking to apply online for a personal loan, don’t forget to use an online loan calculator. This calculator will provide you repayment amount estimate based on the loan amount and loan term. 

When you are comparing loan offers on Snappy Loan, you will find different offers from numerous lenders from South Africa. Choose the loan offer that best suits your needs. Get in touch with our team if you want to know more about loan offers.