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.

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!

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.

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.

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. 

Student loans

Looking for the Best Student Loan in South Africa? Read This!

Education is key to building a better future and a comfortable life. Even before you finish high school, you have to determine which degree you want to pursue. This means working hard towards getting admission to the right college or university. 

But as a student, your job to make your future bright just doesn’t end there. Once you get admission to your preferred college or university, you need to pay the course fees. Now, not everybody can bag a scholarship. This means you have to prepare your finances so that you can pay the fees on time and start pursuing your higher education. 

And student loans are the best way to tackle this situation. Yes, that’s right! Student loans are the right kind of finances that can get you through your college education without any issues. But before you apply for loan online there are a few things you must consider. 

Things to Consider Before Applying for Student Loan

Let’s start with breaking the biggest misconception regarding student loans. Most people will tell you that student loans are “good debt”. Sure, if you compare it with going into debt for a smart phone, a student loan is certainly a “good debt”. But always remember, you have to repay the loan eventually.

So, before you apply for a loan, get to know the following things:

  • How much you can afford?

This is certainly the first question you must ask yourself before applying for a student loan. Remember, that you have to repay the loan eventually. So, make sure that the total repayment amount is payable and you can afford it.

If you think that you can’t afford the repayment amount, it is best to stay away from making an application. 

  • Student loan Vs Other Types of Debts

When compared to other forms of debt such as personal loan, you can’t declare bankruptcy on a student loan if you fail to pay. 

Let’s get one thing straight! No matter what, you have to repay your student loan. Even if you fail to repay your student loan, the lender will make sure that they get their money back in full. 

This will be done by taking your wages and there is literally nothing you can do about it!

Also, in personal loans, if you fail to repay, the lender will ensure that they get something from you such as an asset that you will keep as collateral. 

But in student loans, YOU are the collateral!

  • Student Loan Application Checklist

Now, if you want to apply for a student loan, here is a checklist for responsible borrowing:

  1. Make sure to calculate how much money you will need to pay for your college years. Include not just your college fees but also your living expenses. This is how you will get a rough idea of how much need to loan.
  2. Remember that student loans have varied interest rates depending on the plan and the lender. Make sure to use a calculator for determining your overall interest rates.
  3. Always make sure to check any hidden or additional charges by clicking “view additional charges and information” on the lender’s page.
  4. Calculate the repayment amount after you finish your graduation
  5. Don’t just choose the first student loan plan you see. Compare different student loan plans to make an informed decision. 
  6. Determine that how much you will be able to make after you graduate. This will give you an idea of whether you can afford the student loan.

How to Apply for Loan Online

Now that you know what things you must consider before applying for a student loan online, let’s move forward to the process of application. 

You can either get loan online or you can visit the nearest branch of the loan provider to get the forms and understanding the different plans available. 

  • Requirements for Application

So, when you are applying for a student loan in South Africa, most loan providers will have the following requirements:

  1. You must be at least 18 years of age or above
  2. You have to provide proof of registration from a tertiary institution in South Africa
  3. You have to provide the latest examination results from the Department of Education
  4. You need to produce a proof of invoice detailing your college fees, living expenses, and books expenses
  5. You might have to open an account with the loan provider
  6. Specify whether you are studying part-time or full-time
  7. Specify the years of study
  • Things to avoid

Always remember, when you take a student loan, you have to repay it after your graduation. So, take on a loan only if you can afford it. Other than this, try to avoid the following things:

  1. Don’t use your student loan money for any other purpose other than the intended purpose, i.e. your education.
  2. If you determine that you can’t afford to take a student loan, avoid taking one at all costs. 
  3. Don’t jump on the first student loan option you see. Compare different plans. Several plans will be suitable for you. 
  • Student loans: Good or Bad?

Ah! This is an age-old question! Most people wonder whether getting a student loan is good or bad. But truth be told it completely depends on your circumstances. If getting a student loan is the only way for you to pursue your education, then go for it!

  • When Does a Student Start Repaying the Loan in South Africa?

Most student loan lenders will give each student a grace period of 3-6 months. This period is intended to give the student a chance to find a job and start earning an income. 

Once your grace period ends, you need to start repaying your student loan based on your plan. 

Before we leave you here with a lot to think about the next step, you can check out the latest student loan offers on our website Snappy Loan. 

All the lenders are operating under National Credit Act. So, you don’t have to worry about getting duped. Compare different loan plans you see on our website to make an informed decision.