How to Get a Private Loan

How to Get a Private Loan

A private loan or a personal loan is a loan that you take out which you can use for anything you want. Depending on your financial situation, as well as your credit rating, are banks will offer you various interest rates as well as varying amounts that you may borrow.

Personal loans can usually be paid over a period of up to 60 months, and all the major banks offer personal loans for people with good credit history and permanent employment. Is always a good idea to familiarise yourself with all the requirements of a personal loan and to ask upfront about any fees or interest rates that will apply to your loan. You want your loan repayment of the slowest possible every month, which is why you need to budget ahead.

Compare Offers

When you’re ready to take a personal loan compare different product options from all the major banks like ABSA, FNB, Nedbank, Standard Bank and Capitec. In most cases they will have a loan calculator available that you can use to get an accurate idea of what you will be paid every month.

Personal loans can usually go up to R250,000 and this will be dependent on your credit profile. In general personal loans will attract a lower interest rate than short-term loans or even consolidation loans. If you are able to provide fixed property or other assets and security, you can negotiate even lower fees as you will be a lower risk to the lender.

If you are unemployed, blacklisted or undertake review, you will likely not be able to take a loan from any credit provider. Although some credit providers still offer loans to blacklisted individuals, if you are unemployed you have no means to repay the loan and therefore not qualify for credit.

Categories: Loans