Where to Start If You Want a Personal Loan in South Africa

If you are looking for a personal loan you may have many questions, like how much you should loan, what your repayment will be, and where you should start finding the perfect loan. With so many options available it’s always a good idea to compare the different options so that you know exactly what will be the best solution for your unique needs. 

A great option is always to start with one of the major banks in South Africa. They will offer you the best interest rates and they will work with you to find a loan that suits your unique needs. Unsecured loans usually attract higher interest rates, but this will be even higher when you borrow money from third-party other than a bank.

For example, ABDS offers personal loans that you can repay over various periods and you can easily compare the different loans they offered by visiting their website online. For a basic personal loan you will need an income of at least R1,500 per month with the repayment term of up to 6 months. This is called an express loan. They also personal loan option where you need to earn at least R2000 per month and you have a repayment term of up to 72 months. Then there is also a revolving credit facility available where you can borrow up to R350,000.

You can also compare different options from other banks to make sure that you find a personal loan that you will be able to repay. You can visit their website online window will usually have loan calculators to help you determine whether alone will work for you. You can also speak to a consultant to explain each of the Leinster you individually so that you can make an informed decision.