At this moment you are probably thinking to yourself, how am I going to make it through this month? How is this possibly happening to me?
Don't stress - there are many ways to attain the financial freedom that you deserve. If you just need to apply for a small loan to achieve a goal or see your plans through, we’ll help you find out how to do it. If you need to get rid of the debt that’s putting severe stress on you, we’ll point you in the right direction.
Stuck with debt that you can't afford?
If you have too much debt and can’t make your repayments, it may be beneficial to consider debt consolidation or apply for debt counseling services with a reputable counselor. Do not try to pay off debts by taking on other debt as this will worsen your situation.
Is debt consolidation right for me?
Debt consolidation is ideal for individuals whose debt mainly consists of high-interest short term debts like store card balances, credit card balances and short-term loans.
To be able to qualify for a low interest rate on a debt consolidation loan you must have a good credit score. If you have a bad credit score or simply do not have enough money to repay all of your debts, debt consolidation is likely to worsen your situation.
What about debt counselling?
Debt counselling is ideal for those who are already getting calls from creditors looking for repayments. If you simply don't have sufficient income to repay your debts in addition to having already defaulted on one or more agreements, debt counselling is likely to be a more suitable option that debt consolidation.
Need a small loan for a cash emergency?
If you are currently experiencing a cash emergency because you have encountered unexpected expenses then a little loan will help you. Not all people have an emergency fund for when unexpected and emergency expenses come around.
Let’s be honest, most people are unable to pay a huge sum of money all at once for emergencies and that's why most people look at getting a small short-term loan.
Who should consider a short-term loan
- If your budget can accommodate loan repayments
- You have not been handed over to a debt collector for debt collection
- You are not struggling to make ends meet
- You do not currently have other short-term loans outstanding
- You are not intending to repay other debt with your short-term loan
Does getting a loan seem daunting?
We understand the hesitation you feel when you apply for a loan. As long as you are able to make informed decisions that help you get the best loan suited for you, a loan can most definitely work in your favour.
Applying for a loan is also easy as it can all be done online and within minutes you can have an answer on the outcome of your loan application.
Applying for a loan no longer requires for you to make a trip to your local branch or submit endless amounts of paperwork. With clever online loan application systems, applying for a loan has never been easier.
Can you afford a loan?
Whether you decide to take a loan for R2,000 or R20,000 there are ways for you to see if you can afford it. A simple online calculator will allow you to adjust your loan amount and repayment terms to something that fits your financial needs and personal budget. Always borrow less than you qualify for to ensure you leave a margin for emergencies and unexpected costs and expenses.
What about early repayments?
Most lenders welcome early repayment on loans. But there are those who might charge certain penalties if you were to repay your loan earlier than the agreed term.
This usually depends on the loan type and the loan agreement. It is therefore important to always make sure you fully understand the terms and conditions of your loan agreement before accepting a loan offer.
Remember that closing or repaying multiple debts and accounts before the end of the loan term may actually hurt your credit score. Always weight the pros and cons of early debt settlement carefully and speak to your banker or a financial consultant if you're unsure.
You can apply online or in a branch
Did you know that you do not have to go into the bank and stand in the long queue to apply for your loan? And yes, it is this simple - you can apply online using all your information and you can have an answer on your loan almost instantly. You will be provided with a quote which you must review before accepting the loan agreement.
You can then choose to accept your quote or have it re-evaluated to achieve the perfect repayment plan. If you do not want to go into the bank and give in the documents you can simply scan them into your computer and send them or upload them. This will not only save time but will make the whole process much less stressful.
With mobile banking apps and lending apps becoming so popular you now have instant access to cash on you cell phone.
Attain financial freedom with the help of a loan
From the information that we have given you above you can see that you can actually attain financial freedom again without the stress of having to spend hours in the bank. There is also no need to wait for days to get the money you need. Be it a debt consolidation loan or a small short-term loan, knowing how to borrow and use money can make all the difference.
Many lenders offer impressive turnaround times on their loan applications which means you might even have your loan amount transferred to your bank account on the same day as applying for your loan. You may even already be pre-approved for a personal loan and all you need to do is accept the loan agreement by logging in to your online banking profile!