Phumzile, Author at Mashonisa loans
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Author: Phumzile

For individuals in any economy, keeping track of certain indices can be an easy way of working out how to keep ahead of rising costs. Inflation is one such indicator. As a simple guide to inflation, it's important to understand that at a basic level it is a sustained rise in overall price levels. It affects all aspects of the economy, for instance: consumer spending, business investment, tax policies and interest rates.

Debt review is a debt management process that is designed to restructure debt payment plans so that consumers are able to settle their outstanding debts. When individuals are under debt review, the idea is for clients to avoid increasing their debt. The debt review process is governed by the National Credit Act and enforced by the National Credit Regulator.

As an individual keen on getting access to a personal loan in South Africa, you have a range of options from which to choose, such as government employee loans. In the past, banking institutions were the sole providers of loans, but with innovation, financial regulation changes and technological developments there have been significant changes.

Unemployment can cause quite the inconvenience. For many people, it means that they may find themselves unable to pay their creditors, which could lead to more financially troubling times. Having access to short-term emergency loans at such times can provide some much-needed relief. For South African consumers, fortunately the amendment of the National Credit Act has made it easier to gain access to these loans.

As a borrower one of the main things you want to keep in mind when searching for a loan is finding the best loan company. South Africa has a wide range of loan providers. The most reputable ones are registered with the National Credit Regulator, which means they are fully compliant with the National Credit Act. The Act provides strict guidelines about how consumers should be charged interest, affordability criteria and other qualifying criteria.

For many individuals who may have found themselves facing too much debt the number of options they have access to nowadays has increased immensely. Having access to credit generally means that you need to be able to afford to repay creditors too. If you can’t afford to, the good news is that you have recourse in the form of debt consolidation programs. This is a process that converts your multiple debts into a single, manageable monthly loan payment. Debt consolidation may help you to improve your cash flow and may result in a lower monthly instalment.

Being blacklisted can be quite an inconvenience, as it means that you generally can’t get access to the credit you want. If you make the necessary efforts to improve your credit record however, this could change significantly. If you are applying for credit, one of the first steps you should take is to check your credit record. This will give you a good indication of what lenders will focus on and use to gauge how much of a risk you will be.

As a potential home buyer, in today’s harsh economic conditions, when you save for a deposit this gives you a boost. What it says to lenders is that you are reliable and are therefore a lower risk. Saving for a deposit typically means that you can expect a rise in your affordability score. Lenders view this as a sign that you won’t have to borrow too much money from them. Saving for a deposit essentially helps you to prepare for the monthly costs you will be liable for as a homeowner.