netizen, Author at Mashonisa loans
archive,author,author-seobrokers,author-1,theme-bridge,woocommerce-no-js,ajax_fade,page_not_loaded,,columns-4,qode-theme-ver-13.1.2,qode-theme-bridge,wpb-js-composer js-comp-ver-5.4.5,vc_responsive

Author: netizen

In the past, choices for applying for a loan were limited to banking institutions. With advancements in technology as well as transformation of the financial sector globally, there has been an increase in the number of lending institutions offering a diverse range of financial solutions. Payday loans are short-term loans, repayable within 30 days. Generally offered for amounts of less than R2500, these loans are ideal for paying off unexpected expenses. There is no collateral required for these loans and interest rates tend to be slightly higher. While this is a general description of what payday loans are and how they work, there is a lot more to this.

Applying for a loan is something that should ideally be done after putting some thought into it. It should be done after doing some research into the procedure, the criteria as well as after asking important questions.

What are some important questions to ask when applying for a loan?

Does it make sense? Determine if it’s the right financial tool for your needs. You may think that you need a loan, but you need to ask yourself if you really do. You may think that you need to apply for a personal loan, when a credit card may be a better option. Be sure to seek the advice of a financial expert if necessary. This will help to save you money in the long run. Instead of having to pay exorbitant interest rate fees for a personal loan you may not have needed, you could rather save money towards a particular goal.

The Consumer Protection Act of South Africa, which came into effect in 2011, has been highly instrumental in achieving higher levels of consumer protection. For years on end, credit agreements would largely favour credit providers and consumers often got the short end of the stick, without much protection when agreements weren’t fulfilled. According to this act, consumers have rights to confidentiality, access to information, disclosure, fairness, transparency, safety and redress. Many South Africans have become more familiar with how the Consumer Protection Act works. What South Africans need to know about the Consumer Protection Act:

Easy ways to improve your chances of being approved for a home loan Applying for a home loan can be quite daunting for many people. The process hasn’t been made transparent enough, which has often led to many application rejections. If you are keen on applying for a home loan from a financial institution and being approved, there are various factors you need to consider. Following the recession of 2008, lending institutions have become stricter about the criteria which home loan applicants must fulfil. Despite this, as a home loan applicant, you shouldn’t be intimidated, because there are easy ways to improve your chances of being approved for a home loan.

Being blacklisted can be frustrating and challenging. Once your credit record is ruined it can also take a long time to get it repaired. For most blacklisted people, getting access to finance can be a nightmare. Traditional lending institutions like banks won’t even consider their loan applications. Fortunately, the changing financial landscape in South Africa has made it possible for individuals to gain access to credit despite their impaired credit records.