Do a personal audit.Managing your loan
Managing your loan
If you need money to cover an unexpected expense, to consolidate debt or to assist with a planned occasion then a personal loan has its benefits. Unlike a credit card, applying for personal finance comes with competitive interest rates. If you’re approved, your money will be instantly transferred into your account. Now what? Sure, you’ve committed to a fixed monthly repayment and you have Credit Life Insurance should you be retrenched, disabled or in the event of death. But how can you effectively manage your personal loan?
Do a personal audit
Create a list of all your debt obligations and monthly expenditure. Is there enough money to cover your monthly repayments and maintain your lifestyle? If the answer is no, you may need to reassess your spending habits.
Make financial resolutions
Not everyone is a financial planner. If, by the first of each month, you’re left wondering where your salary went then its time to get a grip on your finances. Start thinking with a frugal mind and make saving a habit. Set yourself goals to pay off debt by a certain date.
Don’t make more debt
If you can’t really afford to buy the latest flat screen TV, then don’t do it. Putting food on the table is more important than keeping up with the Joneses. Rather focus on settling your current debt first. Remember to settle debt with higher interests first.
A personal loan can be helpful when you need extra cash, but you should always manage your debt carefully.
If you can’t really afford to buy the latest flat screen TV, then don’t do it. Putting food on the table is more important than keeping up with the Joneses. Rather focus on settling your current debt first. Remember to settle debt with higher interests first.
A personal loan can be helpful when you need extra cash, but you should always manage your debt carefully.
About flexible term Personal Loans
How to qualify
- You are 18 years of age or older
- You are a South African citizen or permanent resident
- As a non-South African citizen, you have a valid passport or study permit
Highlights
- After you repay 15% of the loan you can extend it, without applying again
- Your repayment amount does not change - only the repayment term
- To increase your limit, call 010 249 0279 or visit your branch
- Includes insurance cover that will pay off your loan in the event of your death, permanent disability or critical illness
What it costs
- Pay a once-off initiation fee
- Pay a monthly service fee
What you'll need
- Your ID book
- Your last payslip, or proof of income
- Proof of home address (up to 3 months old)
- New customer? Include 3 months' bank statements
Additional information
- The interest rate is linked to the prime rate, which is based on your risk profile
- When the prime rate interest changes, your minimum repayment amount remains unchanged. Only the loan period increases or decreases
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