Best institution for personal loans

[foschinni]

I need to consolidate debt and need about R120K Which institution is the best in terms of interest rates and overall efficiency.

 

[Friedpet]

Your home loan.
I'm pretty sure the interest on a personal loan will be higher than almost any other loan you have.

What exactly are you trying to achieve by making debt to repay debt?

 

[Not_original]

Your home loan.
I'm pretty sure the interest on a personal loan will be higher than almost any other loan you have.

What exactly are you trying to achieve by making debt to repay debt?

Agree with your last statement. Consolidating using a personal loan is just silly as you gain nothing. but... If you are in a tight spot a secured loan (like against your mortage) can make the difference between going under or floating.

Something you need to consider is that if taken over a 20 year period it is even more expensive than a personal loan... If managed like a personal loan and paid over 5 years it is cheaper and still affords you the "luxury" of defaulting on a large installment and pay just a small one that month (do not even think about this unless you go hungry and even then only buy pap and tik)

 

[foschinni]

Good points here - my challenge is that I need the cash within around 2 weeks. The loan will take 6-8 weeks

 

[rietrot]

I know the place I work for doesn't give people loans to consolidate their debt any more as this is bad practice and people only go out and make more debt. The best is to cut down on your spending and pay of the most expensive debt or the debts with small amounts first.

The best institutions for what you want to do is the one that approves and give the best rate. This is product dependent on what you have to offer as collateral. Apply to all and compare the quotes.

 

[maumau]

Good points here - my challenge is that I need the cash within around 2 weeks. The loan will take 6-8 weeks

What's the money for - is it to pay off another debt? If so rather try to negotiate with the person who lent you the money.