Personal Loan - Advice Needed

RedViking

RedViking

Nord of the South
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I need a big sum of money, couple 100K, but have never had to take out a big loan or debt except for using my credit card and a couple of accounts. Clean financial record.

What is the best way to approach it after exhausting every avenue of not taking out a loan.
Where is the best place to look and how to approach it.
4-5 year term okay?
I don't have a home loan or something. Credit score shows "very good".

I know for some it might seem like a stupid question, but rather safe than sorry.
 
If you can't borrow.
And urgent.
Try your normal bank first. Capitec is also relatively decent with loans. Max is R250k from a personal loan though from what I remember
 
RedViking said:
I need a big sum of money, couple 100K, but have never had to take out a big loan or debt except for using my credit card and a couple of accounts. Clean financial record.

What is the best way to approach it after exhausting every avenue of not taking out a loan.
Where is the best place to look and how to approach it.
4-5 year term okay?
I don't have a home loan or something. Credit score shows "very good".

I know for some it might seem like a stupid question, but rather safe than sorry.
Click to expand...
Have you tried the loan sharks?
 
Pho3nix said:
If you can't borrow.
And urgent.
Try your normal bank first. Capitec is also relatively decent with loans. Max is R250k from a personal loan though from what I remember
Click to expand...
Does it also depend on what income you get? I am probably wrong, but Capitec preferred to loan to low income earners or something?
 
The_Mowgs said:
Have you tried the loan sharks?
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RedViking said:
Does it also depend on what income you get? I am probably wrong, but Capitec preferred to loan to low income earners or something?
Click to expand...

Nah, they help everyone out. Also look at African Bank and the big Four as usual

Should be able to get a rough quote online aswell
 
Pho3nix said:
Nah, they help everyone out. Also look at African Bank and the big Four as usual

Should be able to get a rough quote online aswell
Click to expand...
I tried Capitec online, but it asked a bunch of weird questions (to confirm identity apparently), and got rejected. So best maybe to go into bank then.


What is a good interest rate that can be expected?

On my credit card the interest rate is pathetic, so I won't even consider that as an option.
 
I second Capitec. You apply online and they phone you back. Send them the documents they need, they phone you back to complete the verbal contract, and the money is deposited into your bank account before you end the call.
 
Try not to get a loan that revolves. Else you'll be in debt forever.

It basically allows you to withdraw the money that you've already paid back and use it again, but then they add interest.
 
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The_Donkey said:
Try not to get a loan that revolves. Else you'll be in debt forever.

It basically allows you to withdraw the money that you've already paid back and use it again, but then they add interest.
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Definitely not. Whatever I get needs to be paid back as soon as possible.


Are there loans that you can pay of sooner and then less interest the sooner you clear it?
 
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