Personal Loan - Advice Needed

Interest rates are low, just approach all the banks and go with the lowest interest loan, I have a revolving loan that's currently at 14.5%.
 
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.
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Directaxis might be able to help you. Although I thing Capitec is the only provider off credit that is "loose" enough to supply you that amount without any security.
 
thechamp said:
Interest rates are low, just approach all the banks and go with the lowest interest loan, I have a revolving loan that's currently at 14.5%.
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Most banks will not give you R200k plus credit without any security.
 
Personal Loan, the interest rates are high, 22%-25%.
Revolving loan + overdraft can get you 100k easy if you earn R30k+ pm. Rate are ~17%.
Standard Bank, Directaxis and FNB are easy going if you perm employed.
 
RedViking said:
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.
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Why would they reject your identity?
 
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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All loans work like that. Including access bonds. It's just a lower interest rate on a bond.
 
What's the reason for the loan?

Might be able to better assist if you tell us what the cash is for. Medical reasons, paying more debt, buying a car?
 
supersunbird said:
Because he didn't answer the credit bureau questions correctly. "Do you have an account at MTN?" Maybe I must say yes because I have MTN prepaid? "Yes" "Identity test failed"
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Did he say this?

And if so, he just needs to restart the process.
 
Splinter said:
Did he say this?

And if so, he just needs to restart the process.
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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.
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People generally find the questions weird the first time they encounter them, I know did. Last time was a new Telkom contract last year. It's an supplementary identity verification method. I assume you have not been asked them.

"Do you have an ABSA homeloan?"

"Do you have an account with Jet or Edgars or Mr Price?"

"With which bank do you have a credit card?"
 
Splinter said:
All loans work like that. Including access bonds. It's just a lower interest rate on a bond.
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Have you taken out a lot of loans? None of the 3 personal loans I have taken out or my home loan worked like that, nor any of my 3 car loans. Of course access home loans work like that, it's their main feature.
 

supersunbird said:
People generally find the questions weird the first time they encounter them, I know did. Last time was a new Telkom contract last year. It's an supplementary identity verification method. I assume you have not been asked them.

"Do you have an ABSA homeloan?"

"Do you have an account with Jet or Edgars or Mr Price?"

"With which bank do you have a credit card?"
Click to expand...
Can you let the OP answer for himself?
 
supersunbird said:
Have you taken out a lot of loans? None of the 3 personal loans I have taken out or my home loan worked like that, nor any of my 3 car loans. Of course access home loans work like that, it's their main feature.
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But I do agree that I was wrong about all loans. It was the thing about being able to access it and then being charged interest on it.

Which is what all loans that allow access to paid in funds do?
 
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