personal loan

[mbu]

is it normal and okay to pay a loan of R20.000 for 54 installments each at R1000,

 

[crackersa]

Comes up to a total of r54000
Ummm no

 

[gfmalan]

is it normal and okay to pay a loan of R20.000 for 54 installments each at R1000,

At what rate?

 

[Messugga]

is it normal and okay to pay a loan of R20.000 for 54 installments each at R1000,

That equates to a pretty insane interest rate. Loan shark?

 

[MrR]

Does sound dodge.

Interest is a killer, especially on personal loans. @gfmalan; interest will probably start from 20%

Other than a monthly service fee and the initiation fee, are you paying extras on the loan (e.g. retrenchment insurance, life cover insurance, etc.)?

 

[Eti1]

Personal loans can have crazy interest rates. Add credit insurance, initiation fee and monthly service/admin fees...R1000 per month becomes plausible.

 

[mbu]

At what rate?

@33.3% with fnb

 

[supersunbird]

Sounds about right, you need to add initiation fee and monthly fee and credit insurance and and and

:crylaugh: at the guy who used 14% in a calculator, 99% of personal loans will be 23% or upwards.

 

[Spliffcat]

Paying R54 000.00 rand for R20 000.00

It's a ahole ripping no vaseline con.

 

[supersunbird]

Paying R54 000.00 rand for R20 000.00

It's a ahole ripping no vaseline con.

Is it a con if you asked for it and then signed for it?

 

[gregmcc]

I've always wondered who would sign up with these insane rates!


Here (UK) there are payday lenders that have 300% or more. Heard an ad the other day with 1400%. Its insane! But people who need a short loan desperately go for this as they are guaranteed to get it. Damn sharks everywhere.

 

[gfmalan]

At what rate?

@33.3% with fnb

Goeie seks, they are screwing you big time.

Even at SBSA you would be better off,

 

[KleinBoontjie]

At what rate?

@33.3% with fnb

FNB and Direct Axis is the worst places to do personal loans with.
With ABSA you'll get like a 15% interest.

 

[ToxicBunny]

FNB and Direct Axis is the worst places to do personal loans with.
With ABSA you'll get like a 15% interest.

On an unsecured short term loan? Doubtful

 

[hellfire]

Goeie seks, they are screwing you big time.

Even at SBSA you would be better off,

You aren't factoring in the initiation fee (add to capital amount), service fee (add to monthly repayment) and mandatory credit life insurance - probably around R7 per R1,000 borrowed, per month.

 

[hellfire]

Goeie seks, they are screwing you big time.

Even at SBSA you would be better off,

You aren't factoring in the initiation fee (add to capital amount), service fee (add to monthly repayment) and mandatory credit life insurance - probably around R7 per R1,000 borrowed, per month.