Different Types Of Loans In South Africa
 

Different Types Of Loans In South Africa

The holidays are a time for relaxation, family and most importantly engaging in good food! Nevertheless, there is also the slightly intimidating finance situation. The upcoming festive season can be quite tight and stressful. Is it worth looking at different types of loans that are available? The festive season is here, and we may be wondering how we can afford to make our celebrations as memorable as possible without overstretching our budget a little over December and January. Luckily, as we plan how to best manage our expenses and get back to reality in January, different types of loans can provide an affordable answer, ensuring the higher than average festive spending does not mean we will be struggling comes mid-January

Types of loans

African Bank Group Executive, Alfred Ramosedi said that while many people may think that a loan is only something to consider when you have large expenses, like buying a house, starting a business or having to subsidise school tuition, this is definitely not the case. One must understand that taking out a loan responsibly can help you to simplify your credit and debt.

Personal loans

One of the benefits of a personal loan is that you can select either a short or long repayment period. Personal loans are great if you need a small cash injection to tide you over, you can plan to have this all repaid within three months, but if you need a larger loan you can plan to pay it back over a longer period.

Debt consolidation loans

This type of loan can be a very useful solution if you are struggling to keep track of your current debt as it is spread across multiple sources. Debt consolidation loans are especially useful if you want to get a better interest rate, or are struggling to meet the minimum monthly payments, which is common with short-term debt. Your bank will settle your debt, and you will then repay them, meaning you will make only one monthly payment to the bank itself often with a much better interest rate. This can afford you greater flexibility, simplicity and a better rate.

What can different types of loans finance?

Loans can be used to finance almost anything. They are not recommended for consumptive spending, however. One of the most common uses of loans over the festive period is travel – whether that’s taking the dream holiday down to the coast or flying your parents up for a week so that they can see the grand-kids and join in the festivities.

 

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Different Types Of Loans In South Africa
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Different Types Of Loans In South Africa
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The holidays are a time for relaxation, family and most importantly engaging in good food! Nevertheless, there is also the slightly intimidating finance situation. The upcoming festive season can be quite tight and stressful. Is it worth looking at different types of loans that are available?
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