Loan Options and Terms
BUILDING A BRIGHTER FINANCIAL FUTURE & GOOD SUPPORT
1. Interest Rates and APR
In South Africa, loan interest rates and APR vary based on the lender and borrower's credit profile. The benchmark interest rate is 7.25%, with loan rates ranging from 5% to 31.5% per annum. APR includes fees and charges, such as initiation and service fees, altogether. Understand the total cost of credit before signing a loan agreement.
2. Repayment Terms and Schedules
Short-term loans in South Africa have repayment schedules ranging from days to 6 months. Loans are repaid in a lump sum or instalments with fees. Repayment options
include debit orders, direct deposits, or cash payments. Review terms carefully to avoid extra costs. Missed payments result in additional charges.
3. Secured and Unsecured Loans
In South Africa, loans are either secured or unsecured. Secured loans require collateral, offering lower interest rates and longer terms.
Unsecured have higher rates and shorter terms. Secured loans are best for large purchases, while unsecured loans suit smaller expenses. Understanding the difference helps.
4. Fees and Charges
In South Africa, loan fees and charges include initiation fees, service fees, interest rates, and late payment fees. Lenders also charge for credit checks and administration costs. These fees vary significantly between different lenders and loan types, so it's absolutely essential to review the loan agreement carefully and understand all the costs involved before borrowing.
Contact Details
Richards Bay, KwaZulu Natal
+27 605092000
info@ksloanspty.co.za
