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About African Bank Loans
There are a variety of motivations to lend money. Fill out a personal loan application only if your reasons for doing so will add value to your life. A loan can assist with expenses such as education, home purchases, and investing in a good opportunity.
You can also do things that you would not be able to do otherwise, such as visit family in another country or send your children to study abroad.
A personal loan is simply money borrowed from a bank or other credit source and repaid in predetermined monthly payments. A personal loan is an unsecured loan, which means that it is not collateralized (such as your home when you take out a bond – the bank always has your home as security and can sell it to recover the debt if necessary).
Can I Apply For A Loan If Am In Debt?
If you already have debt from store cards or credit cards, you may fear that taking out a loan will just make things worse. In actuality, getting a loan to consolidate your debts is a prudent move. It is, in fact, one of the most common reasons for borrowing money.
Paying off debts to different creditors involves a variety of balances due, interest rates, and terms and conditions. A personal loan allows you to consolidate all of your existing commitments into a single monthly payment.
This not only makes managing your debt easier each month, but it also allows you to create a realistic plan for paying off your debt without being overwhelmed.
For instance, if you owe R8000 to Store A, R4000 to Store B, and R3500 to Store C, your total debt is R15500. You apply for an R20,000 short-term loan from the bank (duration less than a year). If your personal loan application is granted, you will be able to utilize the funds to pay off all of your bills, leaving you with just one monthly payment – the loan repayment to your bank.
Our customers can combine up to five loans into a single consolidation loan of up to R250 000, with the added benefit of a single lower repayment!
African Bank Loan Requirements
You must be over the age of 18 to apply for a loan, and you must show recent proof of income that represents at least three salary deposits, proof of residence that is no more than three months old, and a recent bank statement that displays three salary deposits.
African bank loan requirements
- 18 years and over to qualify for an African bank loan application
- Recent proof of income that reflects at least three salary deposits
- Proof of residence not older than three months
- Recent bank statement reflecting three salary deposits
Loan Repayment
You can repay a loan at African Bank over a period of seven to 72 months. The funds are sent directly into your bank account, and you know precisely how much you will be repaying each month because the amount is fixed.
What Happens If Am Not Able To Repay My Loan
Many customers contact us because they are unable to repay their loan due to circumstances beyond their control. What happens next?
They understand that you may find yourself in an unexpected situation, such as permanent disability, temporary disability, or retrenchment, or you may even die soon after taking out the loan. It is critical that the financial decisions you made previously do not become a burden to others.
As African Bank has already stated, a personal loan provides far more benefits than you might imagine – including coverage for events beyond your control. When applying for a loan, it is critical to inquire about this form of protection.
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