So you’ve decided to apply for a loan to help you pursue your studies. You’ve never taken out a loan from a bank before, and even if you just need a short-term loan, you’re still unsure whether lending money is a good idea.
About African Bank Loans
There are numerous reasons to lend money. Fill out a personal loan application only if your reasons for requesting the loan will bring value to your life. A loan can help with things like education, property purchases, and investing in a good opportunity.
You can also do things that you would not be able to do otherwise, such as visiting family overseas or sending your children to study abroad.
Simply explained, a personal loan is money obtained from a bank or other credit source that you repay in fixed monthly installments. A personal loan is an unsecured loan, which means it is not secured by collateral (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 currently have debt from store cards or credit cards, you may believe that taking out a loan will merely add to it. In reality, taking out a loan to combine your debts is a wise decision. In fact, it is one of the most popular reasons for borrowing money.
Paying off debts to various creditors entails a variety of balances due, interest rates, and terms and conditions. With a personal loan, you can combine all of your outstanding liabilities into a single monthly payment.
This not only makes your debt much easier to manage each month, but it also allows you to set out a realistic schedule for paying off your debt without being overwhelmed.
For example, if you owe R8 000 to Store A, R4 000 to Store B, and R3 500 to Store C, your total debt is R15 500. You apply to the bank for an R20,000 short-term loan (duration less than a year). If your personal loan application is approved, you can use the funds to pay off all of your debts, leaving you with just one monthly payment – the loan repayment to your bank.
Our customers can consolidate up to five loans into a single consolidation loan of up to R250 000, with the benefit of a single cheaper repayment!
Do I Qualify For A Loan At African Bank
To apply for a loan, you must be over the age of 18, and you must provide 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 reflects 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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