If you need credit of some kind, you should find out how to apply for a loan online in South Africa. Most reputable financial service providers will allow clients and potential customers to apply for loans on their websites to make getting credit hassle free, easy and quick.
Financial service providers will have several requirements before approving a loan application.
Most financial service providers who offer an online loan application service will want to know the following:
- They will want to know that your salary is paid into your account every month
- They will want to know what your earnings are
- They will want to know whether you have a bad or good credit record
- They will want proof of identification and residence
Which financial service providers allow you to apply for a loan online?
There are many financial service providers who offer an online loan application service. It is important that you always try to go with a reputable financial service provider who has good reviews, a happy and satisfied customer base and a long-standing good reputation.
The following financial service providers offer an online loan application service in South Africa.
- Standard Bank
- First National Bank
- ABSA Bank
- Capitec Bank
- Direct Axis
- RCS Loans
- Edu Loan
- SA Cash Loans
- Home Loan Online
Contact any one of the above financial service providers on their websites for information about their specific credit services. It is always a good idea to compare several different options so that you get the lowest possible interest rate.
How to apply for a loan online in South Africa
In order to apply for a loan online, you will first need to choose a financial service provider. Go to their website and follow the tabs to the online application form. Simply key in what you are looking for, and a few details and then wait for a response.
Most will get back to you very quickly. If you qualify for a loan, the financial service provider may put the money into your account within a few days, making this process hassle-free and very quick.
Avoid the wrong sort of financial service provider
Although there are many reputable financial service providers who offer potential customers and clients the opportunity to apply for a loan online, there are a great number of very convincing financial service providers who are masters of deceit.
It is best to avoid these loan shark agents as they are well-known for charging incredibly high interest rates and compounding them so they grow as high as 1 000 percent in a very short period of time.
Do not get in over your head with debt
It is incredibly easy, in today’s fast paced and consumer driven world, to find yourself completely overwhelmed by debt. When an individual is unable to make their monthly debt repayments with interest for whatever reason, they may have legal action taken against them by their creditors, have their assets repossessed or find themselves blacklisted.
In order to avoid finding yourself in this situation, keep the following tips and advice in mind.
Never take out credit when it is not absolutely necessary
You should not treat your credit card or a personal loan as a ticket to a lifestyle that you can’t afford. Only buy on credit what is absolutely essential and never let yourself spend too much.
Shop around for the lowest possible interest rate
Before you apply for a credit card or take out a loan, make sure that you are getting the lowest possible interest rate. Once you have your loan, check regularly to see if you can upgrade to a better deal with a lower or fixed interest rate.
At the first sign of trouble, get professional assistance
If you find that you are having trouble affording your loan repayments, you should immediately see a debt counsellor for help managing your debt and finances. If you leave it too late you will have no leg to stand on when your creditors take legal action against you.