Get a loan for personal requirements to ensure that you have enough money in the bank to meet your daily needs. Any bank is likely to give you a loan, as long as you have money coming in every month and have not recently been blacklisted. FNB, Standard Bank, ABSA, Nedbank and other banks all have their own rules and regulations about the amount you’ll be able to borrow and are all regulated by the National Credit Act. An application can be found online or in the actual branch. It is fairly easy to get finance from a lending institution if you have a good credit history, as this will speed up the process of loan approvals. So if you’re interested in getting some extra cash for that small thing you need, you can simply head on down to your local branch.
Sometimes it can be tempting to get a loan for personal requirements without really needing the extra money. The consumerist culture that many people subscribe to leads them to believe that owning possessions is extremely worthwhile in its own way. Banks lend more and more money each year to people who can’t always repay it, putting most South Africans in a cycle of debt that they may never escape. It’s so tempting to head to the bank, fill in an application and borrow money. Approvals go quickly the longer the history you have with the bank, making it easier for people to develop a debt habit that is difficult to shake.
However, sometimes you do need to borrow money for a legitimate reason and the flexibility that banks like FNB, Standard Bank, ABSA and Nedbank give to you is excellent. You need not become indebted for a large sum, and you can simply pay things back as soon as the approvals process is complete.