How to Finance Your Next Move With Ease – Personal Loans 101

Sep 05, 2019

Moving is a huge step in anyone’s life, regardless of whether they want to do it or they have to. South Africans move for a whole host of reasons. Whether it’s moving for a better job opportunity, switching areas to start anew, or scratching an itch for new adventures, the entire process can prove to be daunting, yet exciting.

 

The costs of moving

If you’re planning to move anytime soon, here’s a truth bomb that you need to accept: moving is going to hurt your wallet. Some of the factors that play a hand in how much it will cost are the following: 

  • How far your new home will be from your old one
  • How much you have to move
  • Whether you’re hiring professional movers or handling everything yourself
  • Whether you need to put any of your things in storage

Moving costs tend to add up because of all the little details involved, such as buying boxes and supplies for packing, paying for temporary housing or storage, renting a truck, and paying the movers. All the costs will only grow more expensive the farther you move.

People tend to get blindsided because of how much they’ll actually have to spend on the moving process. Although it might seem like detailed planning will do the trick, moving can still prove to be difficult simply because of how expensive it is. 

 

Alternatives for financing

When planning your moving process and the costs that you’ll incur, it’s important to consider how you’re going to pay for it all. The cash you have? The cash you’ll borrow? A credit card?

These are all viable options on how you can finance the moving process, but they can also take quite a hit on your savings if you aren’t careful. One option you may want to consider is taking out a personal loan.

Personal loans are available in a variety of terms, plans, and periods that can be personalized to fit your needs. If you aren’t exactly sure about where to look for a personal loan to give your wallet a break, consider the following options: 

 

  1. Moving Loans From Banks and Credit Unions

When taking out a personal loan, most South Africans instinctively make their way to their bank or credit union. These financial institutions offer personal loans that you will likely qualify for if you have a good credit score and an established banking history. The better your financial record is, the better your chance of getting a loan at lower rates. 

It may seem like going for this particular option will help solve your qualms. The downside, however, is that they aren’t the best option if you’re in a rush. When you apply for a loan from a credit union or bank, processing typically takes several days. Additionally, when you have a poor credit score, you may have to give up something for collateral or even face rejection completely. 

 

  1. Moving Loans From Online Lenders 

In today’s modern, technologically driven age, it should come as no surprise that South Africans can take out loans online at any time. Seeking financial assistance or a loan from an online lender is an optimal choice because of a few key advantages:

  • Online lenders can tailor loans to cater to different customers that come from a wide range of credit and financial backgrounds.
  • You can get a personal loan through an online lender much faster than you could through a bank or credit union. 
  • You don’t have to give up something for collateral to get financed.
  • Online lenders can be generous with the interest rates and loan terms, with the loanable amount going all the way up to $100,000.
  • Interest rates are often competitive with those that banks or credit unions offer.

Nowadays, technology has made it much easier to be financed without having to run into a horde of problems that could mess up your entire moving process. Getting a personal loan online, however, isn’t without its own set of disadvantages. A common disadvantage that comes with online personal loans is that there are charges, so you’ll probably have to pay an extra amount on top of the interest.

If you’re moving and you’ve run into some unforeseen expenses, you may have a need for quick cash. Well, we’re here to help! Apply for a personal loan online now via Hoopla Loans.