Why It’s a Lot Easier To Get a Personal Loan Now in South Africa

Sep 18, 2019

 

When it comes to borrowing money, most people tend to have a misunderstanding over whether it’s financially sensible. Although most advertisements would claim that getting a loan is easy for anybody that seeks it, the truth is that most people perceive it as impossible due to the fact that they have to deal with a permanent contract. 

Let’s face it: permanent contracts are no joke and they definitely pose a significant reason as to why people don’t go through with a loan. However, the truth about applying for a loan and being granted one nowadays is that every lender has their own set of conditions, with a lot of them not requiring a permanent contract.

 

Taking out a loan: Then vs. Now

Compared to the past, modern loaning procedures have more relaxed standards that don’t have a more-than-minute margin for error. While most people perceive loans as a strict “you-borrow-a-bit-and-you-pay-more” type of ordeal, modernized versions of the service are a lot more customer-friendly. 

The majority of loan providers also provide loans that fall under temporary contracts, which means that there are fewer apprehensions towards getting a loan and more reasons to apply for one! 

Thanks to looser regulations, it can be much easier to enjoy a loan that’s tailored to your needs and doesn’t cause you a large amount of stress when the due date comes. Most people who have had an experience with an online lender or modernized loan provider (or are currently borrowing from one) say that they would do it again without hesitation due to the fact that the entire process is a lot easier compared to traditional methods.

 

How much money should you borrow?

Now, it’s definitely tempting to head over to the next loan provider and ask for a loan that fits your needs, but there’s one particular question about loaning that you should definitely know the answer to, “how much money should you borrow?

The answer to this question tends to vary depending on what type of effect you want to go for and what purpose you have for borrowing. For example, a temporary contract would usually fall within the range between R100 to R1000, which is usually the scope covered by minor investments, needs, and emergencies. 

The great part about temporary loans is that they leave you in control, which means that you won’t have to discuss what you’ll be spending on with your loan provider. However, if you’re going for a loan that’s more than R1000, then it would be a good idea to apply for multiple loans with different providers so that you can still enjoy the benefits of a temporary contract. 

 

Contrary to the advice given in the past about loans, it is actually much easier, safer & practical to head over to a lender or online loan provider for your financial needs. 

Whether you have a trip that you want to go on or an investment you’d like to make, taking out a loan to financially supplement this can be better for you financially when compared to other alternatives! 

If you’re in South Africa and want to take out a personal loan at affordable rates, feel free to contact Hoopla Loans today to see what we can do for you!