Best loans online in 2022

• http://www.ncr.org.za/
  This website is provided by the National Credit Regulator and here you can find general information and tips on financial products such as loans as well as get acquainted with National regulations.
• http://ndma.org.za/
  This website is provided by the National debt mediation association. If you are experiencing money problems and are struggling with debt, here you can find helpful information and tips on debt management as well as receive bet counselling.

• http://www.obssa.co.za/
  This website is provided by the Ombudsman for banking services and here you can find information on banking and personal finance products such as personal loans.
• http://www.gov.za/
  This website is provided by the South African government and here you can find information on consumer rights and protection and get acquainted with the Consumer Protection Act.

Before you borrow

Before you borrow money you should ask yourself whether you really need to spend the money and whether you can afford to pay back the money you're planning to borrow. Before borrowing ask yourself:

• Can the purchase wait until I can afford it without taking a loan?
• If the purchase is urgent is there another way I can get it? For example, ask employer for money advance, borrowing from family or friends.
• If the purchase is not urgent can I save up money?

You should never take a loan if:

• You want to take a loan to pay off other loans;
• You already have one or more loans;
• You already have other outstanding debts and/or missed payments;
• If you are not sure of your capability to pay the loan back on time.

Some loans have variable interest rates, which means that interest rate can increase or decrease. You shouldn't take this type of loan in case you feel that you won't able to repay the loan if interest goes up.

If you still feel the need to take
a loan you should pay attention to:

Look at your income and outgoings and think if you'll be able to pay all your bills and debts. Calculate how much you can afford to repay each month. If your budget shows that you'll have no money for extra payments then it means you can't afford to take a loan.

Don't accept first loan you're offered, compare various lenders to make sure you get the best possible loan offer!

To be eligible to apply, you must:

• Be a citizen South Africa.
• Be employed in South Africa.
• Have a valid ZA bank account.
• Be at least 18 years old.
• Be employed.

Make sure you have all the necessary paperwork lender may ask you:

• Proof of income - payslip, tax return report etc.;
• Information about your current income and expenses;
• Copy of your bank statement that shows your savings and other made repayments such as credit cards;
• Passport or drivers licence.

Borrowing costs and fees

• Early loan repayment fee: In most cases there are no extra fees if you decide to pay off your loan early, however there might be lenders that ask you to pay this fee.
• Initiation fee: This is a one time fee that your lander may ask you to pay when your loan granted.
• Monthly fee: some lenders may ask you pay monthly service fee for the loan administration.
• Late payment fee: if you miss a payment you usually have to pay late payment fee or can be charged additional interest, so make sure you never miss a payment to avoid extra charges, also please note that this can affect your credit rating, which can make it harder to borrow money in future.
• Legal fees: if you don't pay back your loan, your lender can go to court to recover the owed money, in such cases you will be asked to cover these expenses.

If you're not able to pay back loan on time

• Contact your lender right away: If you're struggling to make repayments on your loan you should contact your lender immediately.
• Loan extension: If you realize that you will not be able to repay the loan on time, there is a service of loan repayment period extension, which is offered by many companies for an additional cost. Every credit company sets the fee for the service of extending repayment period itself. Although it's not advisable to extend loan you should always check your lenders approach to loan extension before you borrow.

Loan term

Choose the shortest loan term you can afford. Longer-term loans might seem appealing at first as there are lower monthly repayments, however it may turn out that the total repayment is higher. If affordable it's better to take a loan for shorter period of time and pay back higher amount of money each month.