Personal loans are ideal for people living in Durban that are in need of additional funds.
Often, we’re under the impression that we have our finances under control and that our budgets are fail proof. However, as life goes, things do come along that demand a bit more money than we’re accustomed to having left over at the end of the month. Needing money for something unexpected or even expected, yet ill budgeted for can render us feeling a little hopeless with no idea how to come up with the necessary funds.
There’s no reason to feel alone because you’re not the first and definitely won’t be the last person to apply for a personal loan to get you through your financial hiccup. When searching for personal loan approval in Durban, it doesn’t matter what the reason is for the funds since lenders don’t request that information as a prerequisite for loan approval. The only thing that they wish to have security in, is whether you can afford the loan or not.
You’ll have the freedom to choose this loan with an amount of up to R200,000, along with attractive terms of repayment of up to 60 months. There’s no need to stress over the affordability over the period either, because with most lenders the interest rate is fixed, meaning you have peace of mind that your budget is safe with the instalment value from start to end. Essentially, you are protected from any interest hikes.
The loan application process
As soon as you are ready to apply for a loan, you will be met with endless options that will provide you with quick loan approval online. Lenders will offer you benefits such as personalised interest rates that are tailored to meet your financial needs as well as not charging any penalty fees for early settlements. Not every lender comes with the same benefits, so it’s important to choose the one that you think suits your lifestyle and financial well being.
There are a wide range of loan application tips on this website as well as on most lenders' sites which can provide you with the information you need to make an informed decision.
Once you have found the most suitable choice for your personal loan needs, it’s time to apply, which is one of the simplest parts of the process. There’s no need to provide collateral on your loan, however, if you choose to offer collateral on it, you can go that route.
Simply visit the online website and navigate to the application section where you need to fill in your personal details. This will take you just minutes, and if you have your documents with you, it’s an even faster turnaround time for receiving the much-needed funds!
After you have successfully filled in all the required information and submitted your form, the next step is to wait on the professional on the receiving end to assess your application, do the necessary credit checks and determine whether you are in a position to comfortably afford the personal loan at the amount you require.
If they’re happy with your credit profile and affordability, you’ll receive an email or phone call confirming the long or short term loan approval within the hour in most cases! An agreement will be drawn up stipulating the cost of the loan, including the interest as well as any fees that might be charged. Upon accepting this quote, a debit order will be set up via your bank account. This account is the same account where your funds will be paid into. Speaking of, your funds should clear within 24 hours! No mess no fuss!
Qualifying criteria for personal loans
You need to have a green bar-coded South African ID and be permanently employed, earning a stable monthly income. The documents required include the most recent payslip from your employer, a proof of address, 3 month’s bank statements and in some cases more, depending on the lender.
Your affordability is the key at the end of the day. Therefore, your disposable income is one of the fundamental qualifying criteria in the loan process.
Lenders are bound by the regulations of the National Credit Regulator, therefore, responsible lending is non-negotiable. You can rest assured that if you have all the necessary documents and meet the required criteria, you will get your personal loan approval quickly. Your loan should only be to your benefit and not your financial detriment. It is up to you, however, to ensure that you remain in a position where you can repay your instalments each month!