In this economy, more and more people need to turn to financial help to achieve the goals they set themselves or to live fulfilling lives. Fortunately enough, there are several credit lending companies in South Africa. Today we’re going to talk about Budget Insurance, which is a company that provides financial services in the country. Here you will be able to see if the personal loans offered by Budget are appropriate for your situation. We will discuss requirements, loan calculators and provide contact details.
How Can I Use a Loan Calculator to Estimate Budget Personal Loan?
A loan calculator is a great tool that will allow you to calculate roughly the amounts you would have to pay each month to repay a loan. It is a great idea to use these calculators to find that information since it will definitely help you in the long run. Imagine if you don’t consult a loan calculator and you go ahead in asking for, let’s say, R100 000 to be repaid in a year at a rate of 20.50%. Your request is accepted and when the time to pay for the first installment you realize you are unable to pay for almost R9 500 every month!
If you use a loan calculator beforehand you will know how much you would pay (more or less) and avoid any surprises. Also, you could use our loan comparator and find which banks offer the lowest loans in the market. Planning ahead and investigating the options offered by lenders will help you make a more informed decision: one that you will not later regret.
You should take into consideration that personal loan calculators provide estimates of the amounts you would pay each month. When you request a quote to Budget Insurance they will study your information and will tell you the interest rate they can offer you. The interest rate will depend on your salary, your credit history, whether or not you have other loans with other institutions, if you have an outstanding balance or not with your credit card, and so on. Once you know the interest rate you will be offered you will be able to determine the actual figure you will have to pay each month.
How do Budget Personal Loans Work?
Budget Insurance offers personal loans that are processed and managed by RCS. RCS is a company duly registered with the National Credit Regulator. This means that they strictly adhere to the provisions set out in the NCA making them a reliable and trustworthy company.
With this company you can access a loan from R1 000 to R250 000 with repayments that range from 12 to 60 months. Budget Insurance processes loan request very quickly and after being approved, you could have the money on your bank account within a day.
Also, they offer a protection plan to offer you the peace of mind of knowing that you will be covered in the event that something happens to you preventing you from paying for your loan. This insurance will not only be good for you, but for your family. With this, you could spare them the inconvenience of not knowing how to pay off your debt if, for instance, you become permanently disabled. With this plan you will also be covered if you lose your job and have no income: your installments will be paid for (only 12 installments).
To request a loan with Budget you need to be over 18 years old, have a valid South African ID or License to Drive, own a bank account, be at a permanent job where you earn more than R2 000, and of course you will be requested to provide documentation proving your monthly income, such as your payslips or your bank statements.
Your installments will be deducted from your bank account on the date you and Budget Insurance agrees at the time your application is processed. This will save you from the inconvenience of going every month to a physical office. Budget Insurance knows that your time is precious and works for your comfort. Also, you will receive your account statements through an e-mail or SMS: this will help you manage your payments and avoid missing maturity dates.
What are Budget Insurance Loans Phone Number or Contact Details
You can apply for a Budget Insurance Loan online from your house, your office, or wherever you are, just like you do with a home loan. Most companies are turning all their services more internet-friendly since they know clients prefer to avoid the commute of visiting offices. They also benefit from this since a less crowded office translates into fewer employees needed.
We would like to encourage you to write to us with all your doubts and concerns by using our form below. We would be thrilled to read your comments and answer your queries. Also, we think this can be really helpful for the community since everybody can benefit from comments and questions made by other readers regarding this company.
However, if you would rather contact Budget Insurance to ask them something specific or to apply for their loans over the phone, you can call them on 0861 877 774. Also, if for any reason, there is a month in which you are having trouble to pay your installment, you can call Budget Insurance on that same number to let them know what’s going on and find a solution that is convenient for both parties.
Budget Insurance does not only serves South Africans with insurance, but it provides loans. We described in this article how this loan works, what requirements you need to meet to ask them a personal loan, how much money you can request, how many months you are given to repay the loan, and more. We also told you that this company offers its loans through RCS, which is a company specializing in financial services and that is in compliance with the norms of the NCR. Lastly, we provided you with contact information for you to reach out Budget Insurance if you have any questions. However, we also urged you to use our contact form first so that every South African reading this article might be able to benefit from your questions or comments.
Preguntas Frecuentes
Do they grant long term loans?
No. They offer short term loans exclusively.
Can I get a loan with them is I am working part-time?
You may be able to get one. It all depends on your credit history and your income.
How can I make the payments?
The payments can be automatically deducted from your pay check or from your personal bank account.