Here you will find all the up-to-date info you need about loans in Cape Town. We will present to you the different loans you can take out and the different financing companies you can choose from. After you finish reading this article, you will have a better grasp of what is more convenient for you. Should you take out a personal loan or a business loan? Read on and have all your questions answered.
Can I get Instant Cash Loans in Cape Town?
The legislative capital of our country is a big city: you can find virtually anything you need. Quick online loans are not the exception. There are many online companies that offer instant cash loans like Konga, Wonga, Hoopla Loans, LittleLoans, and more. Usually, these companies offer lower amounts of money than big banks, but the good thing is that their requirements are less stringent.
2 Essential Requirements for Payday Advance Loans in Cape Town
Payday advance loans can be a great relief when you are facing an emergency or when you need cash immediately. For instance, you’re only child is graduating from college and you want to throw a big party in his or her honor, but you’re out of money and you will receive your salary in over a week. With a payday advance loan, you can cover the costs of the party and you pay it back once you’re paid your wage.
The essential requirements for qualifying for a payday advance loan are no different from the ones for other types of loans. That is, you have to be of legal age, more than 18 years of age; you need to prove your residence in South Africa by means of a certificate issued by the South African Revenue Service, and being able to provide your last three pay stubs or bank statements.
What Options for Personal Loans do I have in Cape Town, South Africa?
In Cape Town, there are many options when it comes to personal loans. Your decision will depend on how much money you wish to borrow and in what term you wish to pay it back. Banks, such as Absa, Nedbank, or South African Bank offer higher amounts of money (for instance, Absa’s maximum amount is R350000) and longer payment terms. But they also have stricter demands, for example, in order to qualify for these loans you may have to earn a minimum amount every month. If you wish to borrow lower amounts of money, or if your salary is not enough for you to access to the loans offered by banks, you can try borrowing money from online companies such as Konga.
Can Pensioners Apply for Loans in Cape Town?
It is true that pensioners find it harder to obtain credit. To cite an instance, home loans usually have a maximum age (usually of 60 years old), thus living some pensioners out. Nevertheless, they do have some credit options. Pensioners can easily access many personal loans offered by banks or online credit companies. Depending on the amount a pensioner earns each month, they’ll be able to apply for loans at banks or at online lending companies.
On the other hand, those people who for some unfortunate circumstances are unemployed and have no source of income have it even harder. There are no lending companies willing to risk themselves by lending money to someone who is unable to account for an income. If this is your situation, and you believe it is only circumstantial, you might want to consider asking a relative or a close friend to help you out.