National Credit Act >> Personal Loans
Personal Loans
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As much as financial advisors and financial Guru's such as Suze Orman are not ones for personal loans and loan sharks, there's no denying that once you're in financial dwang, that you're going to end up using one.
Now this page was not put together so that Wizard could make money from referring people to money lenders, although that would be a great idea... I've decided that this page will be dedicated to helping those looking for personal loans, find companies that are reliable and trust worthy. Companies that don't charge 42% interest and lenders that won't run off with your money without giving you something first.
I also plan a writing a couple of articles about those micro lenders that are ripping people off so that you know what to look out for and who not to use. As you may or may not have read in recent news, was the stories or Rudco and Silvertale Investments. Thanks to the public making such a big fuss, it looks like we may have managed to eliminate some of them "perceived" BAD APPLES!
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Personal Loan companies and Micro Lenders
Are these micro lenders or personal loans companies good or bad?
I cannot tell you from personal experience but I'm going to show you what they offer and I'm going to tell you what to look out for...
Direct Axis
The masters of postbox SPAM Direct Axis have quickly become one of the biggest personal loans companies in South Africa.When you're in need of extra cash and a loan offer arrives in the post, it's very easy to want to snatch that option up and go for the quick R30 000.00 personal loan. But people, read the small print please...
DON'T BE FOOLED BY THE FRIDGE MAGNET THAT GETS SENT AS A FREE GIFT!
Here's how they work:
- You choose the loan amount you'd like - from R4000 up to R30 000 (in increments of R1000) and the repayment period that suits your budget - from 2 to 5 years
- You call us on ... ..... ..., and we will take a few minutes to take your application over the phone
- If your loan is approved, we'll deposit the money directly into your bank account
Sounds awesome doesn't it, but BELLS and LOAD FREAKING BELLS should be ringing in your head man! You're willing to pay R30 000 personal loan off over 2 to 5 years! Damn people, imagine what this is going to cost you! Now Direct Axis say their rates start at 19.5% and go up to a maximum of 25.5% per annum (compounded monthly) - not too bad considering they're allowed to charge up to 42% interest but guys over 5 years, you're paying R12 500 extra on a R30 000 loan. WOW, and trust me, you miss a payment and bad debt all of a sudden comes into play.
What I've done is scanned in the letter I got from Direct Axis for you to read through and see what it is they offer. Read the fine print and read these mails closely before making your decision. Download Direct Axis Brochure here.
RCS Personal Loans
The big personal loans spammers with high interest rates
African Bank Personal Loans
- One of the leaders in South African personal loans
South Africa Online
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