What’s to know at the start?
Before applying for a R15000 loan, it’s wise to make sure that your current state of affairs is really that hard and unbearable. Apply for a microloan only in case of straightforward positive answer. If there are any doubts and there’s a chance for you to solve problems on your own – try to do it.
Assess your capabilities: even a R 15000 loan requires repayment and the one with interest rates. Be ensured that you would be able to make monthly payments without severe damage to your own and family budget.
So if you made up your mind and there are no doubts that you need a personal loans up to r15000 – let’s jump into our step-by-step manual.
Pick a place for a loan
The very first thing to decide – a place to lend money. In South Africa, for cases where you need not more than 15000R, there are 2 variants: apply for a bank credit, or to a microfinance institution (MFI).
Those debtors with good credit background, amount of time to get all the necessary documents may easily apply for a bank credit. Credits for such amounts are more likely to be approved if there are no serious troubles with repaying previous loans and credits.
Otherwise, if you’re running out of time to get money or you’re not completely sure about chances to get approved bank credit – your choice is to apply for a MFI microloan.
Average monthly repayments on a R15000 loan in South Africa are definitely lower in MFI than in banks. Here you can get a R15000 loan with no credit check, which can be a decisive factor. Also, in MFI, there are even R15000 loans for blacklisted and those unable to get a bank credit.
The mission of MFI operating is to help small companies, which can’t easily rely on bank credits to develop their business. But ordinary people who are in trouble or simply need a small amount of money for a short period also can count on MFI services as an alternative to long-term bank credits. Almost any person can get consumer MFI loans (including R15000 payday loans).
But it should be clearly realized that MFI loans offer higher interest rates, as the company also should have it’s earn. It can’t simply afford to offer short-time loans with low interest rates. So you can’t live with an MFI loan for a long time – it was not invented for this and will start “eating” your finances.
The R15000 personal loan agreement form must indicate the full sum of the loan in percent per annum. Do not rush to sign the document right away. You always have time to think about the offer that has been made to you. Conditions can no longer change, so you can carefully read it. Take a break and check if all the conditions are clear and detailed indicated in the contract.
Even in case of urgent money need, try to avoid wrong decisions made in a hurry: evaluate the proposals from several companies. Even though urgent loans 15000 are given for a short time, you are to understand that 1% daily by the end of the month would turn into 30%. Consider whether you’re ready to overpay that much.
Study all the terms and conditions: from the beginning to the very end of agreement. Here you may find hidden conditions for including additional services (which you actually don’t need). Presence of such conditions may make a dramatic change in the amount you need to return.
Things to remember after taking a loan
Do not forget that microlending works for you only in case you took it for a short time. The faster you pay it off, the less money you have to pay from your budget.
When you pay off a debt, do not forget to keep the payment documents (check or cash receipt). Remember that the loan is considered to be repaid at the moment when the funds are credited to the account or cashier of the MFI (depending on whether it was a R15000 cash loan, or the one with online money transfer). Ask the lender for a document, stating that you have completely repaid the loan (or even part of the loan debt).