by MBC Finance | Articles
Loans are the answer to the financial woes of many people with good planning. In the current economic climate, most households can only afford to live from pay check to pay check, with no funds to reserve for emergencies or special occasions, whatever the case may be. Most people barely make it financially as they are barely managing to live within their means. This is where personal loans come in to ease the financial pressure for many. Many economies are failing and chances of earning more than one income when most people are being laid-off are quite slim. For many debt is piling up and debt collectors are hounding breadwinners who also face a daunting task of making ends meet for their families. Many reasons exist especially in this unfortunate economic meltdown, for taking out personal loans. Benefits To consolidate already mounting debt Many people find themselves on the verge of insolvency and being blacklisted by the credit bureau. with unpaid monthly instalments and accumulating interest on unpaid debt, add a few more such debts in one’s life, and you have an uncontrollable debt that can result in one being declared insolvent. One way of dealing with such debt is for individuals to take out debt consolidation personal loans. The debtor or individual simply approaches the bank, after having calculated the amount of money owed to different creditors. With this personal finance route, one can settle all debts and remain only with one creditor to pay-the bank. With just one creditor, and a reasonable repayment plan in place, peace of mind ensues. Receiving multiple calls from multiple creditors can...
by MBC Finance | Articles
When people think of applying for a cash loan, the last thing that springs to mind is that it’s going to be quick and easy. In South Africa these days, instant cash loans are everywhere and readily available to almost anyone. However, it is absolutely imperative that your instant cash loan is from a reputable lender or via an authorised facilitator with proven experience. Once you are working with a credible company your quick cash loans application itself is made extremely easy. All you need to have is a regular source of income and an active account at any of the banks in South Africa. The entire process is very quick and the loan amount is transferred to your bank account within a few hours of making the application; interbank payments can take a little longer to clear. The formal application process in itself is also not complicated and all you need to do is fill in an online application and submit it to the lender or facilitator. The application entails that you furnish the lender with basic personal details and standard documentation. The cash loans lender will be responsible for providing terms and conditions as well as the loan agreement document. Once done and approved, you will be assured of the money being deposited into your bank account very shortly, to use as required! How do I ensure that I manage quick cash loans responsibly? If you’re not careful, borrowing money can end up costing you more than “interest”. Good management and proper planning is the difference between a habit of incurring raw debt and a “manageable” debt....
by MBC Finance | Articles
When you look for instant online cash loanson the internet, you will get a plethora of results. There will be adverts promising instant cash in your account, and various compelling websites telling you what you want to hear. Depending on how much of a skeptic you are, you may think they are too good to be true, and indeed oftentimes that may be the case. The truth is that there are bogus loan providers in the marketplace, out to scheme you or cheat you when it comes to repayment. It will be up to you to determine which loan providers will live up to their promises and who are likely not to. Below are a few factors to keep in mind when deciding on a lender or facilitator of instant online cash loans: Take note of the loan fees – Obviously you would want to borrow from the cheapest provider possible. Most of them have loan calculators that let you know how much it costs to borrow a certain amount of money, based on variables such as loan term. The longer it takes you to repay, the more you will need to pay in terms of fees. Look out for the repayment calculator – This will give you a clear indication of exactly how much the instant online cash loans will cost you as far as loan installments are concerned. This is important information for ensuring that you will be able to comfortably afford the re-payment, and hence avoid any default. Make sure the provider is registered with the National Credit Regulator – This...
by MBC Finance | Articles
The global economy is worsening, and we’re all feeling it in one way or another. It’s one thing to read about a declining GDP, but quite another when you see prices going up in the supermarket while cash is declining in your pocket. With so many families struggling to make it from paycheck to paycheck it’s not hard to see why quick, low value cash loans, known more popularly as microloans, are popping up more frequently in the news and advertising. They’re a simple, user-friendly solution to a problem we all have from time to time that doesn’t necessarily tie you into the traditional bank’s way of doing things. We all need a little extra cash from time to time, whether it’s for groceries or sudden emergencies, like accidents or burst pipes. Getting cash loans from banks through formal and orthodox approach can be a problem. Most banks or commercial lenders require surety, a spotless credit record, and substantial paperwork before qualifying for a loan, even if it is a small personal loan. The underlying factor is that these loans are more than likely designed for those who don’t require extra cash, or require more substantial loans such as property acquisition and are paying back over a prolonged period of time. If you need a bond, they might be able to help you relatively more seamlessly, but still the paperwork and hassle is the same if you have an immediate need money to buy petrol until payday, or if you’ve had an accident and need the money for hospital bills. This is because traditional banks don’t typically deal with...
by MBC Finance | Articles
The human condition has become such that we don’t always have the money we need, or want, for the things we choose to buy. Banks have provided a solution to this with loans, but for individuals hoping to secure a loan, there is often a lot of confusion and uncertainty. Which loan is the best? Should you take out a long term loan and be indebted for years; or a short term loan for a smaller amount? There are many debates about the subject and everyone has a point of view when it comes to which loan is the ideal one to take. But for your personal needs, how should you decide? What are the major differences between long term and short term loans? Money and interest rates The biggest difference, other than the timelines, that exists between short and long term loans is the interest rates and the amount you are allowed to borrow. A short term loan will allow for smaller amounts to be borrowed for a shorter period of time, but usually at a higher interest rate than that of a long term loan facility. A long term loan will usually be taken for a larger amount of money – at a slightly lower interest rate, dependent on the lending institution, and the deal structure. Repayment terms Not every financial institution or lender will have precisely the same repayment terms. For some, an amount of R100 000 lent may need to be repaid over 60 months, while others may require the same amount to be repaid after 36 months. Others may present alternatives. What is important...
by MBC Finance | Articles
Whether market conditions are financially distressed or buoyant most households, especially the lower to middle class income brackets, require extra cash at some point. No doubt the first reasonable and practical choice coming to mind are increasingly popular personal loans. These are usually unsecured loans, meaning without collateral, and are short-term cash advances for personal use based on the borrower’s income. However, when one talks about institutional or bank finance, even in the case of personal finance, which typically ranges from R 3,000 up to R 150,000, the perception is one of tedious paperwork and time-consuming processes. This is enough to intimidate even the elect from exploring this avenue! Is there an easier way however? We live in an information age where technological advancement makes services and products a click away. Ongoing development further entrenches the mentality of instant service. How about instant cash though, can this be considered at all? Well, yes, the financial services industry is no exception to this phenomenon; and fortunately so for those of you needing additional cash…quick. This is not to suggest that this is a “free for all” rather that the process has been smoothened innovatively. Online advancement including website development, the increased proportion of active consumers browsing, general market mechanics and economic trends have given rise to the most efficient loan application systems yet. A simple search will return instant results for accredited and NCR registered and regulated facilitators of loans, including personal loans. The online interface is supported by competent professionals assisting with the entire application process in the background. The features and benefits are indeed noteworthy; some are explored...