Managing Your Personal Loan
A personal loan gives you immediate access to a lump sum of money that you can use to finance immediate expenses such as paying off debt, school fees, home improvements or even a wedding or a holiday.
Personal loans charge interest, which means that you will have to pay back the original loan amount plus extra interest that has built up. If you fail to repay your loan, you will move further into debt, and could lose the asset that you used as surety.
For this reason, you should make it a priority to pay off your personal loan within the allotted time that you've agreed to borrow money. There are several ways to do this:
- Make sure you only borrow as much as you need and that you can to afford to it pay off on a monthly basis
- Have a budget that includes you monthly personal loan instalment as a priority
- Set up a debit order for your personal loan to ensure you loan repayments come directly from your bank account, usually after you get your salary. This ensures you never forget to pay your instalments and fall behind on payments.
- If you are struggling with paying off your personal loan, contact your loan provider and sort out an arrangement that will allow you to pay off smaller amounts to better suit your budget
Getting a personal loan is easy through ThinkMoney as it takes just three easy steps. Simply enter your details, get pre-approval from several personal loan providers and then decide on the personal loan that best suits you. Want to know more about the best personal loans in South Africa? Read our personal loan reviews. Or, write your own personal loan review about the loan provider you currently use.
