Loan & Debt Advice

RCS Loans

Standard bank and the Foschini Group have collaborated and established the RCS loan institution during 1999. This institution has grown from strictly offering personal loans to consumers to cater for a wider variety of services including home loans, retail credit cards and insurance.

The company has the necessary knowledge, skills and expertise and therefore it is no surprise to find them listed on the Johannesburg Stock Exchange.

Switch Home loans are offered to individuals who already have existing bonds with other institutions. Advantages for switching your home loan to RCS includes immediate cash lump sum to the amount of R90 000 as soon as the paper work has been signed; no more waiting for 3 months until registration is done to receive your cash!

Pre-negotiated rates with accredit attorneys also ensures better fees charged compared to scaled rates often charged by commercial banks. No rushing from pillar to post to get documents signed as RSC will courier documents to you for your convenience.

Retail cards which can be used to shop at over 13000 merchants in the country can provide individuals with a pleasurable shopping experience as you can now afford to purchase those holiday gifts which you previously might have been unable to do. By using only one card you can now purchase a variety of items to your heart’s desire which can cater for everyone’s needs.

In order to determine whether or not you qualify for a retail credit card, individuals can simply follow the instructions as indicated (if approved, a formal application needs to be made):

Create a SMS message on your cellular phone.
Type the following: ID number*Initial*Surname*Salary*RCS
Send message to number 33622
A response will be sent to the cell phone number used.

Personal loans between the value of R2000 to R50 000 and payable over terms up to 60 months also forms part of the RCS loan bundles offered to individuals. The application process is just as simple and individuals can fill in the online application on the RCS loan website

As with all loans, a credit check will have to be done in order to determine approval, and this is done in real time so individuals do not have to wait long for an answer.

Fees

Other administration fees, such as service fees might be charged over and above the monthly repayments. Because personal loans are unsecured, which means that no collateral or security is required for RCS loans, a higher interest rate is charged. This also makes RCS loans more obtainable for the average Joe who might struggle to obtain any form of finance at large commercial banks.

RSC loans indeed are provided with the consumer in mind in these difficult economic times. The application processes are simple and easy accessible, and can be done in the comfort of your own home. Basic requirements such as credit checks, being a RSA citizen, being employed and over the age of 21 are still required. Friendly and knowledgeable staff will also be able to assist with any questions or concerns.

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Posted by Pete - February 7, 2011 at 11:20 pm

Categories: RCS Loans, loans Tags:

Bad Credit Loans

Gone are the days where individuals with bad credit can no longer apply for any form of loan or credit. The current economic climate conditions has created an environment where creditors have realized that an individual cannot be held solely liable for defaulting payments as the recession has caused many job losses and many had suffered from it.

Bad credit usually refers to individuals who have defaulted on installments which are owed to creditors. These creditors in return have used the services of attorneys requesting them in blacklisting your name as a bad payer whether it was due to poor financial management or plain refusal to pay.

Bad credit loans have become more popular post the recession and has given rise to many more independent financial institutions offering bad credit loans. But how and where do individuals obtain bad credit loans?

Whether it is to consolidate a bundle of smaller loans or simply to pay tuition fees for your child, bad credit loans can now relatively easily be obtained from private financial institutions in your area. The first step you would need to take is to determine what your credit rating is prior to you applying for a bad credit loan. This will help individuals to determine their current status and will ensure individuals are not taken by surprise by possible lenders obtaining the information as well.

Most independent financial institutions require very simple application processes of which most can be done online, and take about 5 minutes to complete. Basic requirements usually involve individuals applying for bad credit loans to be over 21 years of age, being permanently employed and to be a South African citizen.

Individuals seeking bad credit loans should note that although these loans might be fairly easy to obtain, that higher interest rates are charged when compared to large commercial banks, to alleviate the risk creditors take in giving you the loan. Bad credit loans are unsecured loans which means that individuals applying for these loans do no need to provide any form of security, such as a mortgage or vehicle which can later be liquidated, should they default on loan repayments.

Ensure that only institutions registered with the NCR (National Credit Regulator) are approached for bad credit loans as they are subject to the policies and procedures of the National Credit Act 35 of 2005. Individuals should not apply for a bad credit loan to simply obtain easy money. Ensure that different institutions are screened and especially find out what interest they will charge, and over which loan repayment period as individuals are very often shocked to find them having to pay as much as 3 times the original loan amount.

Bad credit loans can be used for towards anything the individual wishes to use it on and creditors normally do not ask either. Individuals can browse the internet online and will find many institutions that can provide bad credit loans in their area. Interested individuals seeking a bad credit loan can browse the internet.

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Posted by Pete - February 3, 2011 at 9:52 am

Categories: Bad Credit, loans Tags:

Types Of Debt Consolidation Loans

Consolidating debt is a logical step to clearing up the financial mess in your life. When you consolidate your loans you take all the outstanding loans and repayments, and lump them all together in one loan facility that you can pay off monthly. This is very helpful in managing you debt and can save you a bundle in the long run. The types of debt consolidation loans fall in to two different categories:

Secured debt consolidation loans

A secured debt consolidation loan is secured against an asset you own, such as your house for example. A secured debt consolidation loan requires collateral that can be held by the lending institution so that if you should default on your payments at any time, the lender will be able to liquidate the held asset to repay the loan amount. Therein lays the risk with these types of debt consolidation loans.

However, a secured loan has a good couple of benefits, firstly because it is secured, the lender’s side of the risk is much less, and therefore they will generally offer you a lower interest rate than anything you could get unsecured. By compiling all your debts into this sort of loan, you will end up paying much less in interest as opposed to having your debts spread out over different facilities (which may vary in term length and interest rate).

Unsecured debt consolidation loan

With an unsecured debt consolidation loan you will benefit by not having to offer any collateral as security on the loan that you require. Unsecured loans are one of the types of consolidation loans that do not offer much in the way of large capital amounts because the lender has no security against you if you default on the payments. To counter this, the financial institution or micro lender, will offer these loans at a premium interest rate in order to cover their risk, as compared to a secured loan where you are offering them some form of security. However, should you default on the repayments, they will not be able to attach and liquidate any of your assets to settle the principle amount.

To apply for a debt consolidation loan you will have to visit your local credit provider, or search for them on the internet. Once you have found a lender that offers debt consolidation loans a simple application process will be carried out, and if your application is successful, you will have your cash in hand before the end of business. You can then use this as you see fit but we would recommend settling your old loan accounts and compiling them all into one facility.

At the end of the day it is up to you, the potential borrower, to look at the types of debt consolidation loans available to you and choose the option which suits your circumstances. The demand to consolidating loans has increased dramatically over the last two years and many individuals had found financial relief from it. If you currently cannot afford the monthly installments on your accounts, consolidating your debt might just be worth looking at.

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Posted by Pete - January 14, 2011 at 1:15 am

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Debt Consolidation Lenders

The majority of the population will, at some point in their lives, incur debt. Whether it be to purchase a home, or a new motor car, debt is interwoven into the fabric of our society. Some individuals may experience strain at some point in time in having to pay back their loans. Failure on your behalf to repay these debts will lead to the increased debt which ultimately could lead to high stress levels. If this sounds like you the position you currently find yourself in, then perhaps its time to find a couple of good debt consolidation lenders. Debt consolidation can be incurred from various financial institutions, credit unions and consolidation companies.

A debt consolidation loan can come in two forms; unsecured or secured. Secured loans are usually fixed against an asset you may own, such as your home, while an unsecured loan will have the risk carried by the lender. It is common when consolidating ones debt to have all the outstanding loans converted into a single loan account; all the debtor is required to do is pay the monthly amount only to the debt consolidation lender.

It is quite common to discover that the average consumer will have his or her credit rating reduced after incurring huge amounts of debt. The debt consolidation lenders will attempt to get the credit history of the person back in the right direction. Debt consolidation lenders will create a payment solution that the debtor can afford and then make sure that the client keeps up with his or her payment plan. Debt consolidation lenders have experience in creating these plans and will often present more than one option to the client for them to look over, and select the option that suits them the best.

Debt consolidation lenders will then inform all the creditors that the debtor has made an effort to begin to pay back the arrears owed. Debt consolidation is used when there is a possibility of confiscation of the secured assets of the debtor by the lender, or so that the debtor may avoid bankruptcy and sequestration.

If a borrower has many different loans in different sectors, then the debt consolidation lenders will consolidate all these payments into one single loan account. This loan is then repaid by the borrower at new interest rates and terms that are generally less than the combined rates of all the other loan facilities together. Debt consolidation lenders will charge a fee for this service which is included in the monthly installment of your new loan.

There are other debt consolidation lenders that do not charge for their services, these lenders are usually non-profit organizations and are either government run, or sponsored by the larger lending institutions. Some debt consolidation lenders may also make dubious and impossible promises to the debtor such as super fast debt settlement or seemingly impossibly low interest rates, remember, if it sounds too good to be true, it most probably is. It would be a wise move to check with the credit bureau, or research the lender on the internet yourself, before signing any new loan documents with debt consolidation lenders.

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Posted by Pete - December 21, 2010 at 12:04 am

Categories: Debt Consolidation, Debt Consolidation Lenders, Debt Consolidation Loans Tags:

Unsecured Debt Consolidation Loans

An unsecured debt consolidation loan is an option to manage your financial worries. This loan consolidates all your outstanding debt, whether it is in the form of car payments, credit card accounts and mortgage payments. These types of debt loans clusters all you current expenses into one simple loan account that need s to be repaid at the end of the month, reducing your exposure to multiple high interest rates and fluctuating loan terms.

Unsecured debt consolidation loans allow you to regain some of your financial confidence and improve your credit score while providing monetary relief, and still keep a handle on your sanity.

Unsecured debt consolidation loans are available from almost all financial institutions in South Africa, including the major banks and micro lenders. They are available at very competitive interest rates albeit more expensive that a secured loan, but they have a very fast approval period that can have the money available to you within one business day.

There are many unsecured debt consolidation loans available from debt management programs that will be able to dissolve your debt in three to five years, as opposed to the secured loan that might take up to fifteen years to settle. It is important to note that your debt will not disappear overnight; this is a process that requires discipline and determination.

Your decision to consolidate your debt should be based on your own individual debt situation and what you can afford financially. Unsecured debt consolidation loans require no security or collateral therefore they are ideal for people that are not home owners and rent there current property.

Unsecured debt consolidation loans that offer low interest rates are great for the consumer in financial need, not only do they consolidate your outstanding debt into one account that requires you to pay one amount, they also offer a tremendous saving on the cost of your old debt. Most unsecured debt comes at a heavy price in terms and interest rates and if you can funnel all of them into one account that is easily managed you will find that you are paying less every month on interest charges.

Having outstanding debt can severely impact your credit rating. Basically, the more outstanding debt you have in your portfolio, the less likely that the financial institutions are going to be willing to grant you new forms of credit. By compiling all your debt into unsecured debt consolidation loans you will actually improve your credit score with the financial institutions because you now only deal with one facility instead of many, thereby opening up your portfolio with the bank and enabling new credit to be issued to you if you should choose it.

Having a good credit score can also help with other financial areas of your life such as you insurance premium which is partly based on your credit score.

The advantages of unsecured debt consolidation loans can be ideal and therefore individuals seeking more information on this type of loan should enquire at a local bank, for example, enquire about Capitec bank loans

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Posted by Pete - December 9, 2010 at 11:04 pm

Categories: Debt Consolidation, Debt Consolidation Loans, loans Tags:

Student Loans

South Africa has many universities and colleges. So if you aced your matric (or Grade 12), feel the urge to get ahead in life and further your studies at an institute of higher learning, its best you think about enrolling. However, many South Africans just don’t have the funding available to foot the high cost of tuition. It may be time to consider the value in student loans.

You can expect to pay between R10K and R20K per annum for undergraduate study at any of these institutions. If you are thinking about joining a medical faculty or any other specialized faculty at a South African university, then you can expect to pay up to almost double that figure. South Africa also is home to many private colleges that can be even more costly on the budget than most subsidized public universities. So be sure to weigh your options according to your budget.

The majority of universities will have a financial aid office. This should be your first stop on your way to securing student loans. The financial aid office will be able to assist you in applying for a bursary or a grant and base their approval of finance on your academic and extra mural history from your previous schooling career. There will be an application deadline, so make sure that you apply before it expires.

South African citizens may also apply for government financial assistance such as a National Student Financial Aid Scheme (NSFAS) loan. This body is funded by the department of education and is available to anyone who is seeking financial assistance in the form of student loans. Depending on the applicant’s academic history, an NSFAS loan will most probably be converted into a bursary and the repayment rate will be determined by the student’s previous academic performance, i.e. the percentage of the loan to be repaid will be calculated by the pass rate of the student.

A NSFAS loan can vary in size from R2 000 to R30 000, and you will be able to apply for these student loans at financial aid office of the university or college.

South African corporate businesses have also jumped on the bandwagon when it comes to providing financial assistance to knowledge hungry students. Some large companies will fund your studies completely, provided that you contractually agree to work for them once you have achieved your degree. This provides you not only with complete student loans for your studies, but afterwards you will have a guaranteed job and work experience ahead of you; in South Africa’s current employment climate this is a fantastic opportunity.

All of the major banking institutions also offer student loans. These are available to both South Africans and non-residents with valid study permits. To obtain this type of loan you will need to have a parent or guardian sign surety on the loan for you. You will only have to pay the loan back once you have finished studying, but will have to pay the interest throughout the loan term.

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Posted by Pete - December 2, 2010 at 1:57 am

Categories: Student Loans, loans Tags:

Loans For Blacklisted People

Blacklisted? Poor credit history? Getting a loan when you find yourself in this sort of financial situation need not be as challenging as you think! There is no need to worry or become lost in desperation, there are people and companies out there that can help you in your time of need by providing loans for blacklisted people.

Do not be alarmed If you have no current assets are renting a property as this is no longer a set criteria for debt consolidation, even when blacklisted; financially strapped people are able to access a loan these days.

There are many different financial lenders that are becoming more aware and more tolerant to today’s economic conditions where jobs are lost every day, and household income is no longer able to keep up with the rising costs of society. In fact there are many credit providers that specialize in this niche and with their expert help it will be possible for you to be debt free again sometime in the near future.

A micro lender will specialize in loans for blacklisted people. They understand the pressure of the economic times we live in and have developed a business out of helping people in financial need. These types of lenders are exactly where blacklisted people need to go, as trying to get a loan from a traditional banking institution will be next to impossible. Many criteria requirements exists with traditional institutions in order to receive their loan, and being blacklisted is definitely against there lending criteria.

Many people out there in South Africa are still struggling to get back onto their feet after the deep recession that has swept through the South African economy. Often when they are seeking financial assistance from the large banks they are swiftly turned down and pushed out the door.

Micro lenders and their agents that are registered with the NCA (National credit Act) offer specialized help to those people that need a cash boost to get their lives back on track again. However, it is severely crucial that you only approach those micro lenders that are registered and reputable. Simply stated, if a micro lender is not registered and does not comply with the NCA, then that person or organization is not a lender, they are a loan shark and you want to steer clear of these types of lenders for blacklisted people.

Micro lenders will do all the necessary work involved in compiling your loans and sorting out the tiresome paperwork, leaving you to stress less about the whole loan procedure. Most of the micro lenders out there can be found by doing a simple search on the internet and once you have sourced your preferred supplier, you might want to take a trip to their offices to find out what they can offer in terms on loans for blacklisted people.
Since they will do all the “running” around on your behalf it will definitely save you time, money and stress. Individuals seeking more information on how to obtain loans for blacklisted people should follow the linkds below where they will be directed to the right sources.

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Posted by Pete - November 23, 2010 at 10:22 pm

Categories: Bad Credit, loans Tags:

Personal Loans

Personal loans are quite easily available in South Africa and can help you fulfill a number of financial needs. Generally personal loans are not applied for any one specific reason. Due to their nature of not being very capital intensive, i.e. a large some of money, they have a multitude of purposes. Perhaps you have had your eye on that new lounge suite or HD tv set, maybe you would like to apply for a personal loan to consolidate your debt into one facility, or need to pay off your credit card before the high interest rates on that facility eat your wallet alive. For any option, you will only have to pay the loan back to one financial provider.

A personal loan is also a fantastic way to greatly improve your credit score. If you are unfortunate enough to have a poor credit history with the financial institutions or a private lender, then applying for a bad credit personal loan may be just what you need. This loan will enable you to access capital and repay it at a very good interest rate that is generally a lot cheaper than a traditional loan. As long as you keep up the repayments on the loan, then your score will gradually improve and you will be able to access more products in the financial sector.

The aim of this article is to further explain the nature of personal loans. These loans can be classified into two separate categories; unsecured personal loans and secured personal loans.

Secured personal loans

The great thing about secured personal loans is that they carry very low interest rates and flexible repayment terms with the lender. However, you will need to sign over some form of guarantee, or surety for the loan to be approved. In some cases the loan may be secured against your home. If you should default on any repayments then the lender will be able to liquidate your asset in order to repay the outstanding amount.

Unsecured Personal loans

This loan requires no security of any kind, i.e. you will not have to forfeit any of your assets as collateral to secure the loan with the lender. These loans are generally for small amounts or for clients that have previous lending history with a financial institution. However, because the loan is unsecured, it generally carries a higher interest charge.
Based upon the interest rate offered by the lender, unsecured personal loans can be classified into the following categories;

Fixed rate personal loans

The monthly repayments remain the same throughout the loan period, as so does the interest rate.

Adjustable Rate Personal Loans

The interest rate is linked to the prime interest rate and will fluctuate with the economy. This has a knock on effect with the loan period as well.

Balloon Loans

The interest on the loan is repaid according to a set schedule and then at the end of the period a balloon figure for the capital amount is repaid in full.

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Posted by Pete - November 16, 2010 at 5:52 am

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Nedbank Personal Loans

In today’s ever increasingly tough times, with the economy dipping in and out of recession and global growth stagnating worldwide, it is quit easy for you to become bogged down with the weight of the world when it comes to your own financial affairs; it doesn’t have to be this way though. With Nedbank personal loans you are now able to cover the shortfall on any outstanding payments to any creditors you may have. If your dream is to furnish your lounge with the new Grafton – Everest suite that you drooled over in furniture city or you are looking for extra cash to take the family on that overseas holiday to Disneyland this December, it is all now possible with Nedbank personal loans. If your budget is feeling stretched and in need of some beefing up, then considers a Nedbank personal loan today!

A Nedbank personal loan could provide you with a loan from R2 000 to R120 000 in cash that will be deposited into your Nedbank account. If you don’t have a facility with Nedbank yet, then they are able to transfer it to any account you may like. Nedbank offers very flexible repayment periods and depending on what kind of loan you qualify for, you will be able to choose the repayment term that suits you and your wallet. Repayment options include periods of 24, 36, 48 or 60 months and your monthly installment on your loan will be debited directly from your bank account of choice.

All Nedbank personal loans have a very straightforward application process. The staff at your local branch has been trained to help you, the client, choose the loan option that is best for you and complete the necessary application forms required. In order to protect both you the client and Nedbank, insurance on your personal loan is a compulsory requirement. However, you have the option of using your own insurance policy to cover you in this regard. If you do not have an insurance policy then one will gladly be arranged for you by our fully competent loan officers. Your insurance policy should cover you in the event of your death, or a disabling injury that would leave you unable to earn a regular income in the workplace. If you are retrenched from your place of employment it will be provide ease of mind to know that your loan is insured and taken care of.

Nedbank personal loans are issued after a brief screening of the potential lender. Nedbank is a responsible credit provider and will only lend funds to those that meet the necessary criteria as stipulated by Nedbank’s terms and conditions. Nedbank is also a registered credit provider and complies with the NCA (National Credit Act)

Nedbank offers a variety of loan options and friendly service to fulfill all your financial loan requirements. So take a drive down to your local Nedbank branch in your city and have a chat to one of the Nedbank qualified Loan officers about a Nedbank personal loan today!

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Posted by Pete - November 11, 2010 at 11:21 pm

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Debt Consolidation Advantages

If your debts are starting to overwhelm you, don’t panic! Just because you aren’t able to manage your monthly payments doesn’t mean it’s the end of the world, but it might be the time to consider some debt consolidation advantages. With this process, all of your current outstanding debts are collected and then consolidated into one loan account. Usually, this kind of loan is issued with better terms than your previous loan such as lower interest rates and is very flexible in terms of repayments.

Here are a few debt consolidation advantages that are really worth looking at:

• You are able to avoid any late payments on accounts or other liabilities you may have, thereby reducing your risk exposure to creditors blacklisting you for nonpayment of your account.

• You will greatly improve your credit rating and score with the credit bureau. How is this possible? The credit bureau looks at your total risk to debt and if you have many different accounts with outstanding amounts, such as a car on hire purchase, a home mortgage and store cards, then you are financially stretched and will not be able to apply for any new credit. However, if you take into account the debt consolidation advantages offered by a consolidating loan, then all your accounts will be compiled into one easy payment and the credit bureau might be able to grant you further credit facilities.

• Your monthly installment for your loan should be significantly less than the combined total of all your previous loans, as you are now taking in the advantage of only paying interest on one account instead of many; you will now be able to start reaping the rewards of a lower interest rate.

• The debt consolidation advantages offered by a private lender or financial institution will generally come with an interview by an employee of the lender. They will be able to give you good quality advice about how to compile your debt, and then create a plan whereby you will be able to diminish the debt owed as soon as possible.

• They also offer other strategies on how you can save in you everyday life and cut back on costs so that you can pay your debt of quicker than the deadline. Any further contact with any outstanding creditors can be handled by the lender and this will take enormous pressure off of your shoulders when it comes to month end, when you are used to your creditors chasing and hassling you for every last cent.

After you have managed to get your new debt consolidation loan approved, it would be prudent on your behalf to concentrate on paying it off and not getting into more debt with further credit facilities. Rather keep to your outlined plan and work away slowly at the mountain of debt before you. These are the many debt consolidation advantages available to you today, now it’s simply a matter of doing a little research and implementing a strategy to help you out of debt! Individuals seeking more advice may follow the link below.

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Posted by Pete - November 9, 2010 at 4:09 am

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