Tag - personal loan

Personal loans: beware of scams

As the cost of living continues to rise, you may be tempted to take out a personal loan. Maybe you want to renovate your home or make some changes before the chill of winter sets in. Whatever your reason, make sure that you know what you are getting into. Mandla recently had a nasty experience with a company based in Port Elizabeth called Halifax...

The real cost of a personal loan

Michael wonders whether it’s legal for a bank to charge more than double the amount of his personal loan. “I recently applied for a personal loan of R79 000 to buy a car as I did not qualify for car finance due to a poor credit record. After costs, the total value of the loan came to R80 000. The loan will be paid off over five years at R3...

Should I apply for debt consolidation?

“I am really committed to getting out of debt and I have R4000 a month to do so. I currently owe R30 000 on my FNB Credit Card, R25 000 on my ABSA credit card and I have a loan with FNB for R15 000. Should I consider debt consolidation?” asks Nina. Maya replies: You should only consider debt consolidation if the R4000 per month you have available...