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How we can help you to Get a Loan in Tough Economic Times?

The recent Corona virus epidemic worldwide is creating a worldwide financial strain on Governments,  Businesses and Private Individuals. This has caused food price increases, shortages and generally very tough economic times in South Africa right now. We mean that you’re probably feeling very stretched Financially. On top of all of that your car suddenly won’t start. You lose your job unexpectedly. Your child needs urgent medical treatment. We don’t like to think about these things, but the reality is that life is unpredictable and you won’t always have enough savings to cover these unexpected expenses. That’s where emergency funds such as a Personal Loan can come in handy: They give you access to cash quickly in times when you need it most. Personal Loans can help bridge the gap by providing financing in the short-term, which you can pay off in smaller amounts later. 

Conclusion

Times are tough in South Africa and in some instances a Personal Loan is the most suitable answer. But no matter what your current situation, you should always have a backup financial plan in place to help you take control of your finances, whether this means getting out of your current cash strapped situation or building future wealth.

Here are our tips on how to get a Personal Loan, even when the economy (and you) may be struggling.

Personal Loan

A Personal Loan is a type of loan that you can use when experiencing long or short-term cash flow problems. If you’re currently under financial strain and you are struggling to pay off debts from various service providers, a Personal Loan can also be used to consolidate your debt.

You thinking of doing home improvements, getting married, need finances to studying further, cash flow for your business, want to expand your business? Or perhaps it’s time for a well-deserved holiday overseas whatever the need we can help you with a Personal Loan. It is a great way to get cash when needed for an emergency.

We can help you with Personal loans ranging between R30 000.00 and R3 000 000.00 plus with a minimum repayment period of 12 months, and a maximum repayment period of 96 months. Repayments are typically calculated at between 12% to 15% interest per annum/per year. Once you have applied and received a loan, you will need to pay back the personal loan in monthly instalments over your chosen period with a debit order in place.

Before you select a personal loan, you should make sure you have a good understanding of how much money you need and over what period. This will influence the interest rates charged and the terms in which the lender lends you the money. Here at AUTOFIN ASSIST we can get one of our trained consultants to assist and help you with your application in making sure the Personal Loan you need is according to what you will qualify for.

To be eligible, the Personal Loan provider will consider amongst other things your credit history and whether you are blacklisted for not paying debts as and when due. They’ll also look at your ability to afford repayments on the amount that you are applying for, which will be based on your financial situation and your employment status. 

What documents do I need?

The documents you need to apply for a Personal Loan differ slightly from provider to provider but usually include your;

  • Green barcoded ID or ID card or Passport Drivers license
  • Salary slips/payslips
  • Bank statements
  • Proof of residence such as a recent utility bill, (Council Rates & water or Telephone)

How much can I borrow?

Personal Loans usually range from a minimum amount of R30 000 up to R3 000 000 plus, depending on the loan provider. If we have all of the supporting documents and the application is approved, you can usually access the cash in 24 hours, but some applications may take longer depending on your circumstances. The interest rates and repayment terms are entirely risk profile dependent meaning that they are based on the loan provider’s perception of how likely you are to pay back the loan.

What are the repayment terms?

Repayment terms for Personal Loans vary from anywhere between 12 months to eight years (96 months). Also keep in mind that the interest charged are entirely risk profile dependent meaning that they are based on the loan provider’s perception of how likely you are to pay back the loan.

Do I have to be employed to qualify for a personal loan?

The financial service providers will consider your application if you are permanently employed and have been working at your place of employment for 3 months with payslips. They will also consider the application if you are permanently employed and have been working at your place of employment for a minimum period of 1 month with an employment contract in place. The financial service providers will also consider an application if you are self employed and can prove regular income.

How much can I apply for?

You can apply for a Personal Loan from a minimum amount of R30 000 to up to R3 000 000 plus. The amount which you will qualify for will depend on your credit rating, affordability and payment behaviour.

If i'm approved how soon will I get my money?

With a Personal Loan your loan amount will be deposited quickly and directly into your bank account. How speedily you receive your money will depend on the Financial service provider and how timeously you provide the correct documentation to us.

I am a weekly/fortnightly earner, can I apply for a Personal Loan?

Yes, weekly and fortnightly earners are welcome to apply. Weekly earners must submit their latest four consecutive payslips and fortnightly earners must submit their latest two consecutive payslips. Please note if you do earn over and above your basic salary overtime, bonuses, commission or shift allowances, we then will need 3 month’s payslips/salary advices.

If I am a business owner, can I apply for a Personal Loan for my business?

Yes, you can, the application must be in the name of the business and all director and members must also complete an application. If the application is successful and approved by the financial institutions the directors or members will be required to sign as security for and on behalf of the company.

Can I apply for a Personal Loan if I am under or have applied for Administration for Debt Review?

No, your application will be unsuccessful if you are under or have applied for Administration, Debt Review or Sequestration. Please note we can still look at your situation and circumstances and one of our consultants will advise you based on your information of how we can still help you or not.

Must I pay money upfront in order for me to apply for a Personal Loan?

No, you will not be required to pay any money upfront to Autofin Assist for the loan application. You will also not pay any fees to us upfront when the deal is approved by the Financial Institutions. We will only be paid right at the end when you get paid out for the loan that you did apply for. Therefore Autofin Assist will only be paid after you have been paid. Please note there will be no monthly fees due to Autofin Assist on an on going basis, Autofin Assist will be paid a once off fee only. In the event that your application is unsuccessful you will not be liable for any fees to Autofin Assist.

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