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What kind of Loans Can I Find in Durban? Contact Details, Requirements and Application



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            There are many reasons why people would ask for a loan, and the kind of loan depends on the purpose of the loan itself. If you want to buy a house or to make some improvements to your own house, if you want to start planning your next holidays or, for example if you want to change your car. Each of these cases should be studied carefully to see what kind of loan is better for them. But don’t worry, because in this article I’ll explain to you the types of loans you can find, how you can apply and the requirements you should comply with. I will also provide you with contact details from banks you can work with if you live in Durban.

Types of Loan

           + As I said before, it’s not the same to buy a house than to pay for a holiday. If you are thinking about buying a house what you need is a Home Loan as you can find higher quotes. The requirements for this type of loan are usually more demanding as we are talking about a big amount of money and a longer repayment term. To start with, you should know that you will be asked to be under credit checks or financial assessment to prove your economic situation. Also, you will have to present a series of document to back up your income and personal information. A very important detail is that you will need experts’ guidance on this process, which is usually offered by the entity you choose to work with. The quotation can go up to R 3,000,000 and you can choose a long repayment term if you prefer to.

             For home loans, companies usually ask clients to provide an asset as collateral to make sure that if you fail to cancel the loan they can be sure to get their money back. That`s why I advise you to be sure to be able to comply with the repayment term before applying for the loan.

          + Now, if you need less money you can go for another type of loan: a Cash Loan, which is usually much simpler and faster. You can even find companies that work entirely online, as there are less paper work and requirements. You are usually asked to complete an online application form with personal information and income details. Of course, you will also be under credit checks to know if you are applicable for the loan. The quotation can go up to R 150,000 in some cases and the repayment term can go from 6 to 60 months for example.

             For this last type of loan you can find Unsecured Loans, which are those who don’t require clients to join any previous property you may have to the loan. This is important for some people as they want to avoid risking to lose any property or asset.

           + Finally, you can also apply for a short term loan if what you need is a small amount of money, and you need it urgently. In this particular case, you can borrow from R 500 up to R 8,000. Keep in mind these numbers may vary according to the company, but in general they are within that spectrum. This loan is used in cases of having an unforeseen expense. For instance, if you have an accident and you need to cost the medical service, or your computer breaks down and you need to fix it you can take a loan to pay that expense and repay it within a month.

Contact Details

             I will list you some companies you can work with and I will tell you how you can get in contact with them:

             Let’s start with Betterbond Loans, which specializes on home loans. They have a branch at 95 Musgrave Road, Berea in the city of Durban. You can visit their website or you can go in person to apply for a loan. Another possibility is to give them a call at the number (031) 277 9000.        

             Moreover, they have many branches around the country, so if you are interested in working with them but you don’t live in Durban you will probably find a branch in your area either way.

               You must know that when you apply with Betterbond you get through a pre-qualification process first. This is an advantage as with this pre-qualification certificate possible sellers would trust on you, making all the process a little simpler.

                 Another option you have is SA Cash Loans. As this company works on line you can apply from wherever part of South Africa you are. You must apply on line and fill in an application form and, as simple as that, you start the process. You can ask as much as R 150,000, so in this case you wouldn’t be advised to work with SA Cash Loan if you need to buy a house for example. You may apply with them if you want to go on holidays, or you need to redecorate your house, for instance. You can reach them by phone, 021 202 1679 or you may send them an email to queries@sacashloans.co.za, in case you want to know more about them. Baer in mind they also offer Unsecured Loans, so you can take advantage of this benefits and avoid risking any previous property you may have on your name.

               Lastly, for a short term cash loan you may visit Wonga Loans. They offer short term loans for those who experience unexpected events and need money as soon as possible. You also apply from their website and you can calculate the full quotation before asking for the loan. So you know for sure, how much money you can borrow.

Wonga Useful Information

- Phone: 0861 966 421

- Email: za.customercare@wonga.com.

- Working Hours: weekdays from 7 to 19, and Sundays from 8 to 13.

- Benefits: fast loans and short term repayment.

- Requirements: bank account, proof of salary, cellphone and SA I.D.

- Quote: R 8,000.

- Address: 33 Bree St, Cape Town City.



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Questions and Answers

Is it necessary to be from South Africa?
Yes.
Can I get the cash through my bank account?
Of course!
Can I apply for a loan if I don't have a job?
Unfortulatly, you can't.