South Africa, March 24th, 2018 – A new loan product that could change the way you borrow money.
Traditionally, if you wanted a loan you would have to walk into a high street bank, complete reams of paperwork and wait weeks for the money to hit your account. However, now online loan companies like Wonga are offering quicker solutions which allow consumers to take back control of their finances.
There are many reasons you might need a personal loan, however you may find that searching for one with the right repayment period proves difficult.
Wonga traditionally offer payday loans, which you pay back usually within a month. This is ideal if you have a sudden, quick bill or payment to process, but not if you want a bit longer to repay. Other loan companies might offer personal loans that last several years – you can get 3, 5 or even 10 year personal loans. This, on the other end of the spectrum, means you are saddled with this debt for much longer.
What customers often want is something in between. This consumer need resulted in the creation of the Wonga personal loan which lasts up to 6 months. First time customers can receive anything up to R4000 which is paid back monthly in 6 equal installments.
You can use Wonga’s website slider to decide how much you can borrow and for how long, offering 100% transparency for customers – something which Wonga pride themselves on. The 6 month personal loan provides the flexibility of longer term credit without the long term commitment required by other lenders.
For instance, nedbank.co.za offers R4000 loans for a minimum of 12 months which results in a total repayment of R6261. Longer loan terms are perfect for some customers, but for some this is the type of long term commitment some borrowers aren’t looking for.
If you want to repay the loan sooner, Wonga operates a policy that encourages early repayment on loans to help customers avoid paying too much interest. This is in an effort to help consumers keep comfortable control of their finances.
More Info on New Personal Loans that Give South Africans More Control Over Long Term Lending here: https://www.wonga.co.za/personal-loans