How do personal loans work?
Personal loans charge interest, which means that you will have to pay back the original loan amount plus extra interest that has built up. If you fail to repay your loan, you will move further into debt, and could lose the asset that you used as surety. (That is why a unsecured loan with us does not put you in danger of that). For this reason, you should make it a priority to pay off your personal loan within the allotted time that you’ve agreed to borrow money.
Tips to keep your personal loan payments on track
- Make sure you only borrow as much as you need and that you can to afford to it pay off on a monthly basis.
- Have a budget that includes you monthly personal loan instalment as a priority and living expenses for the month
- Set up a debit order for your personal loan to ensure you loan repayments come directly from your bank account, usually after you get your salary. This ensures you never forget to pay your instalments and fall behind on payments.
If you are struggling with paying off your personal loan, contact your loan provider and sort out an arrangement that will allow you to pay off smaller amounts to better suit your budget and they will be glad to assist you.
Getting a personal loan with us is so easy – it takes just three steps:
- Apply directly on our website and attach as much supporting docs to speed up the process;
- Once you Approved for the loan we will email you a contract to sign; and
- Sign the form and sent back and have the money in your account within hours