Are you planning to get your wedding loans in South Africa? Then you have come to the right place. We will discuss in this article the pros and cons of getting wedding loans in South Africa. This is a safe place for you to start your research because most of the websites that offer these types of loans are based in South Africa. Also, there are some which are based outside of Africa, but they will charge very high interest.
You may be wondering how this can be possible. This is because in most countries of the world, wedding loans are usually very expensive. Most of the time the people who arrange for such loans are very rich people from the countries. However, we will not talk about that here.
Now if you are looking for a wedding loan in South Africa, you may be surprised at the high interest rate. The reason behind this is that this is a very important event for you and your whole family. Therefore, there should be no risks at all. Make sure that you don’t borrow money just for the sake of borrowing it. Your wedding day will come at a later time.
So, you absa personal load have decided that you want to apply for wedding loans in South Africa. But before that you need to find out whether these loans are available or not. Well, first of all, there are various kinds of companies that operate in the country. Some of them are government institutions, non-government organizations, etc. It is up to you to choose the best one that suits your needs. If you don’t want to deal with brokers, you can go online.
It is not only the amount that you will be required to pay that matters – you should also know what kind of APR is charged on these loans. You should ask the lender whether it is fixed or variable. Fixed APR means the same interest rate throughout the term of the loan. On the other hand, the variable APR changes depending upon the economy and the market conditions.
Apart from that, you should check out the terms and conditions related to the wedding loans in South Africa. You should look for clauses that clearly explain the rates and repayment options that you can choose. Also find out whether they provide any credit facility or not. In case they do, how much can you get? It is important that you don’t end up being over-burdened with so many additional costs.
Finally, you should be able to differentiate between secured and unsecured loans. Secured loans require you to place your belongings as collateral – your house for example. If you fail to make repayments, the lender will have every right to take away your things. Whereas, unsecured ones don’t demand any collateral. In such a case, you will be responsible for repaying the loan even when you are living in a different country.
Also, you should find out what are the formalities involved in getting a wedding loan in South Africa. Often, companies here ask for some pretty specific requirements – such as for proof of income, or completion of all paperwork. Don’t ignore such formalities. If you don’t comply, the process may become delayed or even denied altogether. So, be sure to follow the legal procedures.
Last but not the least, always read the fine print before signing the contract. Check the terms and conditions (such as the repayment schedule) before signing on the dotted line. Most importantly, review your wedding budget and consider including wedding loans in it. You never know what may happen or how strict the terms will be once you start spending.
Finally, shop around for your wedding dress. Cheap wedding dresses abound in Africa – particularly in the ports. So, shop around. You could even choose a local designer to create a gown for you – as long as it suits your taste and budget.
All the best for your wedding day! So, remember to plan early and carefully. Also, consider getting wedding loans from the best financial institutions and banks in South Africa. And most of all – have fun!