My Financial Help

Did you know there’s a difference between interest rates on credit cards and personal loans? Many people don’t know this fact.

This can make your choice between loan products very difficult as the market is flooded with numerous of these products. This sector of unsecured credit is referred to as unsecured lending.

Unsecured lending categories

• Unsecured credit facilities – Like credit cards and store cards can be used over and over again every time you use your card to make a payment. Out of the unsecured credit products, they usually have the lowest interest rate where the maximum amount of interest charged would be the current Repo Rate plus 14%. The cost of credit on these products is frequently reduced since only one initiation fee is charged at the initiation of the loans.
• Unsecured credit transactions – These include products like car finance. You're given the total loan amount and typically, payments are fixed for the period of the loan. The interest rate on this product is higher than with unsecured credit facilities – the current Repo Rate plus 21%. One thing of caution is to be aware that initiation fees are charged every time a loan is taken, and this adds to the cost of credit.
• Short-term credit transactions – A term that better suits this category and is mostly known by consumers would be payday loans. Loan amounts often vary but it's usually not more than R8,000 and as stated, taken over a short period of time. Since the loan is taken over a short period of time, the cost of credit is usually high. The cost of credit of payday loans is around 20% and has the highest cost of credit out of all unsecured credit products.

Consolidate your unsecured loan products with My Financial Help

Many South Africans will at some point in their life incur a form of debt through unsecured credit products due to many reasons. This can range from ease of access to these products and convenience.

Or plain and simple, sometimes life just happens. Every time you use one of these products without knowing the terms and conditions, you can build up a substantial amount of debt without knowing it.

For most people, the amount of debt incurred can be too much and they do not know where to start to sort out their debt.

If this is not possible, then it'll definitely reduce your monthly payments, giving you a sigh of relief. With their extensive products and services on hand, accompanied by professional and people-orientated staff, they're your one-stop-shop for debt consolidation loans.

They offer, free of charge, a downloadable electronic book that contains valuable information on how to manage and improve your finances.

Everything you need from help on getting a loan approved, the ins and out’s of credit scores, and what this could mean for your financial well-being to small tips that you would not necessarily find anywhere.

Did you know that even if you pay off all existing debt with, say example, a retail store, you can still incur a form of debt if you keep the account open?

Small things can make a big difference and this is just one simple example of the many amazing tips and blocks of advice they can offer you from the convenience of your own home.

My Financial Help is there to help you throughout the loan consolidation process which is the main method or process they use to help you.

This is the process of taking out one larger loan to pay off all or most of your existing debt at once.

Prefer a face-to-face meeting with hands-on advice? No problem!

Having a debt to pay off could cause a snowball effect on all aspects of your well-being, not just financial.

When a person incurs debt and notices they have to start paying it off, it can cause a person to take on extra jobs to pay off the debt and make ends meet.

This can in effect influence your personal and financial well-being. This is where they endeavour to be the best provider.

Workshops and training to promote financial wellness

Not only do they offer assistance when you need help with your debt situation, but they offer in-house training and workshops on how to manage your financial wellness from the beginning.

They offer this invaluable service to financial institutions such as Nedbank and ABSA but also corporate companies such as Shell, Woolworths and Multichoice.

Proactive steps in managing employee financial wellness are imperative to company wellness and staff relationships.

Company HR and Payroll departments have reported a decrease in staff members who work overtime, a rate of borrowing and improved employee relationships.

Consolidate your debt with My Financial Help

A consolidation loan from My Financial Help can offer you a repayment period of between 2 and 5 years. You’ll pay a monthly fee of R60 and the annual interest rate is set at 28%. The rate is calculated at the current repo rate plus 21%. They have a link on the website for you to download a loan calculator.