Tips for Comparing Fast Loans

tips for comparing fast loans
Tips for Comparing Loans | Fast Loan Comparison Tips

It may seem useless to compare fast loans given that you need the cash urgently, but the reality is that this can save you a lot of money and trouble as well.

Besides, the comparison is now much easier and more effective than ever before. You can readily compare products from a large number of lenders online. You can get the job done in minutes. The question is how to make an effective comparison.

You need to compare as many quick online loans as possible. Consider the products of big lenders like Nedbank, Absa Bank and FNB and those of the smaller local and national ones as well.

The interest rate is the primary comparison factor.

The South African law requires lenders to disclose the interest rate which they charge. The lower this interest rate is the better.

You should also compare loan fees & interest rates

Usually, the annual fees are compounded to the interest rate and the product is called the Annual Percentage Rate (APR). Again, the lower the APR is the more favourable the deal is.

The closing fees should also be compared. These are the initial fees that you pay in order to get the loan. Again, the product with the lowest fees wins.

The total cost of the loan is the principal plus the compounded interest amount. It goes without saying that the smaller the sum is the cheaper the product is.

The term is also important. The shorter it is the less expensive the loan is. Hence, you will save if you are able to repay your debt more quickly.

Get organised when comparing fast loans. That way, you will get cash super quickly as well as cheaply.

Popular & reliable direct lenders offering Quick loans

  1. African Bank Quick loan

    African Bank

    • Loans up to R50,000
    • Term up to 24 months
    • Interest from 12%
  2. Finance 27 Quick loan

    Finance 27

    • Loans up to R8,000
    • Term up to 65 days
    • Interest up to 38%
  3. Unifi Loans Quick loan

    Unifi Loans

    • Loans up to R8,000
    • Term up to 6 months
    • Interest from APR 104%
  4. Boodle Quick loan

    Boodle

    • Loans up to R8,000
    • Term up to 6 months
    • Interest up to APR 60%