How to Get a Lower Interest Rate
Posted by financial advisor on
It is a huge misconception that there are no loans for blacklisted in South Africa. Quite the opposite, they are available from both specialised and general lenders. The really great thing is that you can readily save on the interest rate. In fact, there are more ways than one in which you can do this.
Loan Comparison will really help you save
The simplest method for saving on the interest rate is comparison shopping. You need to collect as many quotes for loans for blacklisted as possible. Now you can do this online using a single dedicated service. It should be fairly easy to compare the loans.
The main comparison criteria which you need to use are interest rate, fees, total cost, monthly instalment and term. You need to make sure that the loan which you choose is affordable and that you will be able to pay the monthly instalments on time every month. Try to plan how you will be repaying your debt in the short term and in the long one.
Lenders may be willing to lower your interest rare if they see that your credibility as a borrower has improved despite the fact that you are blacklisted. The simplest method to demonstrate credibility is to pay your bills timely every month. If you use a credit card sparingly and you do not get charged any interest as you repay what you borrow on time, you will have even higher chances of getting a lower rate.
Last, but not least you should keep your eyes open for promotional offers and discounts, which can make loans for blacklisted cheaper.