Lower Interest Rates on Loans for Blacklisted in Johannesburg
Posted by financial advisor on
You can expect the loans for blacklisted in Johannesburg to have higher interest rate than the traditional consumer ones available from lender like FNB and African Bank. Still, the city is South Africa's financial hub so there is greater competition which pushes the rates on all products down. Even in this situation you would want to use ways to lower the interest.
The main thing which you can do for getting lower interest is to deal with previous and existing debt completely. If this is extremely hard or impossible to do, you can at least pay all your monthly bills including loan instalments on time. The more credible you are as a borrower the lower your interest will be.
Comparison shopping is certainly the most effective method for finding the loan with the lowest interest. Just don't let the base interest mislead you. You have to calculate the actual interest rate which you will pay when fees and other charges are added.
If you have already taken out one or more loans for blacklisted in Johannesburg from the same lender, you can check whether they will be able to give you a discount.