Tips for Comparing Loans for Blacklisted Individuals
Posted by financial advisor on
Many lenders in South Africa offer loans for blacklisted people. You should definitely take advantage of the opportunities available. It is best to use an online loan comparison service in order to pick the most beneficial and affordable product for you. You will certainly benefit from some advice on the comparison of these types of products.
The principal is the first factor to base your comparison of loans for blacklisted individuals on. You should find a loan which offers the precise amount of money that you need and no more or no less.
Compare Interest Rates
Interest rate is perhaps the most important comparison factor. You need to get the actual annual percentage rate of interest for each of the products that you are comparing. You should use a calculator and do the math to get the number yourself, if necessary. The lower the interest is the less expensive a loan will be and vice versa.
Compare the fees which add to the cost of each loan. There are some fixed fees which you will have to pay annually or monthly and penalty ones as well. Try to get an estimate of the total annual fee amount that you will have to pay.
The monthly instalments are the other major comparison factor to use. It is important to note that a smaller monthly instalment does not necessarily mean that the loan is cheaper. Usually, the longer the term of the loan is the smaller the instalment is and the higher the total cost for the borrower is. Basically, you may have to make a compromise between the cost of a loan and the monthly instalment size.
Finally, compare the lenders offering loans for blacklisted people as well.