Out of all the types of loans, there are two types of loans which are popular. They are Short Term Loans popularly known as Payday Loansand Long Term Loans, popularly known as Personal Loans. Payday Loans are nothing but small Cash Loans where you can borrow cash up to R2500 to meet short term cash crunch and repay in couple of months. On the other hand, by getting Personal Loansyou can borrow large amounts of cash and spend it for your requirements, such as, to buy your dream car, or new furniture, or to expand your business, or even for your Debt Consolidation.
Since Personal Loans are long term loans, your loan repayment period will be longer. We cash flows from loans you directly with the best Personal Loan Lenders so that they compete to give you a Personal Loan. Due to this, you will be benefited with lowest possible loan rates with flexible terms. Here are some of the highlights of a service.
Lenders are within their rights to file reports with the three major credit bureausвЂExperian, Equifax and TransunionвЂif you fail to repay your loan. This negative remark will lower your credit score and may make it impossible for you to obtain short term loans or other forms of credit in the future.
However, once you have repaid your debt to your lender in full, this will be reported to the credit agencies and the negative remark will be removed from your credit history. Some of the lenders in our network participate in what is known as automatic loan renewal.
Simply put, if your loan is beyond a specific amount of time past cash flows from loans, your lender will rollover your loan. This may be offered to you in addition to options like repaying your loan in full at a later date or repaying your debt in installments over time.
Most importantly you must have a regular source of income. This does not necessarily need to be employment, but the lender must be able to see that you have the means to repay the loan within the required amount of time. Most lenders require a monthly income of at least 1,000, which is well within the range of most people who work full time.
Accepting your loan. Once you find out whether or not the lender has accepted your application for a loan, you can start reading the cash flows from loans so you are fully aware of your obligation. By law lenders must give you access to the terms before you sign the contract. It is very important that you read these thoroughly, as this will enable you to learn more about your loan.