Take the quiz! Who should you go to for a loan?

2016-08-18 06:45

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We all have times when an unforeseen circumstance requires an unexpected and large amount of money.

We can save for this rainy day, but what do you do when it suddenly starts to pour and you are struggling to keep your head above water.

Whether it is to pay off that debt, to fix a hole in your roof or to pay for medication that your medical insurance does not cover, a personal loan can help you to fill the gaps and provide a lifeline for your debt repayments.

According to statistics from the World Bank in 2015, 71.2% of South Africans borrow money from family and friends to help “tide” them over, but where should we really be getting our loans?

Take our quiz, select your choice in three everyday situations and to find out more:


Answers:

If you answered YES to borrowing money from a loan shark, using your credit card or asking family or friends to help you settle unexpected and large sums of debt, you might be putting yourself and your family at financial risk. Unscrupulous behaviour from loan sharks, no end-date for repayments and high interest rates from loan sharks and on credit cards can plunge you in a spiral of revolving debt. Borrowing from friends and family may put your relationships at risk.

If you answered YES to getting a personal loan to settle unexpected debt, then it means you have considered the risks that come with borrowing money from elsewhere and realised that working with a reputable financial company is the best and quickest way to deal with the situation.

So if you are faced with the decision to take a personal loan to cover unexpected emergency costs that cannot be covered by your “rainy day” or emergency funds, research the options thoroughly. If you don’t have the lump sum immediately, a personal loan is a good option. So that you can pay off the loan amount and you can choose a loan repayment term that you will be able to afford.

Loans from Old Mutual Finance are designed to get you out of debt as soon as possible. As a responsible and reputable lender, they promote and encourage you to pay off your loan over a shorter period of time. Old Mutual Finance uses the Affordability Assessment criteria as prescribed by the National Credit Act and offers loans that you can afford.

Find out more about personal loans and financial services from Old Mutual Finance on their website.


Old Mutual Finance (RF) (Pty) Ltd is a Licensed Financial Services and Registered Credit Provider. NCR Reg No: NCRCP 35 | FSP Reg No: 25494

Read more on:    loans  |  debt
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