{"id":224042,"date":"2019-11-21T07:00:00","date_gmt":"2019-11-21T05:00:00","guid":{"rendered":"https:\/\/germistoncitynews.co.za\/224042\/the-pros-and-cons-of-a-personal-loan\/"},"modified":"2019-11-21T14:56:04","modified_gmt":"2019-11-21T12:56:04","slug":"the-pros-and-cons-of-a-personal-loan","status":"publish","type":"post","link":"https:\/\/develop.citizen.co.za\/germiston-city-news\/uncategorized\/2019\/11\/21\/the-pros-and-cons-of-a-personal-loan\/","title":{"rendered":"The pros and cons of a personal loan"},"content":{"rendered":"

At any time and moment in your life there can be a situation where your financial luck turns upside down.<\/p>\n

One of the financial savers is applying for a personal loan.<\/p>

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A personal loan can help you with a huge expense, like a car, as well as saving you when you are in need of money for an emergency.<\/p>\n

However, it is not as easy as it sounds.<\/p>

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According to Vera Nagtegaal, executive head of Hippo, one reason why many South Africans do not succeed in applying successfully for a personal loan is due to debt.<\/p>\n

Debt is the main cause of many people battling with money because living expenses and costs have become too great and unmanageable.<\/p>\n

In order to successfully get a personal loan the following is considered:<\/p>\n

\u2022 Employment status: In order to apply for a personal loan, you do need to be permanently employed and have been working for a minimum of six months. It is also important to have a steady income.<\/p>\n

\u2022 Bank account: You need a bank account that is in your own name and you must be able to show a minimum of three months\u2019 banking statements with a steady salary.<\/p>\n

\u2022 Affordability: This is when they check your salary, monthly expenses and any other credit you may have to see if you can afford to pay off the loan.<\/p>\n

\u2022 Credibility: If you have a bad credit score or you have missed payments, your application will automatically be denied.<\/p>\n

\u2022 Blacklisted: If your credit is too bad and you become blacklisted, then you will not qualify for a personal loan.<\/p>\n

\u2022 Debt review: If you have decided to go under debt review and pay a monthly amount to pay off your debt, then you cannot apply for a personal loan. Once under debt review, no more credit can be given to you.<\/p>\n

The best options are to make sure that you are financially stable from a young age as this will help you build up a good credit score and then you can apply for a loan.<\/p>\n

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Hav<\/strong>e a story?<\/strong><\/p>\n

Contact the newsroom by emailing: Melissa Hart (Editor)\u00a0<\/span>germistoncitynews@caxton.co.za,<\/a>\u00a0<\/strong>Leigh Hodgson (News Editor)\u00a0<\/span>leighh@caxton.co.za\u00a0<\/a><\/strong>or Ashley Kiley (Journalist)\u00a0ashleyk@caxton.co.za.<\/a><\/strong><\/p>\n

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