Depending on your financial circumstances, personal loans could help fund big purchases or provide some relief in an emergency.
They could also be used to consolidate high-interest debts into a lower cost single monthly payment. While many South Africans may have, at some point in their lives, applied for a personal loan, not everyone is successful in getting one.
According to Vera Nagtegaal, executive head of online comparison website Hippo.co.za, one reason for this is that the consumer could be over-indebted.
“Credit providers have a responsibility to ensure that the applicant not only…