At any given time, one would require some kind of credit to cater for their financial challenges before they get their salaries on a month end. With such experiences coming so often, most companies have introduced credit facilities that enable people to borrow money from them.
Budget is among the companies that provide credit to people and this why the company made sure that clients can get a Budget Personal Loan of up to R150 000. Their loans are compliant with the National Credit Act, which means a client’s loan will be subjected to credit approval and he/she never be approved for a loan that’s greater than what you can repay.
With a Budget Personal Loan you’ll enjoy:
- A choice of R5 000 up to R150 000
- A choice of repayment terms that suit you – from 12 months up to 5 years
- Fast processing
- Transparent costs
- Competitive interest rates
- Fixed repayments that won’t go up even if interest rates do
- No face-to-face interviews
- No unnecessary paperwork
- No collateral required
What you need to apply for Budget personal loans :
- A good credit record
- A regular monthly income of at least R5 000
- Your last 3 months’ payslips or bank statements
- A clear copy of your ID document
- Details of your bank account into which your salary is paid
- A recent document confirming your residential address
Loan repayment terms range from 12 to 60 months. The maximum interest rate with regards to a Budget Personal Loan is 28% per annum (compounded monthly). Your rate and initiation fee will be determined according to your personal risk profile. An illustrative example of a loan at an interest rate of 28% per annum would be: Loan amount R50, 000.00 plus a once-off initiation fee of R1, 197.00 and a monthly admin fee of R68.40, over 60 months. The total cost of the loan will be R99, 747.64 which is an Annual Percentage Rate (APR) of 31.45%.