South Africa offers a wide range of blacklisted loans and interest charged on these varies. There are many factors that influence lenders decision on how much interest to charge. Another contributing factor that they all filter in is borrowers credit score.
How To Get A Low Interest Rate Blacklisted Loans
A very simple answer to this question speaks to one skill all the time. Your ability to shop around will save you a lot of money. Whether it is online or walk around, make sure that you find the lowest interest rate. You must always bear in mind that loans are repaid in a long period of time. Taking a blacklisted loan with a high interest will leave you in debt.
There are five main factors that affect your interest rate on blacklisted loans in South Africa. These are:
- interest rate
- application fees
- total cost
- monthly installment and
- repayment term
We always encourage our readers to investigate each of these factors before signing your blacklisted loans contracts.
After repaying your loan for sometime, you can approach your creditor and request lower interest rate. This can be done if you are certain that your repayment track record is good.