How much is in your savings account? If you are like most South Africans, your answer is likely to be “not enough”. It is possible you don’t even save, and you are living from one paycheck to another.
Are you wallowing in debt and you can’t seem to escape the nasty loop? You name it: medical bills, an auto loan, a student loan, credit card debts, or even never-ending payday loans. On top of that, suppose your daily spending averages around $300-500 PM.
World Bank statistics show that South Africans are the world's most avid borrowers. Back in 2014, 86% of all South Africans had a loan of some kind. The concept of borrowing money, whether it's for business or personal use, isn't a new one. People have been doing it ever since money was invented. However, just because you can borrow money doesn't often mean that you should. In most case, you have to consider if you have a proper plan and a convenient lender. Here are tips on how to choose the best loan for your requirements.
Let's be honest, most people don't like talking about borrowing money. As such, you will find that many young professionals, and even seasoned adults, don't know as much about taking a loan as they should.