The National Credit Act of South Africa, known simply as NCA, states that every aspiring borrower is entitled to a personal loan quotation (quote). This quote is supposed to provide complete information on the credit product so that the consumer can make a well informed decision. Find out more about quotes and how to use them in order to save when borrowing money.
Each one of the personal loan quotes issues by lenders includes the precise principal amount and the interest rate which is to be charged. Usually, the interest on such loans is fixed, but if it is variable, the lender has to present the minimum and maximum limits set.
The quote must contain a list of all additional costs. These are typically fees like the loan initiation fee and the monthly service fee. The total cost of the loan must be presented in the quote as well. The same applies to the repayment schedule. The monthly instalments must be clearly set.
Compare different personal loans
As you can see, quotes give you all the information which you require to compare different loans. When you compare quotes from various lenders, you can easily figure out which the most affordable product for you is. You should look for the loan which offers the lowest interest and total cost and affordable monthly instalments.
Personal loan quotes are readily available from all lenders in South Africa upon request. You can obtain them from the large banks like African Bank and First National Bank and from smaller local companies with offices in the major cities like Durban, Johannesburg and Cape Town. You can readily request quotes online for free to save time, effort and money.