Cape Town offers some of the best opportunities for employment and business in South Africa. The market for personal loans in Cape Town is therefore quite large and the interest rates are quite competitive.
You can lower the loan rates even further
Check your recent credit history and ensure that it is nothing less than perfect. You must have paid all your bills on time for the past few months. You must have used your credit cards wisely. Loan applicants with excellent credit history can secure interest close to the prime rate.
Comparison shopping is the other highly effective method for getting lower interest rate. Compare loans from as many lenders as possible and do not restrict yourself to the major ones like African Bank and Absa Bank.
Try to pay the initiation fee out of your pocket. That way, you will not pay interest on it. This will reduce the total amount of interest that you owe. This effect can be achieved through the reduction of the loan term as well.
You now know how to get lower interest on personal loans in Cape Town.