Zuko Komisa
What to consider before taking loans in the new year.
With all the financial demands this time of the year has, many South Africans are considering taking up loans to cushion the blow.
To start the New Year in excellent financial health, financial experts have advised that consumers need to be mindful of some of the typical financial blunders.
The National Credit Regulator (NCR) reports that a large number of people receive their paychecks early in December and must wait until their next payday in January. Customers are advised to borrow cautiously and sensibly, limiting credit to what is necessary, to prevent having their credit record damaged.
Customers who find themselves in this predicament are urged by the NCR to exercise caution when using unregistered credit providers and to be credit savvy.
Poppy Kweyama, Manager of Education and Communications for the NCR, counseled customers to borrow money only from authorized lenders, only as much as necessary, and only when necessary.
“Don’t sign if you don’t understand the Ts and Cs. Always ask for clarity and never pay an upfront fee.
“Never leave your ID or bank card with a credit provider in exchange for a loan. Not only is this practice illegal, but remember, to register and exercise your vote in the 2024 elections, you need to have your ID,”
Poppy Kweyama, Manager of Education and Communications for the NCR
Kweyama also said that planning the loan repayment process is also essential, and it’s critical to ascertain whether the borrowers can afford the repayments.
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Kaya Biz Tumisang Ndlovu in for Gugulethu Mfuphi spoke with Steven Barker, from Everyday Banking gave a few handy tips on what to consider before taking loans in the new year
LISTEN TO THE FULL CONVERSATION HERE:
Barker spoke about how consumers should think twice before choosing a personal loan in the current context of rising interest rates.
He also added that there may be other, less expensive ways to borrow money to meet their demands.
“We have to be careful of loans we take out, especially if it is to fuel consumption, and buying things we can do without. When we speak about better loans we speak about things that help you have a better life moving forward.
The most obvious thing here is education, even when some loans a little money to start a business or buying a computer to help you with your skills. The one way to look at loans is whether or not the loan is delaying or allowing me to live a lifestyle that is progressive” says Barker
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