The most commonly used type of loans is home loans
, which are paid back over a long period of time. This long period is significantly longer than any other loan as it takes an average of twenty years to repay this loan. These loans are available to allow people to afford a house or apartment that would otherwise be unaffordable. However this is not the only type of loan available.
Smaller loans are also available such as loans which are used to purchase a vehicle and are to be settled in a three to five year period. Still smaller amounts of up to about R8000 can also be borrowed on a short term basis from the bank or from private companies that specialize in this trade. These types of loans are often forgotten about or people are not aware that such short term, small amount options are available. An interest rate of sixty percent is applicable with these types of loans and this interest is paid monthly together with the monthly instalments that are payable. The number of days that the loan is to be repaid in varies according to the client's needs, but a maximum period of six months is usually allowed.
The minimum amount that a client can borrow under these circumstances is as low as R500. The instalments over a six month period will then be as low as R178 per month. These fees include VAT and are only for salary-depositing clients; however different companies differ as to what they can offer the client. Differences in repayment period, interest as well as loan terms and conditions may all occur.
Loans that are to be repaid in a maximum period of six months are available at Cash Centre. They offer fast, hassle free loans to salary-depositing clients and for your convenience everything is done via phone, fax and email. Don't hesitate; contact them now for your short term loan needs.