In today’s information filled world we often make decisions based on who is first, largest or most persistent…
Dial back to your grandparents at your age now – their choices were pretty narrow when it came to lending money – friends, family or bank. Now that was in the day when being a bank manager had a completely different meaning to today. A visit to the bank manager was a ‘dressable occasion’ – your parents would make an appointment, put on their finest and be treated to tea and biscuits in a magnificent corner office whilst the bank manager compared loan choice offers only from his (all bank managers were men in thos days) suite of products.
Most decisions those days were made after many days or even weeks of planning and largely based on a trust relationship built up with one bank manager and one bank over many years. With hindsight, such loan acceptance decisions were still better for the lender than the lendee. In fact your grandparents would be shocked today to hear that loans are a commodity much like appes and pears and can be sourced from many different businesses.
BUT, the plethora of choice leaves some potential lendees at a distinct disadvantage as they now need the time to research, collate and assess any different offers from many different institutions. A loan is a medium term relationship and no-one wants to enter into a relationship doomed for thoughts of divorce after the first payment or hiccup.
Enter the loan comparison market – in one fell swoop and with one conversation you can get many offers from many lenders along with some advice from a loan broker. When comparing loans most people look for a better deal on their loans but run out of steam after the third request for a quote from a financial institution.
Loan comparison companies like BetterLoan often get pricing from as many as 14 banks. For instance a personal loan application through BetterLoan will see your application going to these banks: Nedbank, Standard Bank, Old Mutual, WesBank, FNB, Capitec Bank, African Bank, Absa, Sanlam, Capfin, Finchoice, DirectAxis, RCS Personal Loan and Letsatsi Finance.
In fact BetterLoans are so confident that you will get a better deal through them that they provide a list of fees and interest rates from their lenders here: https://betterloans.co.za/loans/personal-loans-compare/
Getting quotes from multiple lenders allows you to compare interest rates, fees, loan terms, and other features. Compare loans to help you find the most competitive and suitable loan for your financial situation.
When applying for a personal loan lenders will require a lot of information and some will require specific information over and above the normal.
Some of that information required will be:
- Proof of identification (ID, passport, or driver’s license)
- Proof of income (payslips, bank statements, or tax returns)
- Proof of residence (utility bill or rental agreement)
- Proof of employment (employment contract or letter from your employer)
- Financial statements and a list of monthly expenses.
With a loan comparison broker you will only need to submit your information once. The saving in time and frustration alone is probably worth the effort of applying through BetterLoan. In addition BetterLoan will only deal with lenders regulated by the National Credit Regulator (NCR) under the National Credit Act (NCA). “Using regulated lenders will help protect you from unfair lending practices,” says BetterLoan.
About:
Johannesburg based BetterLoans offer the following loan comparisons: Personal Loans, Short Term Loans, Payday Loans and Debt Consolidation Loans using a platform that simplifies the entire process.
BetterLoans experienced professionals are dedicated to ensuring that users receive unbiased, up-to-date information about various loan products. We work tirelessly to make the BetterLoans experience smooth and hassle-free.
As a trusted partner in the financial journey, BetterLoan believes that transparency and honesty are essential. We do not charge any hidden fees and are committed to protecting personal information as outlined in our Privacy Policy.
Boilerplate and Editor’s Notes.
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