Where to get cheap loans in south africa
A personal loan can help to kickstart you into financial success, and it can also be a lifeline when you’re faced with a sudden financial emergency. In this post, we’re going to give you the inside scoop on how to find the best lowest interest rate personal loan available in South Africa. Let’s start by taking an in-depth look at rates and percentages that affect the interest on personal loans. Repo interest rates, prime plus interest rates… and how they affect your personal loan. Many personal loan providers state their interest percentage as “prime plus” or “prime +(amount)”. Here’s what this is all about. The repo rate is set by the South African reserve bank. Companies and institutions that lend money must borrow it themselves from the South African Reserve Bank (SARB). It’s SARB’s task to help manage our economy, and one of the ways they do this is by raising and lowering their interest rates, depending on the country’s current financial state. A repo rate is the...