What is a personal loan

Personal loan is a loan for personal, medical, family, education, vacation or household (extension, repairs, purchase of air conditioner, computer, refrigerator, etc.) use, as opposed to business or commercial use. Unsecured loans are advanced on the basis of the borrower’s credit-history and ability to repay the loan from personal income. Repayment is usually through fixed amount installments over a fixed term.

Personal loans ranges from R500 up to R150 000.

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