South Africa has a large number of people living in poverty and relying on what they have to survive. Bank loans can be life-changing for people, so when they have the opportunity to apply for a large sum, they jump at the chance. It's a no-brainer for them to take advantage of it. Many people find themselves in a precarious situation as a result of this. After that, here's what she discovered and how to avoid it.
It's what she discovered:
When she returned to Capitec after taking out a $100,000 loan, she noticed something odd. Having paid her loan for about two years, she noticed that only a small portion of her money was being used to repay it on her bank statement. Interest and insurance accounted for most of the money. Here's the full story.
According to her story, she was told to add an additional five hundred Rand to her loan repayments so that she could pay it off more quickly. Unfortunately, she claims to be short on funds of this magnitude. There you have it, her complete financial disclosures.
To begin, you should know that unless you absolutely need a bank loan, you should avoid taking one. You should save your money instead of taking out a loan, as interest rates can be extremely high. However, if you're taking out a bank loan, be sure to read all the terms and conditions and have the Consultant explain everything to you in detail. Make sure to ask questions if you don't understand something. Don't take on more debt than you need to. Before making a major decision, do your research and educate yourself.
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