Credit can be incredibly valuable for South Africans, but there are numerous pitfalls that one must be aware of.
Accessing credit can be incredibly beneficial for many South Africans, but consumers must ensure that they do their homework.
On top of the interest, there may be other fees, such as admin, service or initiation, which are known as cost of credit/cost of borrowing.Loans Long-term loans are usually for larger amounts for more expensive items, such as a 20-year home loan.These see retail stores allowing one to access services or goods on credit or “account,” and pay for them in instalments over a specified period of time.
The person borrowing has to allow the lender to use one of their assets or sign that the asset can be used as security. Examples of secured credit include home loans and vehicle loans.
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