What are bank loan interest rates in Cape Town?
Bank loan interest rates in Cape Town, and throughout South Africa, are determined by the personal risk profile of the borrower. This means that banks use a credit check to identify risky borrowers and evaluate whether or not to give you a loan. Even if your loan is approved, if you have missed or defaulted on debt repayments or store accounts in the past, this may affect your credit score and you will be charged a higher interest rate than a consumer who has never defaulted on their credit. Keep this in mind when applying for your loan and considering the interest rate you are offered.