Can I get a short term loan with my bank in South Africa?
Banks, lending facilities and independent credit providers have always differed widely in the criteria they use to evaluate a loan application. However, since the promulgation of the National Credit Act in 2007, two factors have become essential for the consumer to consider before applying for a short term loan with a bank in South Africa. The first is credit score. Your bank may rely heavily on credit score to assess your repayment behaviour and that can either qualify, or disqualify you, or even determine the interest rate you will pay. The second is affordability. This factor is more prevalent among online lenders.