Types of bank loans in Cape Town
Generally, bank loans across South Africa are standardised and regulated by the National Credit Bureau. Therefore, they types of bank loans in Cape Town will not vary much from those accessible in Durban or Johannesburg. Before applying for a bank loan of any kind, consumers should take care that they understand what type of loan they are applying for and the restrictions that come with that particular loan. For instance, where secured loans use either property or vehicles as collateral, an unsecured loan requires no assets to be put down as collateral, but the interest rates are often slightly higher to insure the lender’s risk.