Apply for a loan through Justmoney.
What is a loan?
A loan is a borrowed sum of money that can immediately assist with costs like buying your dream home or car, furthering your studies, or footing unexpected costs.
There are two types of loans – secured and unsecured.
A loan is considered secured when the borrower pledges an asset as collateral in the event that they default on their payments. For example, a home loan is tied to the value of your home and if you are unable to make your payments, the creditor can repossess it.
An unsecured loan, on the other hand, is considered an agreement that is not backed by an asset. Examples of this include personal loans or consumer loans. Unsecured loans have higher interest rates because creditors cannot rely on an asset to compensate them if you default on your payments.
Why a Loan?
A loan can be used for a variety of things, such as your dream car, home renovations, or covering unexpected medical expenses. If you cannot afford an item upfront, a loan will help you benefit from it at once, while allowing you to systematically pay it off.
Aside from the typical loan spends like a car, home, or student loan, many people also acquire debt to cover things like a vacation or a wedding. Here’s a simple rule of thumb for taking on debt – only go into debt when absolutely necessary or for appreciating assets.
Examples of good reasons to take out a personal loan include paying for unexpected medical expenses or home renovations.
The trick to managing a loan is ensuring you can make the repayments. If you want a loan because you are struggling to pay off other debts, then debt consolidation or debt counselling is more suitable.
Loans through Justmoney
You can apply for a loan through a variety of traditional financial institutions, like banks and credit unions. But nowadays, non-banks are offering safe and simple loans at the click of a button. These institutions allow you to access your statements online, as well as make your payments electronically.
So where does Justmoney fit in? We act as a bridge between you and your ideal loan provider.
The success of your application depends on several factors, such as your: credit score, repayment history, and affordability. To get your application going, all we need are details like:
- your full name
- ID number
- cellphone number
- gross salary
- loan amount
- email address
Justmoney has partnered with trusted lenders to bring you the best deals for your loan requirements – whether you are interested in a personal loan, home loan, or vehicle finance.
Ask our experts
Featured Keep this in mind when taking out new financial products
Adding a product to your personal finance portfolio, such as insurance or an investment, is a big decision. We found out what you should keep in mind before taking out a new product, how you can assess the products you already have, and how you can generally improve your financial position.
Raise a deposit for your house in 5 steps
If you’re a first-time home buyer, you could be lucky enough to be approved for a 100% bond, but if you aren’t, a 10% deposit might be required. This could be a daunting prospect. However, a few financial tweaks to your lifestyle and spending habits could get you a foot in the property door and, once you’ve purchased a property, significantly reduce your long-term bond repayments.
Personal loan or business loan? The best way to finance your business
When starting your own business, you may have to rely on external funding. Perhaps you qualify for a personal loan, but would it be better to take out a business loan instead? We got in touch with a specialist to find out whether it’s best to take out a business loan or a personal loan to assist you with your ongoing business or start-up.
How to handle a tenant’s deposit
When you get a new tenant, you’re likely to put them through a thorough vetting process, and use the tenant’s deposit as insurance that your contract will be abided by. However, are you aware of the legal requirements regarding a deposit?