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 Are you ready for a house upgrade?
You moved into your home knowing one day you would need to make some changes to turn it into your dream home - add a new bedroom, a second bathroom, build a double storey or even move out.
Should you take out a loan during a recession?
South Africa recently entered its second recession in two years, after the economy contracted 1.4% in the fourth quarter of 2019. When the country is facing turbulent times, personal finances also get affected, and sometimes debt becomes necessary to help purchase whatever you need. But should you be borrowing when the country is in a recession?
Marriage and Money: Notes for couples in customary marriage
Many people in customary marriages don’t know that their marriage is in community of property by default – meaning they have an equal share in their estate. This includes their debt and assets. That leads them to make many mistakes when it comes to their finances.
What impact does compound interest have on your savings and debt?
Interest plays a big role in your savings and debt. It determines how much you’ll receive for keeping your money in the bank and it also determines how much you’re going to pay your creditors. But what power does compound interest have on your finances?