A payday loan is a short-term loan which is used to meet an unexpected expense, the amount varies from R500 to R8,000 and repayment options are available from 1 - 6 months.
Payday loans are very fast and convenient and can also be easily accessed provided you are permanently employed and have the ability to repay the short-term loan.
Payday loans however should not be taken out on a recurring basis to service an existing debt or to pay for an expense before the end of the month, many people often get caught in a debt spiral because they take out payday loans frequently, this can cause a problem when they have to pay back the debt and still pay their monthly bills.
Money-Mouse always encourages that payday loans be taken out responsibly and for you to consider if it will not affect your finances drastically and for a long period of time.
A personal loan is a long-term loan which is generally used for something big such as home renovations, education or even purchasing a vehicle. The amount varies form R8,000 to R150,000 and repayment options are available up to 72 Months.
Because personal loans are taken over a long period of time it requires much thought and planning on exactly how the money would be used.
Drawing a loan budget is a good idea before you spend a single cent of the money borrowed, what is more important is that you stick to the budget, so you will not have any long-term regrets.
Once again Money-Mouse always encourages that personal loans be taken out responsibly, thoughtfully and for the right reasons.
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