UBank is a well-established financial services provider that has grown over the year. It has managed to embed itself primarily within the gold and platinum mining communities.
The mandate and plan to service the broader working market in South Africa has become crucial in order to extend affordable financial services to South Africa. Ubank has a strong presence and customer accessibility, mainly in selected mining and rural communities in South Africa.
We regularly scour through loan providers and are excited when they offer great advice for taking out a loan! Take a look at the following 4 simple guidelines from UBank before applying for a loan:
1 - Only borrow money if you are sure you can afford to make your repayments.
This speaks for itself. It will never be a wise move to apply for a loan if you know you won’t be able to make the repayments, or even most likely won’t qualify for. This will negatively impact your credit score and it will reflect on your credit history – not beneficial for your future financial endeavours.
2 - Only take a Personal Loan from a bank that you know is a registered microlender.
Always remember that registered lenders have rules in place that is there to protect you from fraudulent activity. Look for NCR registration and you will be in trustworthy hands!
3 - Draw up a budget.
Remember to draw up a budget to see if you have a surplus or deficit amount left after paying all your expenses. Make use of the UBank loan calculator to determine what it will cost you to take out a loan.
4 - Do NOT sign a blank document given to you.
Simply put, never sign on any dotted line if you are not sure what the consequences are. We hope this helps you to further understand what applying for a loan entails!
fincheck
