Navigating loans can be notoriously difficult, especially with the amount of lenders and loan comparison providers available online in South Africa. It can feel like navigating a minefield if you’re not equipped with the right information. Or equally dangerous if you’re not the kind of borrower with a shiny credit record that can get the best-advertised rates.
What do you need to look out for when using Loan Comparison Providers?
You need to look out for fees and costs that you’re not aware of, or that aren’t stipulated clearly by the lender or the aggregator providing the loan comparison facility. At Fincheck, as loan comparison provider, we’re proud to say that we don’t charge for the loan comparisons. It’s a free service. You just need to be aware of the costs you’ll be charged by the lender.
Generally, there are 3 charges that a lender will make once you continue with the application process:
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Initiation fee
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Service fee
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Interest rate
It's important to note that any fees above this can point in the direction of costs involved in using the loan comparison provider.
The actual amount of money that each of these will cost you depends greatly on the individual lender you decide to deal with. Your first step when selecting a lender is to read through and agree with the terms and conditions laid out by the lender. Fincheck, as a loan comparison provider, helps you to save time by presenting you with the most suitable options after you’ve entered your details. Once you select an option after comparing loans with loan comparison providers, you’re passed on to the lender and you’re in their hands from then onwards. You can rest upon the fact that Fincheck only partners with reputable lenders and they are all registered credit providers in South Africa.
So, will all these loan comparison providers bankrupt you? Well, we know there are many trusted loan comparison providers out there, but keep in mind, the sharks are also out there seeking your information for dishonest purposes. You’re welcome to deal with Fincheck as your trusted loan comparison provider and you can read here for other FAQ’s!
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