UBank Advice - 5 Steps BEFORE you sign for a Personal Loan

Dec 14, 2016
Author: Ean Barnard

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.

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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.

Before you SIGN a personal loan contract, make sure it states the following information clearly as proposed by UBank:

1 - The loan amount.

Quite obvious you’d say – BUT, make sure you don’t make a typo when entering your loan amount.

2 - The interest rate.

Your interest rate will determine your monthly payment amount. Thanks to the NCR, a maximum rate is set in place that lenders can charge you. Make sure your interest rate falls within this category. If not, the lender you are looking at is not to be trusted and is probably not registered.

3 - The number of instalments.

Your repayment schedule is of utmost importance. Make sure that you are fully aware of every detail to ensure that you can make prompt payments every month. Not defaulting on your instalments is key to keeping a clean slate.

4 - The amount payable per month.

This is determined by your interest rate. Drawing up a budget will help to know how much you will need to set aside of your paycheck for your monthly instalments.

5 - The timeframe the Personal Loan must be paid back in.

This is the time in which you are able to settle the loan amount as agreed upon by you and the lender. This will also draw upon effective budgeting skills as to not default on your payments.

Although simple, take care and double-check the status of every detail that is mentioned above. Always remember to read the fine print before signing on that dotted line!

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