The South African Reserve Bank reported in June that consumers’ finances were under pressure from a prolonged period of weak economic activity, rising unemployment, an increased tax burden and successive fuel price increases.
As consumers battle to repay debt, many are filling in an online loan application for personal loans or a consolidation loan into which they can pool all their debt to ease the burden of high interest rates and having multiple creditors.
Is this good consumer behaviour? Yes, a personal or consolidation loan can be a viable option in a variety of circumstances.
Here are six ways a loan can help you: