The Covid 19 personal loans and grants available online are for people who have been hit financially by the pandemic. There are also Covid-19 loans for self employed in South Africa. These loans will help you if you need to borrow money because of the Covid 19 crisis in SA.
When you apply for a loan you need to keep a few things in mind. Obviously the fact that you need to pay the money back. But also what is your affordability when it comes to paying back the money you borrow. Especially if your personal finance is tighter because of Covid 19.
Your Covid 19 Personal Loans Affordability
Take a good look at the interest rates offered on the Covid loans and grants to calculate your repayments. The points you need to consider are:
- Loan amount. How much you want to borrow.
- Repayment Terms. Over how long you want to repay the loan.
- Interest Rates. The bigger loans and grants over longer terms have the higher interest rates.
- Any service fees. Some lenders charge a monthly service fee.
- Your credit record. You’re not likely to get a covid 19 personal loan if blacklisted.
- Your documents. ID, proof of address and bank statements with proof of income are the requirements.
- Online applications. You can apply for Covid 19 personal loans and grants online in South Africa
Covid 19 Personal Loans in South Africa
To get a Covid 19 loan for personal reasons in South Africa you have to meet certain criteria. You cannot be blacklisted with a bad credit record. It won’t help if you are under debt administration, sequestration or debt review.
More about that here: Under Administration? More Loans are a Bad Idea
You also have to make sure you haven’t been declared mentally unfit in any way.
As with most loans available online… You can get the Covid 19 personal loans applications in English, Afrikaans, IsiZulu, Sesotho or IsiXhosa languages.
A Micro Loan Maybe All You Need
If the Covid 19 loans don’t suit you then a micro loan maybe all you need to get out of debt. Micro loans provide finance to millions of people in South Africa. Who perhaps have had no access to credit from the banking sector because of their lack of security or creditworthiness.
Getting a micro loan from a micro-lender should only be followed once a person knows the importance of planning debt wisely. And how to draw up a budget.
Unfortunately millions of borrowers make even more debt in the form of micro loans. Some people who are already in debt because of Coronavirus will go to different micro-lenders. And apply loans which they know they cannot repay. They do not plan, they just live from day to day.
This type of finance can help you temporarily. But it’s not for the purposes of long-term investing. Without the correct guidance and education you can slide even further into debt until you are trapped. And not able to escape the debt jail.
Some pensioners are currently paying so much interest on micro-loans that they will never be able to get out of debt. They are stuck in debt.
Do not make the same mistake, plan your finances and micro-loan and get or stay out of debt and continuous financial worries. Do not fall into the interest trap just because you did not plan properly during the Covid 19 pandemic.
Warning: Micro-lenders charge very high interest rates because they lend money without demanding any security. Which means their risks are very high.
Tread carefully, follow the advice and you should have no problems with getting a micro loan. And hopefully it is all you need to get out of debt after Coronavirus in South Africa.
Covid 19 Social Relief Grants
The online Covid 19 social releif of distress grants that were running by the Government are now closed. The grants offer an amount of R350 per month for unemployed people. Covid 19 grant payments are only made from the months May until October in South Africa.
If you were late in applying for grant funding then you will know there is no backpay.
More information on these types of Covid 19 grants is available Here.
The Covid 19 pandemic has had major financial implications for personal and business reasons. So many people are now in debt and financial trouble because of the circumstances in our country.
If you need to borrow money for personal reasons. Or if you are in financial trouble because of the pandemic. Consider applying for Covid 19 personal loans to help you get out of a tight situation.
Hopefully the year 2021 will be a better one for all of us. We all need some extra money this year after the financial disaster of 2020.