Finding the right Financial Service Provider

Finding the right Financial Service Provider, broker or Debt counsellor can be a difficult task.  There are numerous websites that all seem to offer sensible interest rates, top service and products to suit every consumer’s circumstance. So how do I choose?

 

That is a difficult question to answer. 

 

With abundant Service Provider each offering many different products, finding the right one for you can tack time.  Here is some key point to consider before you start your search.

 

Your credit record:  Many companies’ only deals with clients that have built a healthy credit profile; Clients that pay all their commitments on time, every month.   You may want to know the status of your credit profile.  Knowing your credit score will certainly be valuable to you in your search for the right Financial Service Provider.

 

Secured loan or unsecured loan?  If you need to borrow a small amount generally no security is needed.  Unsecured loans are personal loans or micro loans up to R50 000 depending on your affordability and your credit record.  Above R50 000 is commonly considered as secured loans; secured by a property or a surety.

 

What is the purpose of the loan?  In general all Service Provider do not offer the same products, and all financial products available such as vehicle finance, asset finance, business finance, bridging finance, home loans, invoice discounting or factoring, even rent to own car finance for Blacklisted clients, just to name a few, demands different criteria.   Knowing the purpose of the loan will narrow down your search tremendously.