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Any loan you take out will cost you more than you borrowed. The extra amount you pay is the annualised interest rate on the money you have borrowed. This annual percentage rate (APR) varies from lender to lender, and will be provided to you by the lender of your choice. 247Loans is not a lender, and have no control over the APR set by the lender.
APR can vary due to the amount borrowed, your credit score, duration of the loan, or any extra fees (non-payment or late payment fees etc) incurred over the course of the loan. Only borrow what you can afford to pay back without incurring any penalties. A short-term loan is not meant as a long-term solution.
Credit amount of R10 000 borrowed for 24 months. Monthly service fee: R78,90. Annual Interest Rate: 27%. Total Amount payable: R17 021.66.
All of our lenders are accredited, established financial lending institutions. Each lender will have their own late & non-payment system, ranging from a roll-over of credit to renewing your loan. Before agreeing any loan, make sure you understand the late & non-payment policy, including if there are any extra fees or costs that come with renewing your loan agreement.
Late & non-payments can negatively affect your credit score, meaning you may struggle to acquire more credit in the future.
Before agreeing your loan term with the lender, make sure you understand the implications and costs of renewal. If you struggle to keep up with your repayments, it may result in you needing to pay more money over time. This extra interest might also include additional late and renewal fees. If you need more information, or do not fully understand your loan agreement, ask the lender in question to explain it more thoroughly to you.
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