Budget Insurance Personal Loan Full Review
Find out more about one of the most popular and easiest personal loans in South Africa, by borrowing up to R150,000 with Budget Insurance.
One of the most well-known banks in South Africa, Budget Insurance is offering one of the best deals in the country when it comes to personal loans.
Borrowing up to R150.000 on an unsecured personal loan, Budget Insurance has created the most advantageous conditions on the market, especially with its longest repayment terms and benefits.
Got interested? Check out all the details you should know about a Budget Insurance personal loan, including its terms, fees, amounts, advantages, and much more.
Who is Budget Insurance?
Operating for over 25 years, Budget Insurance is a South African company that provides has wide a range of insurance products and personal loans.
The company was founded in 1998 and is headquartered in Cape Town, aiming to provide affordable insurance options to its customers without compromising on quality or service.
The company operates as a subsidiary of the Telesure Investment Holdings group, which is one of the leading providers of insurance in South Africa.
How Budget Insurance Personal Loan works?
Created to suit its clients’ major needs, Budget Insurance’s personal loans are very flexible, and its funds can be used for a wide range of purposes.
You can use your personal loan’s funds to pay off your debts, plan vacations or a wedding, or even take the next step in your education.
With a Budget Insurance Personal Loan, customers can borrow any values from R1,000, up to R150.000, while its interests can be as low as 15% APR.
When applying for your personal loan, you can choose a repayment term ranging from 12 to 60 months, which makes sure the loan suits your budget and avoid extra debts.
And the best of all: This is an unsecured personal loan, which means you don’t need to provide an asset to secure your loan installments.
Budget Insurance’s personal loans offer customers a range of benefits that go beyond their high amounts, long repayment terms, and fairly rates.
Among the major benefits, Budget Insurance clients can enjoy a fast application process with a decision being taken in seconds and your funds getting deposited within 24 hours.
Still, aiming more flexibility for their customers, Budget Insurance does not make their Protection Insurance mandatory, which can make your monthly installments lower.
Budget Insurance also come with several other benefits, such as
- Fastapplication process;
- Fixed monthly repayments;
- Free monthly statement;
- Fundding with 24 hours.
Are there any disadvantages?
While Budget Insurance’s personal loans offer many benefits, there are also some potential disadvantages that customers should be aware of.
One of the biggest drawbacks is that the interest rates on these loans can be relatively high, especially for customers with lower credit scores.
Additionally, there are fees associated with these loans, including a monthly service fee of R69, and an initiation fee.
It is also important to note that customers who delay their payments will be charged with late fees, having to pay an additional percentage of the overdue amount.
Customers who default on several payments can face more serious consequences, such as damage to their credit score and even legal action from the bank.
Overall, Budget Insurance’s personal loans are a useful financial tool, and its major disadvantages are related to overdue payments and are also shared with other major lenders.
How do I apply?
You can tap on the green button below and check out the step-by-step guide, including all the requirements, on how to apply for a Budget Insurance personal loan.