What is a balloon payment, and how do they work?
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2y ago
What is a balloon payment, and how do they work? When you take out a car loan or mortgage that has a balloon payment, it means you will have to make a large payment at the end of the loan term. For instance, let’s say you take out a car loan for R120 000 with a repayment period of five years. If you make smaller payments that only cover 80% of the loan, your balloon payment will be R24 000 ..read more
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Safe liquid investments to maximise your emergency fund
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2y ago
Safe liquid investments to maximise your emergency fund Wondering how to make the most of your emergency fund? Here’s what you need to know about earning interest on your money while still making sure it’s safe and easily accessible ..read more
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How to pay off a car loan faster in South Africa
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3y ago
How to pay off a car loan faster in South Africa Cash is king, but sometimes a car loan is the only way you can buy a new set of wheels. In that case, you may wish to pay off the debt quickly, so you’re not stuck with monthly payments for the next five or even seven years. Also, remember, car loans come with interest. Therefore ..read more
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How credit checks work in South Africa
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3y ago
How credit checks work in South Africa The best way to understand how credit checks work is to understand how credit reports and credit scores work first. To begin with, your credit report or credit file contains information about your financial behaviour, especially when it comes to borrowing and spending. For instance, it shows: The loans that are in your name and ..read more
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How to get a loan when you are blacklisted
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3y ago
How to get a loan when you are blacklisted So you want a loan, but you’re blacklisted? You may be having a big “Oops” moment, but don’t kick yourself too hard. You might still be able to get the loan you want. That’s because, despite what most people think, blacklisting does not mean lenders have cancelled you forever or your name is on a ..read more
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How can I increase my chances of getting a car loan?
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3y ago
How can I increase my chances of getting a car loan? Most South Africans can’t afford to buy a car out of pocket and may need a car loan to solve their transportation problems. If you’re one of the people who’s planning to apply for a car loan, you may be wondering how to increase the chances of approval. Don’t worry, and keep reading – we’ve ..read more
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How TikTok is revolutionising personal finance
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3y ago
How TikTok is revolutionising personal finance TikTok is one popular and engaging social media app that’s attracting users left, right, and centre. Although the platform’s large audience consists mainly of teenagers and young adults, there are also users from all walks of generations. That may be because TikTok isn’t just about viral dance videos anymore. Instead, there’s something for everyone to ..read more
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Should you join the FIRE movement?
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3y ago
Should you join the FIRE movement? Some things have nothing to do with age, for instance, maturity, success, and retirement. The last one is a bit contrary because the retirement age for South African men and women is down in the books as 60. But the FIRE movement is throwing tradition out the window and opening the door to early retirement ..read more
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Checking vs Savings account: How much cash should you keep?
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3y ago
Checking vs Savings account: How much cash should you keep? Your Checking and Savings accounts both serve your financial needs. But should you fatten each account equally? CompareLoans takes a look at the perfect ratio to maintain when it comes to your Checking and Savings balances. What’s the difference between Checking and Savings accounts? A checking account is where you keep cash to cover everyday ..read more
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7 personal finance mistakes young professionals make and how to avoid them
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3y ago
7 personal finance mistakes young professionals make and how to avoid them The world would be a perfect place if we all graduated with a personal finance degree the minute we reached adulthood. Instead, when it comes to money, we sometimes have to learn from experience, even though these life lessons can literally cost us thousands of rands.  Luckily, this is not always the case. Here are ..read more
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