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With every man & his dog trying to get in on the unsecured lending game, it pays to shop around a bit & borrow at the best rate. Here's a list I'm busy compiling of banks & other entities which offer personal loans (I'm sure I've missed some out, just let me know & I'll include them). Wonga & Sanlam have the highest ratio of customer compliments, and RCS the highest proportion of complaints. It's interesting that those in the personal loans industry have far few customer compliments than those in the motor insurance business.

I personally try my utmost to avoid getting in debt, and I often point out the folly of legislation preventing people from using using their retirement fund savings to pay off their mortgage bonds (leaving them in the situation of having mounds of debt and mounds of savings at the same time, with financial services companies charging large fees on both). Anybody thinking of borrowing should be aware that those lending you money want to make money out of you.

Personal Loan Requirements

Typical requirements for borrowing are:

• Need to be at least 18 years old (have your green bar-coded ID or passport ready)

• Need to be a South African citizen (your ID number will be required)

• Monthly income of at least R2500 (a payslip not older than 60 days is required)

• Have been employed for at least 6 months

• Clear credit references

• Proof of residence for FICA purposes (e.g. electricity or telephone bill)

• Have a bank account with 3 months bank statements (to be able to demonstrate that you have a minimum amount left after paying your bills, e.g. R750), into which your salary is deposited.

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