Personal Loans for Emergencies

Life is anything, but predictable! So many emergencies and surprises can come up at any time and rock your financial boat. If you don’t have quick access to finances, in the form of insurance or savings to cover the costs of these emergencies, you might consider getting a personal loan. Not all emergencies should be handled with credit. But how do you decide when you’re in a panic? We take you through a few of the emergencies that warrant a personal loan.

Medical Emergencies

Medical aid is expensive and many South Africans still can't afford it. Should you or your children fall ill and require an urgent surgical procedure, this will cost money. If you have no hospital plan, insurance or medical cover, footing the bill for a medical expense, especially on very little income, can be near impossible. Because you want the best for yourself and your family, a personal loan can be a quick way to access money to pay for those medical expenses. With a quick and simple way to apply online, you can get a personal loan of up to R250 000 to cover any medical expense that might come your way.

Pay off your debt

While many people will consider a consolidation loan to pay off smaller debts, a personal loan can also be used to consolidate existing smaller debts. If you're considering making a positive change to your finances, and really need to free up your monthly budget a little more, a Personal Loan can help you to combine your debt into a single, easy-to-pay loan that will often come with a lower interest rate and more favourable payment terms to suit your budget.

Make large purchases

Not many people have money available for big purchases, unless you have been saving for it. And in the case of a household disaster – your fridge or stove giving up on you – you might need to either get a loan or a credit account at an appliances store to replace it if repairs are out of the question. In this category, you would need to decide which household appliances are considered emergencies and needs, and which ones are wants. For example, a fridge or a stove would be more of a need and would warrant immediate replacement compared to a new entertainment sound system, which is a want that you can save to purchase at a later time.

Another example of a large purchase is a car. If you aren't getting good vehicle loan rates, a personal loan might be a great option to enable you to buy the car with cash instead.

Home renovations

A home makeover is something that is rarely planned and saved for. However, if you find yourself with a burst geyser, or leaking pipes that have ruined your wooden flooring, you may need to consider an extensive renovation rather than a quick fix. A personal loan offers a convenient and quick way to access money to immediately cover the cost of the renovations.

While the reasons for taking out a loan may vary, it's important to be able to pay the money back comfortably each month. You need to assess the level of the emergency and weigh the pros and cons of a personal loan for any given emergency. This will help you to make informed decisions and use credit responsibly.

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