Short term loans are often made out to be the solution to your cash flow problems. While they may help boost your short term cash flow, are they the best decision over the long term?
Before you consider a short term loan, there are some factors that you need to consider.
Short term loans are considered very high risk. They are normally unsecured and ask for no collateral, making it risky from the lenders point of view. Because of this, lenders often charge high interest to compensate for the risk. While these rates are limited by the National Credit Regulator, the interest rate is still high and can make the repayments very expensive.
The maximum interest rate for a personal loan as set out by the NCR in 2007 is the Repo Rate + 21% per annum. The current repo rate is 3.5% making the maximum interest rate 24.5%. This is almost a quarter of your loan amount per year in interest.
While we often aim to pay the debt off fast, it is often not possible.
When we take out a short-term loan, we have run out of money or have unforeseen expenses. When we have run out of money, taking out a loan can solve our immediate deficit, but it leads to more costs later on.
A better option would be to manage your finances better and avoid taking out debt.
Because of the high interest and fees charged by short term loans, it can restrict your monthly budget. Having to pay a large sum of money every month towards your debt gives you less money for other essentials.
If you find yourself in a position where you are paying high interest and fees, and are restricted by your repayments, it may be time to look for help. Our Bond Optimiser team is ready to help you reduce your monthly repayments by refinancing your debt into your home mortgage. This can lead to lower interest, less fees and more savings on your monthly repayments. Our team can also work with you to help you become debt free.
Our clients also go through a 12-month foundation financial literacy course Edvance, aimed to help you manage your personal finances better in the future.
It is Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd’s policy to respect your privacy regarding any information we may collect while operating our website. This Privacy Policy applies to www.bondoptimiser.co.za (hereinafter, “us”, “we”, or “www.bondoptimiser.co.za”). We respect your privacy and are committed to protecting personally identifiable information you may provide us through the Website and any of our Social Media Platforms. We have adopted this privacy policy (“Privacy Policy”) to explain what information may be collected on our Website and any of our Social Media Platforms, how we use this information, and under what circumstances we may disclose the information to third parties. This Privacy Policy applies only to information we collect through the Website and any of our Social Media Platforms and does not apply to our collection of information from other sources.
This Privacy Policy, together with the Terms and conditions posted on our Website, set forth the general rules and policies governing your use of our Website and any of our Social Media Platforms. Depending on your activities when visiting our Website and any of our Social Media Platforms, you may be required to agree to additional terms and conditions.
Website Visitors
Like most website operators, Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd collects non-personally-identifying information of the sort that web browsers and servers typically make available, such as the browser type, language preference, referring site, and the date and time of each visitor request. Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd’s purpose in collecting non-personally identifying information is to better understand how Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd’s visitors use its website. From time to time, Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd may release non-personally-identifying information in the aggregate, e.g., by publishing a report on trends in the usage of its website.
Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd also collects potentially personally-identifying information like Internet Protocol (IP) addresses for logged in users and for users leaving comments on https://bondoptimiser.co.za blog posts. Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd only discloses logged in user and commenter IP addresses under the same circumstances that it uses and discloses personally-identifying information as described below.
Social Media & Advertising
When you choose to share your personal information with Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd’s official social media accounts by submitting your information such as your name, your email address and your contact number to a social media form, you are giving Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd consent to contact you about Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd’s service and product offerings.
WhatsApp & Advertising
When you choose to share your personal information with Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd’s official social media accounts by submitting your information such as your name, your email address and your contact number to a social media form, you are giving Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd consent to contact you about Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd’s service and product offerings.
Gathering of Personally-Identifying Information
Certain visitors to Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd’s websites choose to interact with Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd in ways that require Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd to gather personally-identifying information. The amount and type of information that Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd gathers depends on the nature of the interaction. For example, we ask visitors who sign up for a blog at https://bondoptimiser.co.za to provide a username and email address.
Security
The security of your Personal Information is important to us, but remember that no method of transmission over the Internet, or method of electronic storage is 100% secure. While we strive to use commercially acceptable means to protect your Personal Information, we cannot guarantee its absolute security.
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Ads appearing on our website may be delivered to users by advertising partners, who may set cookies. These cookies allow the ad server to recognize your computer each time they send you an online advertisement to compile information about you or others who use your computer. This information allows ad networks to, among other things, deliver targeted advertisements that they believe will be of most interest to you. This Privacy Policy covers the use of cookies by Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd and does not cover the use of cookies by any advertisers.
Links To External Sites
Our Service may contain links to external sites that are not operated by us. If you click on a third party link, you will be directed to that third party’s site. We strongly advise you to review the Privacy Policy and terms and conditions of every site you visit.
We have no control over, and assume no responsibility for the content, privacy policies or practices of any third party sites, products or services.
Aggregated Statistics
Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd may collect statistics about the behavior of visitors to its website. Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd may display this information publicly or provide it to others. However, Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd does not disclose your personally-identifying information.
Affiliate Disclosure
This site uses affiliate links and does earn a commission from certain links. This does not affect your purchases or the price you may pay.
Cookies
To enrich and perfect your online experience, Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd uses “Cookies”, similar technologies and services provided by others to display personalized content, appropriate advertising and store your preferences on your computer.
A cookie is a string of information that a website stores on a visitor’s computer, and that the visitor’s browser provides to the website each time the visitor returns. Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd uses cookies to help Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd identify and track visitors, their usage of https://bondoptimiser.co.za, and their website access preferences. Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd visitors who do not wish to have cookies placed on their computers should set their browsers to refuse cookies before using Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd’s websites, with the drawback that certain features of Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd’s websites may not function properly without the aid of cookies.
By continuing to navigate our website without changing your cookie settings, you hereby acknowledge and agree to Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd’s use of cookies.
Privacy Policy Changes
Although most changes are likely to be minor, Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd may change its Privacy Policy from time to time, and in Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd’s sole discretion. Bond Optimiser (PTY) LTD & Africa Direct Edubond (Pty) Ltd encourages visitors to frequently check this page for any changes to its Privacy Policy. Your continued use of this site after any change in this Privacy Policy will constitute your acceptance of such change.
