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Essential tips for financial fitness before taking a loan
Cape Times
|April 04, 2025
MANY people start off the year promising that they will get gym fit... And for many, this resolution has already been forgotten along with the expensive trainers hiding at the back of the shoe cupboard. But, getting - and staying - financially fit throughout the year is a resolution we should all stick to.
Financial fitness is partly about budgeting and saving, and partly about understanding and managing debt.
This is especially important when you may be considering borrowing money for unexpected expenses like big medical bills.
When it comes to personal loans, revolving credit, and other types of debt, financial fitness starts with understanding the terms and conditions.
If the lender does not provide terms and conditions before you commit, it could mean that they are not a registered credit provider and that the lender may not be in line with legal requirements. This, in turn, could leave you open to interest rates and payment terms that are difficult to meet.
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