Personal Loan Myths That Might Mislead You
When money is tight, many people turn to personal loans in South Africa as a way to cover unexpected costs or manage debt. But it’s easy to get caught up in myths that can cloud your judgment because there’s just so much misinformation out there. Some of these misconceptions may even stop you from making sound financial decisions. So before you rule out or rush into a personal loan, it’s worth separating fact from fiction so you can make informed choices that suit your situation. Myths about personal loans in South Africa What’s actually true Personal loans damage your credit score A temporary dip may happen during the credit check, but on-time payments actually improve your score over time. Your family will inherit your debt Debt isn’t passed down. The borrower’s estate is responsible—unless a family member co-signed or stood surety. Personal loans always come with high interest rates Interest rates vary. With a good credit score, you can qualify for affordable, fix...