How Do Shoprite Loans Work?

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    If you are looking for a Shoprite loan, you can apply for an Mfin Cash Loan of up to R7500 today. Get to an MFin in-store kiosk at Shoprite/Checkers branch near you! It’s easy. All you need is a valid South African Bar Coded ID Book. You will immediately receive a call to from a financial consultant to process your loan.

    Plus, with Mfin Cash Loans at Checkers and Shoprite you need to be permanently employed and have a monthly salary paid into a bank account in your bank in your name. Make sure you have your employee number and employer telephone number ready.

    Once approved, your money will be deposited directly into your bank account.

    The benefits of short term loans include:

    • Less Interest – More and more interest is added to your balance the longer you owe money to the lender. With a shorter term, you will be paying everything back quicker. Thus, there is less time for interest to accrue. Even if the interest rate is actually higher than with a long-term loan, you can save money in the long run.
    • Lower Interest – Not all short-term loans have lower interest rates. For example, a lender may charge a higher rate in the absence of a secured asset. However, many mortgages with shorter terms often come with lower interest rates. This means that you will be saving money in two ways: both the rate at which interest is applied and the time it has to accrue.
    • Predictable – It can be difficult to estimate where your finances will be in the distant future. Nobody knows for certain how the economy will be in 20 or 30 years. With a long-term loan, you will still be responsible for payments far into the future, regardless of what your financial situation is. It is much easier to predict and budget for a short-term loan.
    • Lower stress – Owing money for a long period of time and watching interest accrue takes an emotional and psychological toll. With a short-term loan, you will have paid off your debt much quicker and be free of that burden.

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