Don’t have your Nedbank ID yet?
Nedbank ID single sign-on gives you full digital access to Nedbank’s banking and lifestyle products and services on the Money app or Online Banking.
Log in
Log in to Online Banking or another one of our secured services.
Get in touch
Find us
- Login & Register
- Online Banking
- Online Share Trading
- NetBank Business
- NedFleet
- Nedbank Greenbacks
- Nedgroup Investments
- Nedbank ID
- Bank
- Accounts
- Credit cards
- Digital banking
- Switch to Nedbank
- Fraud awareness
- Forex
- Rewards
- Explore Bank
- Accounts
- Everyday banking
- Youth banking
- Accounts
- Digital wallet
- Private Wealth
- Goal saving
- See all accounts
- Get help choosing
- Family Banking
- Refugees and asylum seekers
- FAQ
- How-to guides
- Everyday banking
- MiGoals Premium
- MiGoals Plus
- MiGoals
- Discontinued accounts
- Youth banking
- Nedbank4Me
- Digital wallet
- MobiMoney
- Private Wealth
- Private Wealth Bundle
- Goal saving
- MyPocket
- American Express
- Amex Gold
- Amex Platinum
- Digital banking
- Switch to Nedbank
- Fraud awareness
- Forex
- Send and receive
- Rewards
- Save & Invest
- Accounts
- Investment services
- Share trading
- Explore Save & Invest
- On demand
- Club
- Money Market
- Stokvel
- In 24 hours
- JustInvest
- PlatinumInvest
- Tax-free Savings
- MoneyTrader
- EasyAccess Fixed Deposit
- PrimeSelect
- In 32 days
- Electronic 32Day Notice
- 32Day Notice
- End of term
- Tax-free Fixed Deposit
- Electronic Fixed Deposit
- Electronic Optimum Plus
- Platinum Fixed Deposit
- Fixed Deposit
- OptimumPlus
- Investment services
- Share trading
- Borrow
- Personal loans
- Home loans
- Student loans
- Overdrafts
- Vehicle finance
- Solar finance
- Explore Borrow
- Personal loans
- Consolidation loan
- Secondhand car loan
- Home improvement loan
- Exclusive short-term loan offers
- Explore loans
- FAQ
- How to guides
- Consolidation loan
- Secondhand car loan
- Home improvement loan
- Exclusive short-term loan offers
- Home loans
- Building loan
- Switching home loan
- Repossessed properties
- Start your home buying journey
- Solar-energy Finance
- Earn R29,600 p/m or less? See offer
- HomeVision extra funds
- Home-buying Toolkit
- Managing your home loan
- Explore home loans
- FAQ
- How to guides
- Track application
- Building loan
- Switching home loan
- Repossessed properties
- Start your home buying journey
- Solar-energy Finance
- Earn R29,600 p/m or less? See offer
- HomeVision extra funds
- Home-buying Toolkit
- Managing your home loan
- Student loans
- Explore student loans
- Overdrafts
- Vehicle finance
- Solar finance
- Insure
- Life cover
- Funeral cover
- Short term insurance
- Credit Life
- Travel insurance
- Is your business covered?
- Secure Investments
- Explore Insure
- Life cover
- Get a call back
- Explore MyCover life
- Funeral cover
- Individual R10,000
- Individual R30,000
- Family Cover
- Build your own cover
- Get a call back
- Explore MyCover Funeral
- Individual R10,000
- Individual R30,000
- Family Cover
- Build your own cover
- Short term insurance
- Vehicle insurance
- Building insurance
- House contents insurance
- Valuables insurance
- Get a call back
- Explore MyCover short term insurance
- Vehicle insurance
- Building insurance
- House contents insurance
- Valuables insurance
- Credit Life
- Home loan credit life
- MFC Vehicle Finance Assurance
- Overdraft Assurance
- Balance Protection Plan
- Personal loan Assurance
- Get a call back
- Explore credit life
- Home loan credit life
- MFC Vehicle Finance Assurance
- Overdraft Assurance
- Balance Protection Plan
- Personal loan Assurance
- Travel insurance
- Is your business covered?
- Secure Investments
- Guaranteed Growth Plan
- Guaranteed Income Plan
- Get a call back
- Explore MyCover Funeral
- Guaranteed Growth Plan
- Guaranteed Income Plan
- Plan
- Financial planning
- Estate, wills & trust services
- Nedbank Private Wealth
- Speak to a financial adviser
- Explore Plan
- Financial planning
- Investment planning
- Insurance planning
- Give
- Retirement planning
- Investment planning
- Insurance planning
- Give
- Retirement planning
- Estate, wills & trust services
- Will drafting
- Ensure your estate is managed by an executor | Nedbank
- Trust services
- Financial accounting
- Tax services
- Leave the admin of your estate to us, and not to your loved ones | Nedbank
- Will drafting
- Ensure your estate is managed by an executor | Nedbank
- Trust services
- Financial accounting
- Tax services
- Leave the admin of your estate to us, and not to your loved ones | Nedbank
- Nedbank Private Wealth
- Speak to a financial adviser
- Learn
- Blog
- Explore Learn
- Blog
- Contact us
- Talk to us
- Find us
- Explore Contact us
- Talk to us
- Find us
If you must borrow, what’s the right loan for you?
Under normal circumstances, you would turn to a credit provider to finance an asset like a home or a car. But what should you do when circumstances are not normal?
As 2020 has proved, sudden emergencies can leave many people simply trying to survive financially, until they can rely on a regular income again.
The Banking Association of South Africa (Basa) received applications from more than 1,2 million individuals for relief by the end April 2020 alone.
In the months since, many more have felt the financial pinch. You are certainly not alone, if you’re seeking temporary financial help.
But what options are available for cash-strapped South Africans?
Overdraft
An overdraft facility is yet another product that can help you manage your monthly cash flow through unexpected shortfalls.
Based on your proven income, an overdraft facility allows you to spend more than is currently in your account. The bank allows this, providing income is paid into the account monthly that covers the overdraft and any interest you’ve accrued.
Depending on your credit record, the bank will set an overdraft limit appropriate to your income
Personal loan
Personal loans offer quick access to funds and flexible repayment periods. This makes them a good choice for an urgent cash injection you can repay over time – provided the dip in your income is only temporary.
Most banks also offer credit protection insurance on personal loans. These policies cover loans in the event of your death, disability, or not being able to earn an income.
Should any of those misfortunes befall you, you should be able to claim against this policy to cover up to 12 months of your repayments. Read more about why it pays to get personal loan insurance.
Consolidated loan
Consider consolidating all your loans into 1. With a structured repayment plan at a fixed interest rate, you then make a single repayment every month.
While you may pay back more in the long term, this usually reduces the amount you spend each month.
Consolidating your debt can unlock useful savings
You can work out how much a debt consolidation loan could cost you each month, and in total, with this loan consolidation calculator.
Another benefit is that you’re only dealing with a single credit provider. Juggling repayments to multiple providers adds to financial stress, increases the chance of poor decision-making, and costs more in multiple fees.
Consolidating your debt can unlock useful savings. Especially when financial service providers are offering lower interest rates. But a debt consolidation loan also gives you the option of taking out additional funds for personal use.
So long as the amount you apply for, combined with the multiple loans you’re consolidating, is within the maximum loan range and within your affordability, a debt consolidation loan can give you cash boost at the same time.
Whatever borrowing decision you make, be sure to carefully weigh the pros and cons.
