Loans often get negative press, yet we know and so do you that a loan can be a support to achieving something important to you or your family and every loan taken has its own story to tell. Most of us think of personal loans only when we’re in a cash crunch. It’s part of the conditioning we receive that debt is always bad, so we start thinking of a loan only when we’re running short of options.

But if you have a regular income and you don’t take on more debt than you can repay, a loan can help you, rather than be a burden. The real loan stories that Nedbank clients have shared with us show the many ways in which you can use a personal loan to make a real difference in your life.

Creating extra income opportunities

Take the case of Shirley, a 30-year-old hairstylist from Tembisa. When her mother passed away, she found herself looking after her younger sister, who was still at school, with a foster grant as her sole income. When Shirley got her first job, she took out a personal loan to build extra rooms onto the family house, which she now rents out.

This income not only paid for her younger sister’s schooling but has also made it possible for her to study at tertiary level. ‘My personal loan gave me the power to step up when I needed to and gave my sister and me a new start to a better life,’ Shirley says.

Consolidating many loans into 1

If you have a few loans at different lenders, you could consider taking out a personal loan to consolidate them which would mean paying only 1 monthly repayment, to 1 lender. That’s what Thokozani did. He shares his loan story with Nedbank on how this helped him to take care of his many expenses with 1 set of bank charges.

Unlike before where he felt he was drowning in debt, Thokozani now finds he pays less than before and managed to get extra cash to do things he needed to fit his home, too.  ‘I managed to pay off my debt and with the extra cash also managed to fix up our home. My loan gave me something important to me and umdeni wami.” he told us.

Education never ends

Education opens doors, especially at a tertiary level. That’s why many people use a personal loan when their finances are all that are stopping them from seizing an opportunity. This was the case for Justin and Thomas, just 2 clients who used the Money app to apply for loans that enabled them to complete their studies.

Governor, a second-year corporate and investment banking graduate, set his sights on a summer course at the prestigious London School of Economics. A personal loan from Nedbank let him achieve that dream, which helped him build a solid career foundation. He’s thrilled: ‘I can now look forward to a brighter future.’

Getting help when you need it most

Covid-19 has shown us that we can’t plan for everything. Sudden unexpected expenses can crop up, and if your savings can’t cover them, a personal loan could be the solution.

The loan meant she could afford the life-saving treatment her daughter needed

A sick child is every parent’s nightmare. When Lucia couldn’t afford the medical care her child required urgently, or even the transport expenses to and from the hospital, a personal loan from Nedbank helped her. The loan meant she could afford the life-saving treatment her daughter needed, and accommodation closer to the hospital while her child recovered.

Samantha’s first personal loan from Nedbank was to help her daughter, who couldn’t get a loan as a temporary worker, to buy a car. Her mom’s loan solved her transport problem, as she worked far from home. She no longer had to depend on public transport, so both mother and daughter have more peace of mind. Samantha’s second personal loan ensured that her daughter could have a dream wedding – she’s a shining example of how loans, managed responsibly, can improve lives.