3 . WHAT IS THE TOTAL COST OF BORROWING OVER THE LOAN TERM ? 4 . WHAT ARE THE REPAYMENT TERMS AND SCHEDULE ? 5 . ARE THERE PREPAYMENT PENALTIES FOR PAYING THE LOAN OFF EARLY ? 6 . WHAT HAPPENS IF A PAYMENT IS MISSED ? ARE THERE LATE-PAYMENT FEES OR PENALTIES ? 7 . WHAT DOCUMENTS AND INFORMATION ARE NEEDED TO APPLY ? 8 . HOW LONG WILL THE APPROVAL PROCESS TAKE , AND WHEN WILL THE FUNDS BE RECEIVED ? 9 . ARE THERE ANY SPECIAL DISCOUNTS OR BENEFITS FOR SETTING UP AUTOMATIC PAYMENTS ? 10 . WHAT HAPPENS IN THE EVENT OF FINANCIAL DIFFICULTIES DURING THE REPAYMENT TERM ? WHEN TAKING OUT A LOAN , CONSIDER ADDING CREDIT LIFE COVER . THIS OFFERS PEACE OF MIND IF YOU ’ RE RETRENCHED OR DISABLED , OR EXPERIENCE A LIFE EVENT THAT AFFECTS YOUR EARNING ABILITY .
• READ A JUSTMONEY ARTICLE EXPLAINING CREDIT LIFE COVER AND HOW TO CLAIM . “ IT ’ S ESSENTIAL TO COMMUNICATE WITH A LENDER IF YOU HAVE DIFFICULTY REPAYING THE LOAN ,” CONCLUDES NICHOLSON . “ OPTIONS SUCH AS LOAN RESTRUCTURING PREVENT YOU FROM DEFAULTING , WHICH HAS SERIOUS CONSEQUENCES FOR YOUR CREDIT SCORE .” JUSTMONEY . CO . ZA IS A TRUSTED VOICE WITHIN THE PERSONAL FINANCE SECTOR . THE JUSTMONEY PLATFORM OFFERS ARTICLES , MONEY MANAGEMENT TOOLS , AND A WIDE RANGE OF FINANCIAL PRODUCTS AND SERVICES . MORE THAN 450,000 SOUTH AFRICANS SUBSCRIBE TO THE FREE CREDIT SCORE PLATFORM TO STAY INFORMED AND BECOME FINANCIALLY SAVVY . SUBSCRIBE HERE