A broker doesn’t actually lend you money, but shops around to find a loan company known as a ‘lender’ that is willing to lend to you.
When it comes to borrowing money, a lender, subject to successful completion of an affordability assessment, will issue the loan to you directly. Whereas a broker will search for a lender from the whole market or restricted panel in order to find you possible loan options that suit you and your circumstances.
Brokers may work well for people who want to try to pin down the ideal loan for them but don’t want the hassle of finding it themselves. The broker acts like a middle man, reviewing your requirements and considering different lenders to find the most suitable loan for you.
Brokers may charge a fee to do the work of finding you a loan whereas others won’t. They will instead receive a commission paid to them by the lender.
Whether you apply through a broker or directly to a lender will depend on your own preference. If you’re short on time but keen to find a range of possible loans, a broker can do the work on your behalf and search around for the right loan for you.
If you’re able to take the time to compare different loans yourself, you might prefer to apply for a loan directly from a lender. Speaking to them directly can make it easier if you need to communicate any changes or ask questions. It might also save you from paying additional broker fees.
Regardless of if you use a broker or borrow directly from a lender, always ensure you agree to a loan that you can afford to repay throughout the loan term and one which will not place you into financial difficulties and/or prevent you from meeting your other commitments. Don’t forget to ensure you ask about fees and charges that either the broker or the lender may apply to the loan.
We are not a Lender or Provider and therefore We will not provide finance directly to You; We provide an online loan directory service, We will introduce You to Lenders or Providers of financial services by submitting your online application to the financial service provider of your choice. We will present Your application to one or more of Our Lenders or Providers based on their lending criteria until such time as one of Our Lenders or Providers accept Your application or all Lenders and Providers decline Your application. There is no obligation for You to take up the loan or service with them. You should read the conditions carefully and make a responsible decision on whether You believe their service is right for You. The Lender/Finance Provider will conduct an assessment on You before any decision or offer is made, this may include a full assessment of Your credit history both past and present.
I authorize Capital Loans to debit my account with the once-off registration amount of R250 to make use of their loan directory service and source a loan for me, as well as an R98pm subscription fee thereafter to gain access to all other free benefits offered by the Credfin group. This fee is payable whether the loan is approved, declined, or not accepted by me. Clients have the option to cancel the monthly subscription at any time giving 30-day notice.
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