Personal loans

What you need to know about personal loans

Many people use personal loans to give them the help they need to achieve their goals and dreams or to simply give them a helping hand when they need it most. However, if you have never had a personal loan before and thinking about applying for one, then Iemas Financial Services, South Africa’s largest financial co-operative, has a few facts about personal loans that you need to know before you apply:

There are two types of personal loans: Unsecured personal loans and secured personal loans. With both types of loans, the credit provider lending you the money decides if you qualify for the loan based on your affordability and financial history. In addition, a secured personal loan, is backed by assets, which means that if you fail to pay back your personal loan, the credit provider lending you the money, has the right to claim from your assets as payment for your loan

Where you can get a personal loan: Remember that if your employer has a contractual agreement with Iemas, you have access to our wide range of affordable financial products which includes unsecured loans. In an effort to ensure that our product offering remains competitive, Iemas has increased our unsecured personal loans maximum amount from R 80 000 to R 200 000 as well as our repayment period from 60 months to 72 months.

Benefits of having a personal loan with Iemas:

  • No penalty interest on your settlement amount: you will only be required to pay for the interest due up until you settle your personal loan.
  • You save: when your employer has a contract with Iemas to offer personal loans, the monthly instalment amount is deducted from your salary, which means that there are no additional banking fees. In addition, you also do not run the risk of skipping a payment – how convenient!
  • You get Iemas Rewards: In addition to our competitive interest rates, when you use a product from Iemas, you become a member of the co-operative, which means that you get to share in the profits through our annual rewards payment.

Personal loans can make life so much easier if you have the right credit provider. Speak to Iemas about our personal loan options on 0861 043 627 or visit for more information.

More blog articles on personal loans:

  1. What you can use a personal loan for
  2. How to maintain a good credit score
  3. What you need to know about being blacklisted
  4. Know the difference between debt review and debt consolidation

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