Personal loans can make a real difference

South Africans are starting to change the stigma about personal loans by showing how they have changed their lives and of those around them for good. Through Nedbank’s Real Difference campaign, more inspiring true loan stories of ordinary South Africans are coming to light.

People share their experiences on how loans have enhanced their lives, transforming the negative sentiment that exists about personal loans.

Here are Lucia's and Shirley's stories:

Gauteng resident Lucia Ramulongo, like other working moms across SA, only wanted her baby daughter to have a happy and healthy life, and when challenges arose, she reached out for help.

“When my precious Wavhudi was five months old, we found out she had a heart condition and needed urgent medical attention,” says Ramulongo. “My medical aid wouldn’t cover the costs and time was not on our side. The treatment was expensive and complicated. I felt as if I was falling apart, and I struggled to focus on even simple tasks at work.”

In desperate need of a solution, she approached the Nedbank to see what they could do for her.

“To my relief, I qualified for a personal loan that I could afford to pay off,” she says. ‘The loan helped me cover my medical bills, transport fees and even accommodation near the hospital so that I could be there to support Wavhudi as she went through everything.

“A heavy weight had been lifted off my shoulders and my beautiful girl has made a good recovery. She is back at home with us, and I can enjoy watching her grow into a happy, healthy child.”

Shirley Thwala, also from Gauteng, and her sister have not had an easy life. After losing their mother at a young age, they had to rely on foster care and grants to survive. 

“After some time, I managed to get into a learnership programme and continued working until I was employed. I became the main support for my family early on in life, but as time passed, I realised that my income alone was not enough and I needed a long-term money solution to make life better for my family,” says Thwala.

Approaching the bank, she spoke to them about a rental business idea she had to help her generate extra income for her needs, and those of her sister.

“From the beginning I felt at ease, as they helped me through the whole process. I received money through a personal loan that I could afford to pay off. I was able to renovate my family’s home by building a garage and three extra rooms, which we now rent out. This gave my family a steady source of income and meant my sister could finally afford to go to college.’

These are just a few of the thousands of stories from ordinary South Africans who used a loan for the greater good, challenging the narrative of financial abuse by lenders.

Nedbank strives to build higher levels of trust in personal loans by offering clients a tailored loan at the right amount, and at the best interest rate that it can offer, to offer clients an affordable loan to pay for those important needs in their lives.

Despite strict rules and regulations against predatory lending practices, operators in the market continue to take advantage of people who find themselves in desperate circumstances.

Financial services providers have an important role in guiding and advising clients in taking on the right loan product, but also ensuring it’s affordable and right for the client. As more people see how loans can change their lives for the better, South Africans are invited to share their true stories of how a personal loan made a real difference in their lives and stand a chance to win an Avo voucher worth R1,000.

Visit the Nedbank website to read some of the true stories shared by clients.

This article was paid for by Nedbank.