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What is Credit Insurance, and How does it Work?

What is credit insurance? Credit insurance is a form of insurance issued by long-term lenders that is usually offered with a new loan. Credit insurance typically covers 3 life events: death, disability, or unemployment. If one of these events takes place, the loan agreement is either settled in full of the monthly repayment is paid for a period.   Credit insurance typically applies to lo…

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COVID-19: How we are adapting

With South Africa preparing for a lockdown as a result of the COVID-19 pandemic, we at Wonga will continue to operate with our focus on supporting you through these challenging times. But as you can imagine, this is not business as usual for us and we have had to make some necessary adjustments which we want to make you aware of. Changes to our loan terms In this time of uncertainty, we…

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Everything You Need to Know About the 2020 Budget Speech

Each year, shortly after the President gives the annual State of the Nation Address, the Minister of Finance delivers the Budget Speech – where, as a representative of the National Treasury, the Minister will announce what allocation of funds and what taxes will either be created or altered to deliver on the aims and objectives outlined in the State of the Nation Address. This year, Fina…

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What are the 6 Most Common Forms of Investment?

Investing is where you purchase assets, items, or invest into funds with the hope of growing your money through interest – but what are some of the most popular options that new and experienced investors choose? In this article, the 6 investment forms we’ll look into are: Money market accounts Unit trusts Share trading Index funds Foreign exchange trading Property Remember, there’s no…

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5 Uniquely South African Ways to Save Money

South Africans can use many inventive ways to save money – from joining a stokvel to managing data expenses, we provide some great suggestions. Join a stokvel A ‘stokvel’ is a saving scheme or club in South Africa, where members (usually up to 12) will each contribute money towards one single fund on a regular basis, which can be daily, weekly, or monthly. The term ‘stokvel’ refers to bo…

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What is the Prime Lending Rate, and How Does it Affect You?

The Repo Rate and Prime Lending Rate can affect home loan and vehicle finance repayments – but what do these terms mean? We explain in more detail. What is the Repo Rate? When you borrow money from a commercial bank, that money isn’t waiting in a vault – instead, commercial banks, such as Standard Bank, FNB, Capitec, ABSA or Nedbank will instead borrow large sums of money from the South…

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Three Amazing Money Stories to Motivate You in 2020

Many celebrities have had to overcome financial difficulty - from Oprah Winfrey to JK Rowling. We share amazing money stories to motivate you this new year. Entering a new year can be either an exciting or daunting financial challenge.  Each January, we have the opportunity to pause, reflect, re-adjust and re-evaluate our financial goals to greater success throughout the year. If you fin…

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How to Set Financial Priorities for the New Year

With the start of a new year and decade, now is the time to set your financial priorities. This easy-to-follow guide can help you set yourself up for success! Look at your needs and life stage Everybody’s daily life is different, and can invite varying financial pressures, successes, stresses and inconveniences. Taking an honest look at your own situation is the first major step to setti…

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