Compare total repayment and monthly pressure side by side. A longer term may be easier each month while costing more overall.
What to check
- Shorter and longer schedules for the same requested amount
Use the written quote to separate cash received, scheduled payments and charges outside those payments. Keep a calculation with each quote.
A decision to avoid
Choosing purely on monthly comfort or purely on total cost without checking affordability.
A calculation you can check
Illustration only: cash received R2 000; three payments of R750; a separate required charge of R50. Total paid = 3 × R750 + R50 = R2 300. Difference from cash received = R2 300 − R2 000 = R300. This difference is not an annual interest rate. Include the charge only if it is outside the three payments; do not count it twice.
Questions about this decision
What should I check first?
Compare total repayment and monthly pressure side by side. A longer term may be easier each month while costing more overall.
Which information do I need for this decision?
Shorter and longer schedules for the same requested amount.
Which mistake should I avoid here?
Choosing purely on monthly comfort or purely on total cost without checking affordability.
When should I review this decision?
Review it when the amount, date or condition you used changes. Keep the previous version so you can identify what changed.
How do I check shorter and longer schedules for the same requested amount?
Locate the actual dated record for Shorter and longer schedules for the same requested amount. Compare it with the other records in this checklist; ask the organisation responsible for any unexplained difference.
What should I do if a required detail is missing?
Mark it as unresolved. Ask for that precise detail before choosing; do not substitute an advertised example for your own document.
What is the next practical step?
Use the written quote to separate cash received, scheduled payments and charges outside those payments. Keep a calculation with each quote.
How can I verify the explanation?
Use the documents listed above. Check quoted amounts and dates in the original record; use the official reference links for the organisation’s guidance.
