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Loans
Affordability Assessment
A mandatory evaluation that lenders must perform under the National Credit Act to determine whether a borrower can afford the loan repayments. It considers your income, existing debts, and living expenses.
Usage Examples
"The bank ran an affordability assessment and determined I could manage R2,500 per month in repayments."
"My loan was declined because the affordability assessment showed my expenses were too high relative to my income."