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Bad Credit Loans
When an individual takes up a loan from a lender they usually have the intentions of paying it back in a timely fashion. However, a person’s financial situation is as unpredictable as the weather.
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Properties of this loan
- Online loans up to R4.000
- Term 4 days - 6 months
Loan requirements
- A cellphone number
- SA ID number
- Bank account details
- Most recent proof of income
About company
More information about the company Wonga Finance SA (Pty) Ltd.
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Properties of this loan
- Online loans up to R150.000
- Term 10 - 72 months
- Almost instant approval
Loan requirements
- You are 18 years of age or older
- You are a citizen of South Africa
- You have a fixed monthly income which is at least R1500 per month
- You have a Bank Account in South Africa
About company
More information about the company EasyCashLoans
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Properties of this loan
- Online loans up to R250.000
- Term 12 - 60 months
- Cash in your account within 24 hours
Loan requirements
- Be 18 years or older
- Have a valid SA ID or Drivers License
- Have a bank account
- Be employed and earn R2 000 or more per month
- You will be required to provide proof of income documentation
About company
More information about the company Dial Direct Insurance Ltd
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Properties of this loan
- Online loans up to R4.000
- Term 1 - 30 days
Loan requirements
- ID client number
- Bank finance details
- Recent three month bank statement
- Proof of employment
About company
More information about the company Quick Ching (Pty) Ltd t/a Mulah
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Properties of this loan
- Professional financial advice and tips to improve your score
- Complimentary loan assist service of up to R150,000 cash
Loan requirements
- Be 18 years or older
- Have a valid SA ID or Drivers License
- Have a bank account
About company
More information about the company Credit Gain Services (Pty)
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Properties of this loan
- Online loans up to R2.000
- Term 7 - 25 days
- Fast online application
Loan requirements
- Have and Identity Document of the Republic of South Africa
- Be over 18 years old
About company
More information about the company Kwalaflo (Pty) Ltd
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Properties of this loan
- Online loans up to R150.000
- Term 1 - 60 months
- Fast application, instant approval.
Loan requirements
- You must be permanently employed
- You must earn over R5,000 per month
- You must be aged over 18 years
About company
More information about the company Freedom Loans
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Properties of this loan
- Online loans up to R200.000
- Term 1 - 60 months
- Fast online application
Loan requirements
- The minimum age to use our service is 18
- Must be a current resident of South Africa
- Need an active South African bank account to allow the money to be transferred to you
- Have to be a current resident of South Africa
- You must have an income every month whether it be benefits or a job
About company
More information about the company Mayday Loans
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Properties of this loan
- Online loans up to R9.000
- Term 4 - 65 days
Loan requirements
- The borrower’s age should be in the range of 18 to 65 years
- Users must pass a credit check
- Requires a current email address
- Provision of current phone number and Debit card
- Recent pay slips and Proof of address
About company
More information about the company Binixo Corporation
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Properties of this loan
- Online loans up to R300.000
- Term 1 - 7 years
Loan requirements
About company
More information about the company Loans Finder
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Properties of this loan
- Online loans up to R10.000
- Term 1 - 12 months
- Quick application
Loan requirements
- A copy of your I.D.
- Your most recent monthly bank statements
- A copy of your most recent pay slip
- Proof of residence (not more than three months old)
About company
More information about the company Mafori
Sometimes, additional financial problems arise or you become overwhelmed by rising expenses and debts to the point you are unable to keep up with your loan repayments. In such a situation, you might default on a few payments or even file for bankruptcy. Irrespective of which option you take, your credit score will get affected. However, the good news is that even if you have a bad credit score, you can still get a loan in South Africa. To learn more, read below to find out how.
Understanding Bad Credit
In South Africa, every person has a credit score which is derived from their credit history. Credit history is a record of all the credit transactions you have conducted in the past. If you have paid off your credit in good time without any mishaps then your credit score is better than that of an individual who has defaulted or had late payments on loans.
A credit score is utilized by lenders to determine your creditworthiness. Hence, if you have bad credit then your creditworthiness won’t inspire confidence in lenders. It becomes extremely difficult to secure even a small online loan with bad credit. However, there are still options available for those with bad credit.
How to Get a Loan with Bad Credit
Getting a loan on bad credit is a matter of choosing the right types of loans that lenders are willing to provide to you. Below are some of the most common types of loans for people with bad credit.
a) Secured Loans
Secured loans are loans that are taken against an asset that acts as the security for the loan. For instance, you can secure a loan from a lender with your car, property, or any other asset that has a substantial monetary value.
How to get a home mortgage loan with bad credit
At this point you may be wondering how to get a mortgage with bad credit. Well, if you can make to raise the initial deposit for the property and provide reasonable means of repaying the loan, then you can get a mortgage. A mortgage in its self is a secured loan because the lender owns the majority equity in the home and hence you can only fully own the property after you have fully repaid the mortgage.
b) Payday Loans
Payday loans are another type of loan that an individual with bad credit can still acquire. A payday loan is a short-term loan that an individual takes up against their next pay check. Although a bad credit score might affect how much money you can borrow, anyone is eligible for a payday loan provided they are employed.
A pay day loan may be ideal for people with bad credit because you do not have to provide any form of security. However, the amount of money you can borrow from a lender as a payday loan is limited to your salary. It's essential to note that not all lenders are willing to lend money to people with bad credit. Hence, you will need to research the lenders who are willing to lend to you if you have bad credit.
Lincoln Ndirangu(LinkedIn)Lincoln Ndirangu is a professional freelance web copywriter based in Nairobi, Kenya. For over 7 years, writing for the web and engaging the online audience has been primary focus and passion.More information...