You can apply for instant personal loans from lenders in SA if you have bad credit or you are blacklisted. Quick approval can be obtained even if you do have a bad credit record.
It is possible to borrow money from a lender in South Africa and get a fast or even instant approval. Although you are going to have to look at applying from lending institutes. Instead of the major banks such as Standard Bank, Absa, Nedbank, FNB or Capitec.
The banks these days have strict rules and guidelines to adhere to which makes it quite difficult to borrow. Especially if you have defaulted in the past and have been black listed by a certain company. Or if you have got some kind of credit judgement against your name.
Before You Apply for Instant Personal Loans
Before you even think of applying for instant personal loans the first step is to know exactly how your financial situation looks to a potential lender.
Get a free credit check done so that you can be clear about how a lending institute is going to view your financial history.
Best case scenario is of course a completely clean credit record. But in many cases people in South Africa have been blacklisted by companies for missing a few monthly repayments. Or even defaulting completely.
If this is you, don’t worry too much. It’s nothing to be ashamed of as many people have been hit by hard financial circumstances. And are now in a position where they cannot afford to keep up with premiums.
Find out what your personal credit report looks like and how your history appears. Then you will be in a better position to apply for a fast loan. In many cases someone has defaulted on a few payments after borrowing in the past. Which a lender is likely to overlook and grant a small loan.
Instant Personal Loans for Bad Credit – Proceed With Caution
There are loan sharks in South Africa particularly around Cape Town, Johannesburg and Durban. Lenders that are willing to lend you cash quickly but at a high payback price.
The interest rates they are likely to charge you on paying back the money you borrow will be high. Also if you default on any monthly payments agreed to they can get extremely impatient. They go to such lengths as using bullying tactics to get the money you owe them.
If you can help it try not to agree to signing contracts by using your house or car as security. If you simply cannot pay back a lender the money you owe them then you are giving them the right to sell your house. Or your vehicle to get back the cash.
Take a walk along the main road of your nearest town or city. So you can see what companies exist to borrow money from. There are many of these small loan companies in South Africa but they don’t all play by the same rules. So visit a few of these offices and ask a lot of questions on their lending criteria, interest rates etc.
When you do find a company that is willing to help you out with personal loans for bad credit it is important for you to exercise some self discipline.
Do not borrow money beyond your means. Be realistic and make sure that with the interest a company is charging you that you can comfortably afford the monthly re-payments.
Make Many Payments One
You can consolidate debt into a single payment if that’s the reason you need to borrow money. You just have to find a company that offers cheap consolidation loans. It is difficult to manage bills and other debt when you have to pay things that are scattered all over the show. But if you just had one bill to pay, finance situations would be a lot easier.
You might not want to borrow again but think about it. Taking out a loan to pay off all your debt, then you just have the single payment to pay off every month, and maybe at a lower interest rate.
Doesn’t that sound better than paying five different companies/people all the time?
Get your creditors off your back by paying them off in full. This is how you successfully consolidate debt into one payment. Do this before you get blacklisted. Your debt will start scaling down until you have finished paying off the consolidation loan and you are debt free!
If you’re credit record is a clean one, you may qualify for this type of borrowing from Absa bank, Nedbank, Capitec or Standard Bank. Visit your nearest branch and speak to a consultant in more detail about this kind of solution.
No one likes taking out loans and having to borrow money. But in order for you to manage your financial situation and avoid being blacklisted, it would be easier, not to mention wiser, for you to consolidate. Then use it to pay off all of your debt.
South African Debt
Debt is one of the most stressful things for many people. Unfortunately a large percentage of people in South Africa have debt problems.
Personal loans with bad credit may not be your personal solution.
This is why paying your bills on time is vital. Keeping account to a minimal and don’t buy on Hire Purchase, which is simply out of the question.
If you are having trouble with debt, think about what options you have that will get you out of trouble.
You might find that the simplest solution is to consolidate all previous borrowing into a simpler and even more affordable single repayment.
However and whatever you decide, it is strongly advisable that you meet your repayments and make sure your loan is paid back on time.
Or better still make extra payments and get the borrowed money paid back much faster. This will be in your favour and contribute towards making your credit record look a lot healthier. Which puts you in a stronger position to get a loan from the banks next time you need to borrow cash in a hurry.