Johannesburg residents can obtain a loan despite their bad credit record.
Bad credit in the past has always been seen as something extremely taboo and unwelcome when it comes to the notion of applying for further bad credit loan approval in Johannesburg to any type of supplier or provider. The issue with this is that individuals could take some time to clear their name at the credit bureau, all the while having received an increase or promotion at work. Or, perhaps just have a far more improved disposable income and can now afford to buy that vehicle, big screen television or whatever your heart desires.
Then what solution where these types of individuals faced with? Well, at first, none! Banks today are still choosing to not lend money to those that have poor credit. With these hurdles in place, folk in Johannesburg and other parts of the country felt discriminated against to an extent, since they certainly could afford the repayments but had no one who was willing to help.
That’s when other lending companies jumped in and took it upon themselves to design tailored offerings to suit those who needed quick loan approval online for something important, yet had been blacklisted or accrued a bad credit record. It seemed like a worthwhile service to offer to those who needed help that could afford it without being judged on their financial past.
How do I know if I qualify for this loan type?
If you have bad credit or are blacklisted, then you are a prime candidate for this loan type. However, it’s always best to try and borrow money from a friend or family member if you think you can, to avoid unnecessary costs and interest. If you have exhausted these avenues and still need personal loan approval, then there are a few criteria that you need to meet in order to qualify.
You need to be employed at the company you’re currently with for longer than 3 months and earn a stable monthly income into a dedicated bank account. Being the legal age of 18 years old is a prerequisite and you have to possess a valid South African ID. Make sure you have your financial information close as well as your proof of address, employment and banking since this will all be required to perform the very necessary affordability assessment for this loan type.
Cost of a bad credit loan
It’s important that you understand the costs involved when applying for any bad credit loan approval whether online or instore. Bad credit loans are no different. In Johannesburg, we like to do things quickly and smoothly, which is why lenders offer all the information you need upfront – including costs. You can expect to pay an administration fee, and/or a processing fee, as well as a rate of interest on the loan agreement. You can also be met with no upfront fees and simply the interest rate. Each lender is different, so inquire about these before you sign anything to ensure that it suits you favourably.
The loan application process is quick & easy
Borrowing money when you have been blacklisted means that you aren’t going to have access to major funds upfront. You will undergo an affordability assessment and the expert consultant at the lender’s firm will determine how much you can afford to repay each month. This will vary from R500 to R8000 depending on your status and is very similar to the loan amounts you could obtain from payday loan approval with various lenders.
Once you have submitted an online application through the use of an online application form on the web, you’ll have done your part. The rest is up to the person about to lend you the money. The outcome of your approval is determined based on how much you can afford to pay each month over the loan term period that is set out for you. Once you've received your long or short-term loan approval, this information will be communicated to you and it’ll be up to you at that point to accept or even decline it if you so wish. Lenders understand how important it is to get the funds to you in the shortest time possible, which is why the entire process, ending with the funds in your account, takes less than 24 hours. Your monthly instalments are then collected via debit order until the loan is fully settled.