A bad credit loan offers urgent approval up to R350,000 at interest rates from 18.25% to 25.75% and flexible repayment terms even if you have been blacklisted – early repayment is welcome, finalise your payout within hours.
View Bad credit loan OffersBad credit loan lenders approve loans for people who are blacklisted or have bad credit. Your loan approval is based on affordability rather than credit history.
Bad credit loans offer consumers a same-day lending option that is 100% online.
As a result of insufficient income and overwhelming debts, you could easily find yourself blacklisted and unable to access any form of credit. This leaves people and families devastated and burdened by their inability to improve their financial situations and do the things that matter the most to them.
All South African consumers have a credit profile that is essentially a history or report of all their financial commitments and repayment or non-payment. If you take out a personal loan this will be recorded on your profile along with information as to whether or not you've made the agreed repayments.
If not, this non-payment will be recorded on your credit profile and will lower your credit score. On the other hand, honouring your repayments will have a positive effect on your credit profile.
Having bad credit or being blacklisted simply means that you have not honoured your credit agreements and have been flagged as a high-risk borrower. This also means that mainstream lenders and banks will be unwilling to provide you with a loan - be that a home loan, car finance or even a small personal loan.
Bad credit loans are also sometimes referred to as blacklisted loans and simply refer to a personal loan that is offered to an individual that has a bad credit history.
One way to get a loan from a bank when you are blacklisted is to offer up security in the form of your home or equity in your home. This is risky for you as the borrower since if you do not keep up with the repayment you may be facing repossession.
On the other hand, offering security allows you to secure a personal loan with bad credit and a lower interest rate to boot. Another form of security is that of your vehicle, provided that you own it outright, you could use it to secure a loan quickly and easily.
Finally, if you're looking for a small, unsecured short-term loan you could opt to make use of a bad credit lender who deals specifically with people who are blacklisted or have poor credit. This, although one of the only options for those with a tainted credit history may be significantly more expensive than a secured loan and will only offer you a small sum of money.
In order to qualify for a loan with bad credit, you must;
Applicants who do not meet the above-mentioned criteria, have declared bankruptcy, or are under debt review will not be granted a loan.
If you are opting for a secured loan you will have to provide details on the security as well as relevant supporting documents.
In South Africa there are only a few registered credit providers that specialize in bad credit loans and these are conveniently listed below to make your process of finding a suitable lender easier. In the meantime, it's important for you to know what to look for when comparing these lenders and how to avoid getting yourself into financial trouble.
One of the first things that you need to look at when evaluating possible lenders is that they are registered with the National Credit Regulator. This ensures that they are compliant with the laws regulating credit providers and that they satisfy the government's requirements to trade.
Once you've ensured that the credit provider is registered with the NCR, you can start looking at the interest rates offered and the features of their loans. You can begin by comparing the offers made by the various lenders, including, how much they will lend, what their interest rates look like and if they charge additional fees.
Our website makes this easy by providing you with a summary of all the most important loan features and details of each provider in a clear and simple manner. You can start by looking for lenders who are offering the loan amount that you are looking for and then eliminating them based on their Annual Interest Rate (APR).
The majority of bad credit lenders, particularly those listed on this website offer a loan application online. This means you're free to apply for a loan from the comfort of your own home and do away with face-to-face meetings and long queues.
The first step would be to fill in an application form; this form will request your personal information, contact details and employment history as well as how much you want to borrow, for what purpose and for how long. Once you're done with the form you will either be asked to upload your supporting documentation or, you will receive an email with further instructions.