My Financial Help

My Financial Help is a lender that was founded in Cape Town, South Africa. They offer a comprehensive set of finance solutions. From bad credit loans to debt consolidation, they have it all.

Catering to people looking for debt solutions, they offer plans for clients with bad credit. The lending market can be a difficult place to get a loan with bad credit.

My Financial Help offers those individuals a chance to get the funding they need while repairing their credit score as they go.

My Financial Help can solve all your bad credit problems. They do this by offering debt consolidation loans to bad credit clients. Understanding the debt consolidation loan is the first step in their process.

Bad credit loans and how they work

Understanding how bad credit loans work is also necessary when trying to fix your credit score. Bad credit loans are offered to people whose very low credit scores limit their borrowing options.

Put simply, bad credit loans and debt consolidation are what you use to bail yourself out of difficult financial situations.

They are treated as personal loans by lenders and banks. The following are a few ways you can get a bad credit loan:

• Credit unions - these organizations are beneficial to people with bad credit scores.
• Finding a co-signer - you can piggy-back their good credit score for lower interest rates on your loan.
• Tap into your home equity - if you have equity, you can use it to get a loan - credit scores don’t factor in this department.
• Online or peer to peer lending is also a great way to get fast and secure finance - especially if you have bad credit. There are many bad credit lenders online that can help you access credit when you need it most.

As mentioned before, My Financial Help is a specialist in this field. Their focus on bad credit loans and debt consolidation have helped countless South Africans.

In fact, they care so much about alleviating debt issues that they’ve put a free e-book up on their site called “The 8 steps crucial steps to get your loan approved.” This step-by-step guide will give you a better understanding of loans and what it takes to get them.

You should take out a debt consolidation loan if you can no longer afford to make your monthly loan repayments. A larger loan is taken out and used to pay off all the creditors that you owe money to.

You’ll then only pay off one monthly installment, usually at a more manageable payment size. Securing a loan like this if you have bad credit can be difficult, but that’s where My Financial Help steps in.

The loans they can help you access

My Financial Help has a few types of loans on offer but covers the 3 major types. Namely, the following:

• Short-term credit transactions - These short-term loans cover amounts up to R8000. They’re taken out over a period of no longer than 6 months. This is a higher interest form of credit.
• Unsecured credit loans - these are products like personal loans. You’ll be required to re-apply for loans like these once you’ve paid them off. This loan’s interest rate generally caps around 21% of the amount plus the current repo rate.
• Unsecured credit facilities - these can be used over and over. They’re charged at the repo rate plus 14% charge, at maximum.

These funding types are all available to bad credit clients through My Financial Help.