Cause to bad credit can’t relate to an intention for payment-making since there can be other reasons why someone has bad credit. If you need loans with bad credit, bad credit loans in South Africa are always there for you at CoreLoans with fast approval.
The best thing is these loans are hassle-free of paperwork activities and lengthy processes. With a simple process, you can get the loan approval in minutes and funds from online lenders as soon as possible on the same day.
What is a bad credit loan in South Africa?
Bad credit loans are basically for borrowers with low credit to avail of financial services in South Africa. These types of loans are also considered risky. Thus, they come with high-interest rates for borrowers’ next payday.
You can take out a loan amount from R100 to R5000 to cover unexpected expenses. They include Rent payments, medical bills, education fees, holiday expenses, and more. These types of loans work in the same way as other loans.
But the only difference is you can apply for them and get approved faster than traditional loans during your financial crisis.
Can I get a loan if I have bad credit?
Your bad credit is OK with many online lenders to help financially. However, bad credit makes the process a bit easier or makes borrowers pay extra charges. It doesn’t mean you will be declined for loans all the time.
Some trustable lenders are interested in working on your loan application, knowing you have a bad credit score. Indeed, having bad credit limits your options, making financial services expensive for you.
But online lenders treat you the same way borrowers with good credit scores are treated when they need loans.
What are the pros and cons of loans for bad credit?
Loans for bad credit come not only with pros even cons are associated with them too. So this would be great if you looked at both of them.
- Easy to apply: It is easy to apply for a loan online without any complications.
- No hidden costs: You have to pay no hidden charges while applying for these loans with us.
- Minimum requirements: You have to manage minimum requirements.
- Bad credit accepted: Your bad credit score is accepted for getting approval from online lenders.
- No collateral: You don’t need collateral because they are unsecured loans.
- High-interest charges: You must pay off the loan with high-interest charges.
- Small repayment terms: You get small loan repayment terms.
- Debt trap: Missing loan payments push you into debt.
How can I improve my credit score?
Your credit score is the most important factor for receiving any financial assistance. Remember, if you look after it, it will look after you. There are a few tips to improve your credit score if it is terrible.
Five tips to improve your credit score:
- Payments on time: You must make your loan payments on time to improve your credit score.Making your payments on time shows that you are a responsible borrower.
- Maintain credit utilization to low: Make sure your credit utilization is below 30%. Generally, a lower percentage is considered positive by lending institutions that help you increase your credit score.
- Check errors and report them: If you spot mistakes of any type, you should dispute them without delay because they keep lowering your credit score. Once you report them, your credit score improves one more time.
- Never close old accounts: This is great if you can manage multiple credit accounts for an extended period. Suppose you want to see some good changes in your credit score.
- Stay away from multiple applications: Several loan applications indicate that you are in extreme need of money. Too many applications lower your credit rather than improve your credit, so you need to keep this in mind.
How to check your eligibility for a bad credit loan instant approval?
Loan eligibility criteria vary from lender to lender for bad credit loans and their company policies. Despite this, you need some basic requirements of online lenders in your province.
Some basic and standard eligibility criteria are:
- Age: You must be 18 years or above to meet eligibility criteria.
- Income: A stable income source is required for loan repayment.
- A bank account: You need one to receive money after approval.
- Contact details: Your South African citizenship, email ID, and contact number are mandatory.
Why choose CoreLoans?
There are some essential factors behind choosing CoreLoans. You should know about them before choosing us.
Why you choose us only:
- Available 24/7: You can approach us anytime and anywhere whenever you need extra funds.
- Fast service: You can experience faster service than other banking institutions.
- Same-day funding: You can get same-day funding assistance while applying with us.
- Security: With us, your confidential details are safe.
- No paperwork: Paperwork formalities don’t make you irritated with us.
How apply for bad credit loans in South Africa from direct lender?
You can apply for bad credit loans from direct lenders in the following steps in South Africa.
Get instant approval in 3-simple steps:
- Fill easy application: You must fill out the online application form with income details, which only takes a few minutes.
- Get approved: You have to keep patience until you are approved. You get a loan contract on your email ID to sign if approved.
- Get your money: You can get your money in 10 to 15 minutes after the short process.
Bad Credit Loans In South Africa- FAQs
Why is it usually difficult to get a loan with bad credit in South Africa?
Bad credit makes borrowers helpless in getting financial assistance because this creates a wrong impression in the eyes of financial institutions.
Can I get a loan with a bad credit score in South Africa?
Yes, you can get loans with your bad credit in your province with a few online lenders only.
Is it possible to get a bad credit loan with no credit check?
Yes, some lenders in South Africa don’t check your credit except income during the loan application process.
Can I get a loan to help build my credit?
Yes, some loans can help you build your credit, and bad credit loans are one of them to assist you with practical outputs.
What is considered a poor credit score?
A poor credit score ranges from 500 to 610, indicating you don’t make timely loan payments.
Can I get instant approval on a bad credit loan?
Yes, you can get instant approval for bad credit loans if you apply for the money with us.
Can I get guaranteed approval for bad credit loans?
No, guaranteed doesn’t exist since you have to follow the lending criteria of lenders, but there are maximum possibilities of getting approved for such loans.
Ready to apply with a trusted lender?
Applying does NOT affect your credit score‡