Applying for financial services can be challenging if you have bad credit because lending institutions avoid taking risks. On the other hand, some trustable lending specialists offer even extremely bad credit loans with guaranteed approval at CoreLoans.
You can get faster approval in less than a few minutes than traditional lenders with no hassle of paperwork formalities. Online funds can help borrowers tackle emergencies immediately because they can get quick access to small loans with us.
What are extremely bad credit loans in South Africa?
Extremely bad credit loans are short-term loans to those with a bad credit score who can’t quickly get financial assistance from banking institutions. Such funds come with fixed interest rates to cover some additional expenses.
These expenses include medical bills, rent payments, education costs, home renovation, car repair, and many more. But the condition is borrowers have to pay off these loans on their next payday with high-interest rates, and defaulting loan payments lead to some penalties.
A few limited lenders are willing to work on your loan application after you have a bad credit score. Your emergency to funds is more important than anything else to them.
How to get bad credit loans for emergencies from direct lenders?
You can get bad credit loans for emergencies in 4 simple steps at CoreLoans from direct lenders.
Get fast approval and funding in minutes by applying with us:
- Fill out the application form: You need to fill out a simple online application form with a regular income source, and some personal details will also be required there.
- Wait until verification: Stay calm until our lenders verify your details. It will take a few minutes. Only then will you have the confirmation on your email ID for either approval or disapproval.
- Sign loan agreement: If approved, you will have the confirmation with a loan agreement. You must sign it by reading all the terms and conditions to stay alert.
- Receive funds: You can receive your funds in your bank account in 10 to 15 minutes because our lenders understand that your emergency must irritate you.
What are types of bad credit loans with guaranteed approval?
There are several alternatives to bad credit loans with guaranteed approval that you can try. Some of their examples are the following.
- Payday loans: Payday loans are financial assistance for almost two weeks, which can cover your small household expenses. But they come with high-interest charges, too, to pay off on your next payday.
- Short-term loans: Short-term loans can also be the alternatives to bad credit loans that you can consider during emergencies. However, some exorbitant charges are associated with such funds to pay during loan repayment.
- Cash advance loans: You can also use cash advance loans if you need funds urgently but have no arrangements. Such funds can help you whenever you need extra funds to meet your needs.
- Car title loans: Car title loans are secured loans which can be risky for borrowers because they can lose their vehicle if they don’t pay off their loans. They have to put their vehicle up front of the lenders. Then, on the value of the vehicle, lenders fund them.
How to qualify for urgent loans for bad credit during money shortage?
Urgent loans can qualify for bad credit with some minimum requirements whenever you have met a money shortage.
- Age: Your minimum age is 18 years or above to qualify for such funds in South Africa.
- Must have income source: You need to manage any regular income source because this will help you to pay off your loan on time after using funds.
- Citizenship of South Africa: Make sure you are a citizen of South Africa because this is also a part of the requirement.
- A bank account: You need an active bank account to transfer the funds directly to your bank account.
- Contact details: Your contact details require a valid email ID, contact number and permanent address proof.
What are pros and cons of online bad credit loans?
You should check out some pros and cons of online bad credit loans in South Africa. Every loan has some features, and drawbacks are also found with them.
- Quick access: You can access these types of loans quickly because you apply online. You only need a gadget to get connected online.
- Fast approval: If you need money from our direct lenders, you get fast approval in a couple of minutes.
- No hidden charges: There are no hidden charges that you will have to pay; you will only pay what you know.
- 24/7 availability: Our service is available 24/7 because emergencies may knock on your door anytime and anywhere. You can arrange funds anytime now in South Africa.
- No paperwork: There is no paperwork which can make borrowers feel irritated during their emergencies.
- High-interest rates: You have to pay off such loans with high-interest rates, which borrowers do not consider suitable.
- Debt cycle: A debt cycle may begin if you don’t pay your loan on time. Once you are trapped, then it is hard to come out quickly.
- Small duration for repayment: Such loans come with a small duration to pay them off by borrowers is a negative factor.
Are bad credit loans safe with no credit check?
Yes, bad credit loans are safer than other traditional loans with no credit check by some specialized lenders. They offer funds based on your loan repayment ability rather than the condition of your credit score.
Your all-confidential information is kept safe once you have shared it with us. Our lenders are responsible until you get funds to secure your information with encryption security, which protects your private data from hacking.
Extremely Bad Credit Loans- Some FAQs
Do I need any collateral to get approved for bad credit loans?
Some bad credit loans are unsecured, so you don’t need anything precious to fund yourself. In exchange, if you have chosen a reliable lender.
Do loans for bad credit hurt my credit score in South Africa?
No, this depends on how you manage your repayments. If you make your loan payments on time, your credit score will improve rather than decrease.
How much loan amount can I get approved for?
The loan amount depends from lender to lender and your current credit history. Despite this, some of our financial experts can offer you R100 up to R5000 or more to help you financially.
Where can I apply for loans if I have bad credit?
You can apply for loans with our most reliable lenders with no hassle of paperwork formalities or any other irritating formality.
Can I make my loan payments before their due date arrival in South Africa?
Yes, you can pay off your loan before the due date, which is considered good by lending institutions. Some charge prepayment penalties, so you must ensure that before paying your loan off.
Ready to apply with a trusted lender?
Applying does NOT affect your credit score‡