Need a loan now? But, having a good credit history makes finding it more accessible. And banks, on the other side, are very stingy with their funds. Fortunately, there are alternatives if you have a less-than-perfect credit rating in South Africa – instant loans for bad credit. It provides the necessary funds to cover emergencies and unexpected expenses.
What is an instant bad credit loan in South Africa?
If your credit score is much lower than 670, it might be hard to find a suitable loan. But in South Africa, you might like the idea of an instant bad credit loan if you have a low credit score or little credit history. It means having a poor or without rating can’t stop you from getting new loans.
Payday lenders provide this financing without depending on your credit rating. They need to verify your identification and know your income source. You have to repay this loan when you get your next paycheck. Your lender can request permission to withdraw directly from your bank account after you get paid.
Although these loans might cost more than traditional loans, they can help when other lenders say no. Different payday loans and lenders can give you suitable funds and a way to pay them back from which you can choose.
What can I use bad credit loans for?
Bad credit loans are meant for real emergencies. You must pay for these things soon and take care of them before your next payday.
- Fixing your car
- Repairing things in your home
- Dealing with a funeral
- Fixing plumbing issues
- Paying for medical or dental bills
- Taking care of your pet’s medical needs
- Emergency trips
- Repaying a business loan in a hurry
Don’t use these loans for things that aren’t emergencies, like shopping or holidays, because the interest rates can be high. If you want money for non-emergencies, looking for other ways to get the cash you need is better.
Will I qualify for quick loans for bad credit?
Your credit score is essential for traditional lenders to decide if they can lend you money. But for a bad credit loan, they look at different things to see if you can get a quick cash loan, like:
- Be 18 years old or older.
- Have a regular job with an income or other source of steady earning such as pension or government benefits.
- Be a citizen of South Africa, even if you’re not a permanent resident.
- Have a bank account where you get your income or salary.
- Also, you need a cell phone number and an email address.
How to get online bad credit loans in South Africa with CoreLoans?
If you decide an instant payday loan is the best option with your bad credit, here are the following steps to apply with CoreLoans:
- Apply– Fill out our online form in a few minutes. You’ll need to fill in information about yourself, like your name, contact details, job details, financial information, and bank details.
- Wait for the lender’s response– After you submit your form, our lenders will review it and provide you offer by email or phone if you can get a loan. They might ask for more info, too.
- Get the money– Review any offer before you sign the loan agreement. If approved, you get the funds in your bank account online via direct deposit in about 10 minutes.
5 reasons to trust CoreLoans & get a bad credit loan today
At CoreLoans, getting a short-term loan should be easy, safe, and straightforward. You can get the money you need with just a few clicks. Here are five reasons why you should choose us:
- We welcome everyone. It doesn’t matter if your credit is good, bad, or if you don’t have any credit at all. We’re here to help all borrowers in South Africa in every province. We associated with those lenders whose loans are fair and reasonably priced.
- Collateral-free instant loan– You can get a loan in South Africa without giving your home or car as security. You don’t need collateral here, so your things won’t be taken if you can’t pay.
- No need for appointments: You can apply for a cash loan through us anytime you want because we’re always online, 24/7. You can contact us via call or email whenever you need help.
- No hidden fees: With us, you don’t have to worry about extra charges like application or maintenance charges. We keep things simple.
- Trusted lender: We’ve been helping people with money shortages for a long time. Every payday lender with us provides 24/7 customer service via telephone and email. You can check out what borrowers say about them in their reviews.
What is a bad credit score and how do I fix it?
“Bad credit” means your credit score is low, and lenders might worry about lending you money. If your score is less than 670 (or you still need to get a credit history), your credit score could be seen as ‘poor’ to ‘fair,’ but this can vary depending on the lender.
There are five ways to make your credit score better:
- Pay more: If your credit card needs at least R20 each month, try to pay a little more if you can’t pay it all.
- Be on time: Pay your bills when they’re due. It shows you’re financially responsible and helps your score.
- Build credit history: The longer you use credit, the better if you want to reduce the count of your credit cards and keep your oldest credit card open.
- Only use it some: Keep your balances consistently low; if you use all your credit, it may show you as a careless user. Try to use less.
- Only keep what you need: Don’t have too much credit, and have different kinds of credit.
Instant Bad Credit Loans In South Africa- Some FAQ’s
Can I get a same-day bad credit loan today?
Yes, it is possible! You can receive a loan online on the same day and even apply with a bad credit score, but it is done only by a payday lender.
Can instant bad credit loans improve my credit rating?
No! You can’t improve your bad credit score by borrowing instant loans. Unfortunately, payday lenders do not report your on-time repayment to credit reference agencies.
Can I get a same-day loan with bad credit?
Yes! You can get same-day pay-out of a payday loan with bad credit. However, to be eligible for instant approval, you should have a regular source of income or repayment ability.
How much can I borrow?
With online lenders, you can apply to borrow for up to R5,000 till the next payday. These loans are designed to cover expenses requiring instant decisions, such as urgent repairs or medical emergencies.
Are there any hidden fees or charges?
At CoreLoans, you don’t need to worry about hidden fees or charges. We provide free service to apply for instant bad credit loans in South Africa.
Ready to apply with a trusted lender?
Applying does NOT affect your credit score‡