Short Term Loans

Short Term Loans For Bad Credit South Africa

Jul 14, 2023
Short Term Loans For Bad Credit South Africa

Are you worried about getting rejected for loans due to bad credit? You are lucky that this is not going to happen this time. Short term loans for bad credit in South Africa have the solution for you with instant approval from some reliable lenders at CoreLoans.

Some lenders understand that you have a poor credit score being responsible for your obligations. Thus, they do their best to arrange funds for you as soon as possible in your province so that you can meet your current needs.

What is a short term loan in South Africa?

Short term loans require no collateral; you must repay that on your next payday in South Africa. These loans come with exorbitant charges because the duration is minimal to cover unexpected expenses.

Many trustable lenders are there to help you if you are one of those borrowers in extreme need of money. You can quickly apply for the funds and get approval in a few minutes.

You can use the funds for almost anything without any restrictions. You will have no paperwork formalities during the process, which means your precious time will be saved while applying for such loans with direct lenders.

Can I get a short term loan with bad credit?

Yes, getting Short term loans with your bad credit score is undoubtedly possible, but interest rates will be higher than other loans. Most importantly, you can’t get approval from all lending institutions with your low FICO score.

There are only a few lenders who can help you in getting approval for these loans. Your bad credit creates a wrong impression for defaulting loans, making lenders skeptical about helping you further.

Some reliable online lenders are there in your province to assist you with your bad credit score with fast approval for funds.

Why do you need short term loans?

Generally, people apply for Short term loans in the same situation when they need some extra funds to deal with unusual expenses. But they need a source for fund arrangement in a hurry. Then, these types of loans are left as a last resort.

Certain types of expenses knock on your door during your cash shortage. You can’t run away from types of expenses that include: paying rent, travelling expenses, repairing vehicles, medical bills, and educational costs can also be tackled.

These loans are the perfect solution for borrowers needing extra funds before their next payday.

Am I eligible to apply?

To apply for Short term loans with CoreLoans, you must meet some minimum requirements to meet lending criteria. You are hassle-free of dealing with paperwork formalities and no standing in a long queue of loan applicants you will face.

  • Age proof: You need to be 18 years of age or above to meet lending criteria.
  • A South African resident: Your residential address proof should be of South Africa as a part of the lending process.
  • Income: Ensure you have an income source to repay your loan on time.
  • A bank account: You are required to have a bank account to receive funds after approval.
  • Contact number: You need to provide your contact details and email id.

How to find the best short term loans in South Africa?

There are many loan companies and direct lenders for Short term loans in South Africa. But it would help if you paused before making the final decision because every lending company has different lending criteria and terms and conditions.

Some factors to consider: 

  • Understand need: Your needs will tell you how much you need the loan amount. Accordingly, you can choose the loan amount to pay on time.
  • Consider credit score: Your credit score is essential to get loan approval, so you should check this out first before facing any rejection. Although, some lenders don’t care about your credit score.
  • Hidden fees: You need to check if you are required to pay any fee you do not know about. It is the most crucial factor that makes borrowers often feel shocked by traditional lenders.
  • Interest rates: You need to check how much interest rates you will pay during your loan repayment.
  • Lender reputation: You can also check the reputation of your lender; even you can visit their official website to find out more about it.

How to apply for Short term loans online?

Getting approval for Short term loans is very convenient now with CoreLoans, and anyone can get fast approval during money urgency. You have to complete a short online process with less time consumption.

Complete a secured online application:

  • Apply online: You must fill out an easy application form with some banking details, and some of your details need there without any errors.
  • Sign loan contract: It takes a few minutes until our lenders verify your details then you get a loan contract to sign. You can read the terms and conditions once before signing and returning it to your lender.
  • Receive your funds: You can receive your funds any time on the same day after completing the application process.

Why choose CoreLoans for bad credit short term loans?

CoreLoans is on its way to helping borrowers financially with some reputable lenders for Short term loans for bad credit. Some essential factors tempt borrowers to apply for loans during a money shortage.

Top 5 reasons to consider CoreLoans:

  • 1) No physical visit: You can apply for loans online without visiting banking institutions.
  • 2) Fast fund access: You can get the funds faster than any other loan with us.
  • 3) No hidden costs: You will have to pay high-interest rates only, no hidden charges.
  • 4) Approval with bad credit: You can get Short term loans from CoreLoans with your bad credit.
  • 5) 24/7 Available: With some lenders, you can apply for the funds whenever you need 24/7.

Short Term Loans For Bad Credit South Africa- Some FAQ’s

What maximum loan amount can I expect with a bad credit Short term loan?

Short term loan amounts range from R100 up to R5000 to tackle your emergencies. No matter your payday, you can deal with unexpected expenses using these funds.

Will apply for a Short term loan for bad credit impact my credit score?

Yes, the effect of Short term loans is as any other loan affects your credit score. There are two different conditions, paying back your loan or else you cannot pay that back on time. Your credit score will take a boost if you are time punctual about loan repayment. On the other hand, your score may get down on defaulting.

Can I use a Short term loan for bad credit to consolidate my existing debts?

Yes, you can use Short term loans to eliminate all pending debts you haven’t paid yet. You can accumulate them in one place and pay them in one single payment. It will also be called a debt consolidation loan.

Are Short term loans for bad credit available to self-employed individuals?

The answer is yes; you can get Short term loans if you are self-employed. Many lending institutions impose some restrictions on these loans due to the borrowers’ confidence in loan repayment ability. But the good news is many online lenders can help you get such funds.

What happens if I cannot repay my Short term loan for bad credit?

There can be certain charges for defaulting on Short term loans, including fees, penalties and high-interest rates as per the loan agreement. Even your credit score may have some destructive impact making you helpless to avail of financial services.

Apply for Short Term Loans For Bad Credit!

Applying does NOT affect your credit score!

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