Cash loans in South Africa with no credit check are generally available to individuals who have less-than-perfect credit scores. In South Africa, where at least half of the more than 22.5 million credit-active consumers have impaired credit records, being able to access cash loans in South Africa with no credit check can be quite convenient.
One financial institution specialising in this type of loan offer is No Credit Check Loans.
No Credit Check Loans
This institution restores hope for blacklisted individuals and those who have a low credit rating. It is essentially an advertising and referral network, providing you access to preferred lenders.
Established in 2014, No Credit Loans offers affordable repayment terms. Loan amounts range between R1000 and R20 000.
Borrowers are given a repayment term of between 12 and 60 months.
Documents required for the application process:
- Valid ID Copy
- Latest 3 month bank statement
- Latest payslip copy
- Proof of home address
Applicants can expect a response within 24 hours and cash payouts to approved individuals are done within 30 minutes. As a National Credit Regulator- regulated institution, No Credit Check Loans is associated with National Credit Act-compliant lenders. Loans are provided to individuals who can afford to make repayments comfortably.
Cash loans in South Africa with no credit check are often mainly based on affordability. This means that the applicant’s credit history is not considered, but rather their ability to afford repayments comfortably.
While they are easily accessible and pay-outs are relatively fast, it’s important to keep in mind that interest rates that are charged are quite high. Lenders have no way of guaranteeing that you will repay your loan through a form of collateral, so charging high interest rates is one way pf ensuring that these loans are repaid on time.