Loans for bad credit are available exclusively to individuals who have a bad credit rating. They are offered by micro lenders who have designed specific solutions to meet the financial needs of such individuals. Approaching a bank for finance if you have a bad credit rating is a futile exercise. Not only is it a waste of time, but also a waste of money. Travelling to your local bank is time that you could save by rather applying for a loan online with a reputable micro lender.
In South Africa, the micro lending industry is quite robust. More people are turning to this form of finance for assistance when they are looking for extra cash to see them through for the month, or to pay for an unexpected expense.
Fortunately nowadays there are numerous options available for individuals whose credit records have been adversely affected.
Tips for applying for loans for bad credit:
It’s best to submit loan applications to different lenders within a short period of time, such as a week or two. This way, the application you make will not have a negative impact on your credit record.
Keep in mind the fact that these loans are often offered to individuals at high interest rates.
Apply only to registered credit providers that adhere to regulations of the National Credit Act. This way, you can be sure that the lender is regulated by the NCR and is not an unscrupulous lender.
Consider alternatives, such as peer-to-peer loans, which are loans from private people.
You should also consider secured loans, which will require you to put a form of collateral up in exchange for the cash.
Visit www.the1hourloans.co.za to gain access to personal loans of up to R230 000. This leading lender provides help for people with poor credit ratings.