Poor credit loans may be available for some individuals who have a bad credit history and this is perfect for people who have been blacklisted but will need to obtain credit. These loans will attract a higher interest rate as unsecured loans are higher risk to the lender.
Before you apply for any loan we need to assess your financial situation and make sure that you will be able to afford the monthly repayments comfortably. Make sure that you know about all the differences and interest rates will apply to your loan so that you know upfront but you will need to pay. Application process is usually quite fast and if you’re approved the money will show in your bank account the same day.
Short-term loans or have usually loans that are available to repay between one and three months and these are often called payday loans. You will have to repay the entire loan within a specific period of time before you’re able to apply for additional credit. It differs from personal loan amount you can borrow is much smaller, usually less than R5,000 and you can repay the loan on your next payday.
If you have a bad credit history you will unfortunately not be able to apply for a consolidation loan as this you won’t qualify. You need to have a clear cookies record to obtain this loan and this is only for people who would like to consolidate all their loan payments into one affordable monthly amount. If you have poor credit rating it must apply for a personal loan or short-term loan from certain credit providers and these unsecured loans are usually more expensive to repay.