If you are in need of credit but your unemployed, you will not be able to qualify for a loan for any bank or registered financial services provider. You need to be employed in order to be able to repay your loan, so if you are unemployed from you won’t be able to repay your loan and you will be a great risk to the lender.
If you have a bad credit record, or if you blacklisted, you may still qualify for a personal loan or a short-term loan at certain credit providers but you still have to be full-time employed and your salary has the pay into your bank account. That’s why it’s important to make sure that you find the right type of loan if you are in need of credit. If you feel like you’re unable to make your monthly debt repayments you can apply for debt review.
While under debt review, you won’t have to deal with creditors on your own as your debt counsellor will handle your creditors on your behalf and negotiate lower payments until you have paid off all your date. However, if you are still able to afford your date but you would just like to have the lower monthly instalments you can consider taking out a consolidation loan. This will enable you to pay off all your creditors at once and then have one lower monthly instalment to repay over a longer period of time. This is a great opera for people who would like to have extra money available every month.
If you’re unemployed you won’t be able to obtain credit as you will have no reliable means of repaying your debt. So unfortunately they are really is not a loan for an unemployed person in South Africa. Few are employed for at least three months you will be able to apply for a loan, either from a bank or an independent financial service provider.