Personal loans for people with bad credit or loans for blacklisted people.
South Africa's most accommodating criteria for Loans for people with bad credit, if you are looking for Loans for people with bad credit apply online here.
All you need to know about Personal loans for people with bad credit in South Africa.
Before you apply for a personal loan you need to know that we at Mega Loans also do loans for people with bad credit and loans for blacklisted people.
Sometimes people with bad credit or a bad credit record also need more money just to help them get back on their feet. We at Mega Loans understand that and would really go to extreme lengths to try and get you a small loan, payday loan, cash loan, a personal loan or maybe even a consolidation loan even if you are blacklisted or have bad dept or as they would say are one of those : People with a bad credit record.
Please bear in mind that personal loans for people with bad credit are normally issued on higher interest rates than normal, all depending on your credit record. If you are for instance blacklisted or have a bad credit record, you would be considered as a high risk customer. You might qualify for a loan, but you will be paying back at a higher interest rate.
Before you apply with any financial institution, you also need to know that all these companies link to one system. If you apply with 10 companies all at once, your credit score will drop to an all time low and you will be declined due to "High risk factor", but please be honest about your credit record when applying for a personal loan.(They will be able to view everything about you anyways.) Shop around before applying and ask what interest rate you will get when you apply for a loan. There are awesome Personal Loan Companies on the Internet that are willing to do the "Hunting" for you. Make sure before you apply that they will not just send your application to 10 different companies and hereby reduce your credit score, but that they will search for the best company to suit your criteria.
Some of companies ask you a "fee" before you even qualify for a loan, this is normally called an admin fee, but they do not guarantee you will get a loan. Another crucial factor about Personal Loan Companies that you MUST query is, to make sure that they are registered with NCR, National Credit Regulator of South Africa.
If you are applying for a loan to consolidate all your debt, please make sure that you do settle some or all of your debt. Do NOT spend the money on everyday expenses.