How to apply for a loan if you have a bad credit record

If you have a bad credit record and you want a personal loan in South Africa things turn to be difficult as most personal loan lenders don’t provide loans to people who have a bad credit record.

Which Loan is the best bet to get for people with bad credit record

Most personal loans in South Africa do check for your credit record and if it is bad then they will reject your application and you wont get your personal loan, this is because you are a high risk individual, they are afraid that if they give you a personal loan you won’t be able to pay them back.

So you best bet in getting a loan if you have a bad credit record is to go for:

  • Bank Temporary Loans
  • Bank One Month Loans
  • Bank Payday Loan
  • ATM Loan

All the above mentions loan do not require a payslip, they don’t even check your credit record to see if you qualify or not.

What do you need to apply for a loan that does not check your credit record

All you need is a bank account with any bank that support these types of loans, most banks in South Africa do offer these type of loans, check absa for example, bellow is the list of what you need.

  • An active bank account
  • The bank account must receive money monthly
  • Your bank account must be in good condition not in a negative amount always
  • Banking app of your bank
  • Or Online Banking app

How do you apply for loan without a credit check?

Since the bank has all you information they will asses if you qualify for the amount of money that you are looking for based on you account history, this is based on the money that comes in your bank account monthly.

To apply all you have to do is to login to the banking app or login to the online banking website and then based on your bank you can navigate to the borrowing or temporary loan section to start you application.

Since the money is against your banking account receiving money, as soon as your account has money deposited to then the bank will debit or deduct the money you owe, they usually debit it at the end of the month.

Removing word with pencil’s eraser, Erasing Bad Credit

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