Applying for a loan can be a very overwhelming task with a lot of paperwork and let’s be honest many people are not keen on taking a lot of time on working application forms and long waiting periods when they need the money as soon as possible. Knowing the Easiest Loans To Qualify For In South Africa can keep you a step ahead.
There are some loans in South Africa that are easier and quicker to apply for, like personal loans, short term loans and payday loans and the good thing about these types of loans is that you can apply even if you have a low income and credit score.
These loans are considered to require forgiving requirements that an average South African can meet, making them more obtainable for people with small income and poor credit score, which is considered to be 528 and below.
Requirements to qualify for a loan in South Africa
Loan lenders in South Africa look for a couple of things when applying for a loan, they’ll ask you for the reason why you want the loan, check your affordability using your credit history and score, and your income will also be checked.
Affordability and Reason for the Loan
Many credit providers and loan lenders will always ask you for the reason why you want to borrow a loan and what you want to accomplish with that certain loan amount you want and they will check if you can afford the loan by asking you about your monthly expenses.
Employment and Salary Information
When applying for a loan from a credit provider you will be required to have valid and relevant information about your employment and things like your employer cell phone number will be requested. Loan lenders will also require documents like your payslips or bank statements in order to know that your income is enough for you to qualify and repay the loan.
Credit Score and Credit History
Loan lenders will always check your credit score and history in order to help them know how well you handle your debts and if you have been delaying on paying your credit that can limit your chances of qualifying for the loan and if you have been handling your debts well you are mostly likely to get approved.
Easiest Loans to qualify for in South Africa
The following loans are considered to be more obtainable because they have rules that are less strict and simple applications.
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Secured Personal Loans
Secured personal loans are much easier to apply for and they make it possible for people with bad credit score to qualify, with this particular loan you will be required to offer your assets/collateral like your house, car or any other valuables that belong to you when you apply if you don’t repay the loan you’ll lose your assets.
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Payday Loans
If you need quick money Payday loans are also very easy to get in South Africa however, they come with a huge interest rate of 300% or more. They are simple to get with low income and poor credit score but it can be expensive when time goes.
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