It’s a tragedy of life that financial problems tend to come in multiples. You fall into debt, then something crucial happens for which a personal loan is urgently required. What if you don’t have credit history? Or you have bad credit history? Bad credit loan would be a solution in these cases.
You know that this is the loan that could get you out of the financial ‘ditch’ in which you find yourself. But unless you can avail of something like a ‘no check credit loan’, your credit history will not do you proud. You find yourself asking if there’s a way out. If you live in South Africa, is there any way to successfully apply for a loan if your credit history is against you?
Personal Loan – Payday Loan
You could be short of cash for something necessary like your monthly grocery bill. In South Africa, the concept of the Payday Loan has evolved. You get money to instantly pay off the bills you have in hand. It’s okay. It keeps your slate clean and helps you avoid interest charges. But the loan has to be paid back on your next payday, or a little later. Sounds good? You can check out loan companies online from your own home.
Check Them Out
Check out the payday loans offered. These companies will be more interested in your next payday than your credit rating. You shouldn’t have any problem getting this type of loan as long as you have a payday on the horizon. No tension about your loan history.
Bad Credit Loan
Some loan applicants might have a ‘thin credit file’. There may be very little information to inform a bank or a lender of their ability to repay loans. Financial advisors in South Africa have advice for South African nationals without reliable credit ratings. Before jumping in to get a no credit check loan, check your credit rating first.
You may discover your rating is good. If so, you could get a loan on favorable terms. If not, you can still get a loan, but on stricter terms, with higher interest rates. It’s always better to check your credit rating. Otherwise, you may have to bear stricter conditions and higher rates than necessary.