Most people believe if they are not a home owner that they cannot qualify for a loan, but loans for bad credit are designed to help you financially even if you are not a home owner.
Loans for Bad Credit Benefits
With most of these lenders you can apply online and do not have to go into their offices physically. You can communicate with them by fax or email and the documentation needed can be send in the same way.
By applying for personal loans for bad credit, people can be helped back to a stress free life as they will no longer need to make use of pay day or month to month cash loans. They will save tremendously as the pay day and month to month loans are the most expensive form if you need finance.
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Some of the unsecured poor credit loans will even give you repayment periods form 3 months up to 60 months. This will enable you to get out of that expensive month to month loan cycle
Do these lenders only help blacklisted people?
No, most of these people offer a variety of products to the clients whether they are blacklisted or not. Although they mostly specialize in offering unsecured bad credit loans.
They do cater for these clients who have a clear credit record as well, and do not have time to go and apply physically at the bank
Are the criteria the same for both?
The answer is no. As unsecured loans for bad credit carries a higher risk to the lender, these loans are a more expensive than these who has bureau clear records.
Where to find these lenders
Your best option is online; although there are offices throughout South Africa as well should you wish to go in person. Just make sure you deal with a registered company as in spite of the new credit regulations you unfortunately still get the "loan sharks" out there.
How long does loans for bad credit approval take?
Feedback on your application is usually very fast and quick. It seldom takes more than 2 days to get an answer from these lenders. These institutions have to check out different options and thus need time to see where they can help you best.
Unsecured bad credit loans can really help a person getting back on track again, and relief you of that stress of worrying what to do and where to get help
Requirements for loans for bad credit
Must be permanently employed, or have a contract with and end date and salary must be paid by internet or electronically into your bank account. Borrowers also need to meet the minimum requirements of such lenders
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