BAD CREDIT LOANS INFORMATION

Please see information below on Bad Credit Loans.

        

Bad Credit Loans

What is a Bad Credit Loan?

If you have been refused a loan because you have a bad credit score you can take out a bad credit loan. If you have ever had trouble in the past with making payments, either repaying a loan or with credit card bills this can affect your credit score. Unfortunately, you are considered to be more of a risk to loan lenders so you may have struggled taking out a loan.

Bad credit loans are specifically designed to provide financial relief for those with a bad credit rating. With banks and other financial institutions becoming increasingly stricter on who they lend to a bad credit loan could be exactly what you are looking for. There are many available on the South African market so make sure you choose the right loan for you.

In most instances you can get a larger loan for a longer period with a bad credit loan compared to a payday loan and they are genuinely more flexible. However, the exact amount you can borrow will depend on the lender you choose. Bad credit loans are easy to apply for the process usually only involves a short online application form.

What about my Credit History?

Unlike with payday loans, bad credit loan providers do take your credit history into account. However, this will not prevent you from getting the loan. The credit check is used to determine the interest rate you are given and how much they will lend to you. Most companies will clearly outline how you credit report is used.

What are the Risks?

All loans come with some sort of risk. With bad credit loans is you fail to meet the loan agreement and repay the loan you could end up in even more debt and it will only make your credit report look less attractive.

The interest rate on a bad credit loan is usually higher than perhaps other loans as you are considered to be more of a risk.

When taking out a secure loan from a bad credit loan provider, where you are required to put up an asset as collateral such as your home or car, should you default on payments you risk having that asset seized. This means that should you fail to repay the loan you could potentially have your home repossessed so always remember what you could stand to lose.

        


Please note that Which Way To Pay South Africa www.whichwaytopay.co.za is not authorised to give personal financial advice under the South Africa financial regulations.

All of the Links, textural data, and image data is provided for informational purposes only.

Click here to view our Disclaimer

News Charts

Managing our money is the festive season is a must due to recent financial studies . Making more people aware of what they are spending .
30 August 2016
Which Way To Pay
With the festive season quickly approaching , recent studies have alarmed many people stating the levels people go to financially .
Read More >>
As we all know our pets become biog parts of our family life , so we need to make sure we are covered for any unexpected accidents or illness.
08 August 2015
Which Way To Pay
Pet Insurance has become a major part of many households. This is taking out to protect our beloved pets to any mishaps that may happen .
Read More >>
Make the most out of savings accounts now , as the rates are set to rocket in the next few days.
08 August 2015
Which Way To Pay
As the rates have been rock bottom for a while , this is now the time to get the most from the savings accounts available as the rates are on the up.
Read More >>

Register for newsletter