Bad Credit Loans

If you have bad credit and want to acquire a loan then you may have been refused because of your credit score. If you need extra capital then a bad credit loan could be what you are looking for as they are created specifically for people with a poor credit score in mind. Not only will you have access to the money you need but as long as you stick to the loan agreement they can be used to rebuild your credit rating. If a bad credit loan is what you are looking for then make sure that you compare as many different loans as possible before you apply. The interest on these loans will vary and some can be a lot more expensive than others. Bad credit loans are offered by many lenders in South Africa and we have listed below some of the top loan providers on the market. Use the chart to compare all the features of each loan to find the one most suited to your lending requirements. It is extremely important to read all of the terms and conditions for any loan you might apply for. Some loans may have certain charges which you might not be aware of. It is also sensible to understand the detail of any financial obligation you are getting into.

If you wish to speak to someone: Contact Us

COMPANYTYPE

TYPE

Lender / Broker

APR

APR

The term annual percentage rate describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate

LOAN AMOUNT

LOAN AMOUNT

Amount you can borrow

MIN TERM

MIN TERM

Minimum borrowing period

MAX TERM

MAX TERM

Maximum borrowing period

TERMS

TERMS

Terms and conditions of loan

SUITABLE

SUITABLE

Applicants the loan is suitable for

RESTRICTIONS

RESTRICTIONS

Restrictions regarding potential borrowers

SECURED LOAN

SECURED LOAN

Loans secured with an asset

UNSECURED LOAN

UNSECURED LOAN

Loans which are not secured with an asset

MORE INFO

Wonga
Wonga

Lender60% per annum; 5% per month or 0.164% per dayR100 - R20001 day30 daysTerms

Terms

South African ID number,over 18 years, employed and a bank account in your name

Suitable For

Suitable

For those seeking a short term financial solution to a short term cashflow problem

Restrictions

Restrictions

You must be employed and have a South African ID number in order to qualify. You must be over 18 years old and have a bank account in your name

NoYesWonga
Applying for a Wonga loan is simple. There’s no cheesy hold music to endure, because our unique service is 100% online from start to finish. Just use the sliders on the home page to decide exactly how much cash you want to borrow and how many days you need it for. We'll show you the full cost upfront and once you're happy with the terms, just click “apply”. Please make sure that you read the terms and conditions thoroughly to ensure that you fully understand your financial obligations. DETAIL INFORMATION >>Services

Services

Short term credit provider


Advantages

Advantages

1. Quick and easy application
2. Instant decision 24/7
3. No hidden charges
4. Completely secure
6. No branch visits or meetings with the bank manager
5. The first 3 days are interest free


Disadvantages

Disadvantages

1. Our service has an annual interest rate of 60%, in line with the regulations set out in the NCA, But remember a Wonga loan is only for between one day and a month – so actually you’re paying just 0.164% interest a day 

2. Wonga.com doesn’t believe in hitting you with ongoing and multiple charges, like most traditional lenders, but interest and service fees will continue to mount on your balance if you do not repay your loan on your chosen date. You can repay your loan early though, and you might even be able to save some money that way.. 
3. The Service fee we charge is R50 per month plus 14% VAT, as prescribed by the NCA

Boodle
Boodle

Broker0.17% per dayR100-R25001 day35 daysTerms

Terms

You have to have a valid email address and cell phone number so that we can keep in touch throughout the process.

Suitable For

Suitable

For individuals with average to good credit ratings, with a South African ID number and looking for a short term loan

Restrictions

Restrictions

You need to be a South African citizen, have your own bank account in which your salary is deposited monthly, have a regular income and be over 21. You must also have been employed for at least 6 months. If you have a bad credit rating your chances in qualifying are slimmer.

NoYesBoodle
We know that in life, things happen – nasty things, happy things… expensive things. That’s where we come in! At Boodle, we want to help you out of any short-term financial problems. It’s not only because we’re nice people, it’s just what we do. So, if you need a cash loan quickly, you’ve come to the right place. Boodle is all about safe and convenient short-term loans in a blink! DETAIL INFORMATION >>Services

Services

1. Short term loan broker, providing loans by either Boodle or matching you with a Boodle Credit Provider


Advantages

Advantages

1. Once approved, your Boodle Loan could be paid directly into your bank account within 60 seconds – that's if it’s a weekday between 8:00 and 15:00. 

2. If it’s after 15:00 on a weekday, you will have Boodle in your bank by breakfast (that’s if you eat breakfast at 8:00). On weekends or public holidays, your Boodle will be paid out early the very next working day.
3. Fully automated, paperless and ONLINE 
4, If your Boodle Loan was declined due to affordability, we may offer you the opportunity to ‘appeal’ and possibly change our mind - this is a manual process 
5. Boodle have gone to great lengths and done our best to make sure that our platform is safe and secure! And when it comes to how we use your personal info, it’s all very official,we won’t share your details with anyone trying to sell insurance, cellphone contracts, etc. 
6. Taking out a Boodle Loan and repaying it on time (as we know you will) has a positive impact on your Credit History. 
7. Boodle are reasonable and will sometimes be able to arrange loan extensions


Disadvantages

Disadvantages

1. If you have a bad credit rating your chances at having your Boodle Loan approved are slim. However, don’t let this put you off. You may be too harsh on yourself for one and your Credit Profile may not be in the state you think it is! 

2. You cannot apply for a Boodle Loan on someone's behalf 
3. If you do not repay your Boodle Loan back on time your Credit Profile will be negatively affected and your Boodle Rating will also be badly impacted 
4. If you have been declined you need to wait at least 30 days from your first application date before you reapply for a Boodle Loan. 
5. You need to have been employed for at least 6 months in order to qualify 
6. You cannot apply for a Boodle Loan using a joing bank account
7. Your Boodle Loan is your loan amount plus interest and fees. The interest and fees on your Boodle Loan are calculated based on the requirements of the National Credit Act. 

Here are the facts: 

1. Service Fee: R50 per month plus VAT.
2. Initiation Fee: 
- Loans under R1000: 15% plus VAT
- Loans over R1000: 

R150 plus 10% on any value above R1000 plus VAT

Get Bucks
Get Bucks

Lender5% per monthR500-R40007 days45 daysTerms

Terms

You must have a Bank Account and be a South African resident

Suitable For

Suitable

For South African residents with all credit backgrounds looking for a solution to a short term cash flow problem

Restrictions

Restrictions

You must have a Bank Account and be a South African resident

NoYesGet Bucks
Get Bucks, Advance Your Payday Now. Get Bucks is a South African registered lender, with one twist - it’s online and it’s fast. When we say it’s all done in an hour, it includes the cash in your account*. We are not about giving you money to buy a house, a boat or even the latest flat screen TV. We're about instant cash to sort out life's little issues. There are no hidden costs! DETAIL INFORMATION >>Services

Services

Payday Loan Lender 


Loan example: Borrow R500 for 7 days, charges= R198.65, Total Repayment= R698.65


Advantages

Advantages

1. Borrow any amount between R500-R4000 

2. Pick how many days you want to borrow the money for, with a maximum term of 45 days. 
3. Once you are happy with everything, complete the rest of the application steps that should not take more than 10 minutes 
4. Get answers quick, usually within the hour 
5. Loans Paid out under 60 minutes!
6. Money debited out of your account on the day you have chosen, making the process a simple one. 
7. Want more answers? Make use of their helpful website with Sype Calls and live chat 8. The loan and all fees, costs and charges are reflected upon application. What you see, is what you get.


Disadvantages

Disadvantages

1. There is an initiation charge for each loan to cover the service delivery promise of being effective and fast 

2. Furthermore, there is an interest rate of 5% per month that is levied against the initial loan amount and fees. 
3. Also included in the repayment is a daily admin rate and collection fee.

SA Bad Credit Loans
SA Bad Credit Loans

BrokerVariesR500 – R15 000VariesVariesTerms

Terms

Varies

Suitable For

Suitable

For individuals looking for a fast cash loan of up to R150000

Restrictions

Restrictions

Not available if you are self employed

NoYesSA Bad Credit Loans
You need a quick and easy loan? Then SAPersonal Loans are the right people for you as they will do all the work for you to find the loan which suits you best. The application is easy and you will get an answer on the same day. Benefit from easy repayments, fair conditions, and excellent service and apply now! DETAIL INFORMATION >>Services

Services

Loan Broker


Advantages

Advantages

1.Discreet – no one has to know you applied
2.Same day approval
3.Easy online application


Disadvantages

Disadvantages

Not much information provideid before application

If you wish to speak to someone: Contact Us

Compare Bad Credit Loans

If you have bad credit or have been refused elsewhere a bad credit loan can come in handy. However, make sure you know the facts before you apply.

Have Bad Credit? You are not alone

Bad credit affects a lot of people.

Credit reports are easily damaged, simply by missing credit card and loan payments you can damage your score. Having a poor credit rating will be used against you when you apply for financial products like loans and credit cards. This is because people with bad credit reports are considered to be more of a risk. People with better credit histories are not only more likely to get accepted for the products they want but they will also be offered better loan conditions.

What are you loan options if you want a loan but have been refused elsewhere?

What is a Bad Credit Loan?

A bad credit loan is especially designed for people with a bad credit history and those who have been refused for a loan elsewhere. When compared to a payday loan you will find you can borrow more money for more time with a bad credit loan.

Bad Credit Loans can help you rebuild your credit rating

Many bad credit loans come with useful credit rebuilding facilities. You can rebuild your credit rating or if you have no credit rating start from scratch. As long as you are responsible and make payments on time your credit rating will improve which will result in better loan conditions in time. With a better credit rating you will be able to borrow more money and be offered lower interest rates in the future.

Treat Bad Credit Loans with caution

The main disadvantage of a bad credit loan is the interest rate. These loans come with notoriously high interest rates because lenders see you as high risk because of your financial history.

You need to make sure you make your payments on time because if you default on the loan repayments not only could you fall into debt but you will damage your credit rating even further. As the interest rates are high and late payment charges can be expensive the debt can easily accumulate.

Be careful with secured bad credit loans because if you miss payments then ultimately you could have the asset you put against the loan taken away from you.

Where to find Bad Credit Loans

There are a lot of bad credit loans on the market. You need to make sure you find a loan that has reasonable interest rates and is clear in its terms and conditions.

Compare lenders in the table above to find the loan most suited to you.

Things to remember when comparing bad credit loans

The interest rates offered to those with a poor credit history is usually significantly higher than those advertised with high street banks. It is important that you compare the headline rate with bad credit loans, not any promotions or examples. The longer you take to repay the loan the more you will ultimately repay.

Bad Credit Loans - Latest News News and Charts

Why a bad credit loan can be right for you

06 May 2013
Mark Maffia

People who have been refused for a loan can still apply for a bad credit loan

READ ARTICLE

How to finance a car with a bad credit

07 March 2013
Mark Maffia

People who have a bad credit history, and have been refused for a loan, think they cannot have a car as a result of this – but the reality is that it has become easier to still be able to find car finance even if you think you have been blacklisted.

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Benefits Of Bad Credit Loans

17 July 2012 18:00
Lucy Williams

If you are suffering from a poor credit rating then a bad credit loan can help you. Your credit rating is often checked when applying for various loans therefore it is important to make sure that your financial past is in order so that you can be approved for the money you need.

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One Stop Financial Solutions

21 May 2012 16:00
Which Way to Pay

One Stop Financial Solutions can facilitate unsecured loans for people with bad credit between R550 to R15000. They offer payday loans, bad credit loans and consolidation loans and a simple application procedure that will result in fast approval.

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Need A Loan But Have Bad Credit?

06 March 2012
Which Way to Pay

There are thousands of people across South Africa who have a bad credit score and unfortunately this will often stand between you and the money you want. Why not consider a bad credit loan?

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