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 rate.

Bad Credit Loans Information

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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.

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Compare Bad Credit Loans Below.

COMPANYTYPEINTEREST RATELOAN AMOUNTMIN TERMMAX TERMTERMSSUITABLESECUREDUNSECUREDMORE INFO

Wonga
Wonga

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

Terms

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

View

Suitable

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

NoYesWonga
Applying for a Wonga loan is simple. There’s no nightmare paperwork to file, documents to fax, or 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”. We'll then ask you for some personal details for our super-speedy credit check; and your banking details, so we know where to send your cash.
DETAIL INFORMATION >>		Services

Services

Short term credit provider


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


Advantages

Advantages

1. Quick and easy application
2. No documents required
3. Instant decision 24/7
4. No hidden charges
5. Completely secure
6. No branch visits or meetings with the bank manager
7. 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

financesPORTAL
financesPORTAL

BrokerVariesUp to R150000VariesVariesView

Terms

Varies

View

Suitable

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

NoYesfinancesPORTAL
financesPORTAL have tailored a quick and easy lending brokerage service that initially only requires you filling out an application form that takes less than three minutes to complete. Once you have filled out their form, financesPORTAL match you with a lender who will lend you up to R15000. Apply online today and get a no obligation quote for a loan with financesPORTAL.
DETAIL INFORMATION >>		Services

Services

1. Loan broker


Restrictions

Restrictions

1. You must have a South African ID number 

2. You are required to have been permanently employed for at least 6 months


Advantages

Advantages

1. Quick and easy form - takes less than 3 minutes to complete! 

2. Get PreQualified from an agen that contacts you 
3. Get a loan of up to R150000


Disadvantages

Disadvantages

1. Until you fill out the quick application form it is difficult to obtain any detail of the types of loan financesPORTAL has to offer you.

Kilokor Rental Loan
Kilokor Rental Loan

LenderN/AN/AAsk on application48 monthsView

Terms

See website for details

View

Suitable

For individuals who are unable to attain vehicle finance due to Judgements/defaults/Blacklisting/having no credit record (e.g. first time buyers)/Low bank credit rating/Balloon Payments but would still like long term private access to a car.

NoNoKilokor Rental Loan
Does your credit record put the brakes on your mobility? Let us put you in the driving seat! Kilokor Rentals is the brainchild of Braam Lategan. Braam has 17 years experience in the 2nd hand motor trade. In the past 2 years Braam recognized a need in the market for an alternative to regular finance. Hence, Kilokor Rentals was born. We specialize in supplying long term rental cars to clients who are unable to attain finance due to Judgements/defaults/Blacklisting/having no credit record (e.g. first time buyers)/Low bank credit rating/Balloon Payments.
DETAIL INFORMATION >>		Services

Services

1. Long term car rental for individuals with less than perfect credit histories


Restrictions

Restrictions

In order to be eligible for a 4 year car rental with Kilokor Motors you mut have: 

1. Refundable deposit (Amount dependant on vehicle chosen) 
2. 3 months bank statements 3. 
3 months payslips 
4. Valid drivers license 
5. Valid ID document 
 6. Only in GAUTENG 
7. Proof of residence


Advantages

Advantages

1. 4 year (48 month) rental contract. 

2. Includes 48 months mechanical warranty. 
3. Includes matrix vehicle tracking and log book for tax advantages.
4. Includes servicing and comprehensive insurance. (service every 10,000 km's - Kilokor pays R800 towards each service) 
5. Tax deductable. 
6. AA National Breakdown Assistance 
7. Max 32,000 km's p.a. (2700 km's per month) - thereafter AA rates.


Disadvantages

Disadvantages

1. You do not own the car by the end of the 48 month payment plan, you have just been renting it.

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