Whilst most personal loan providers or conventional lending institutions will not consider applications from individuals with bad credit rating or blacklisted status, you can still get a short term loan online even with bad credit. It is obviously not as easy, and you might have to apply to a few lenders before getting approved, but chances are that eventually someone will be willing to take on the extra level of risk!
How To Apply For A Short Term Loan With Bad Credit
If you have a bad credit rating, the first thing you should ask yourself is whether you can actually afford to repay another loan! Whilst in some instances, a credit score can be tarnished by a long-forgotten retail account, in many cases it should serve as a warning that you are over-spending and need to urgently review your credit and debt levels.
However, if you’re confident that you can repay a small short term loan, or need emergency cash, then you should use a service such as sapersonalloans.co.za.
sapersonalloans.co.za is not a short term loan provider themselves, but rather a loan broker who will check your details against their extensive list of potential lenders to find you a match based on your individual requirements. This is why you have a larger chance of getting approved even with a bad credit rating – and by applying only once, you save yourself time and hassle by applying to each short term lender individually!
Whilst you can apply for up to R15 000, you might have a better chance of being approved with a bad credit rating for short term loans of lower amounts. Also, make sure you evaluate the interest rate of the short term loan to make sure that you’re not overpaying based on your credit score – there will be a premium, but it still should be in line with what the South AFrican regulations allow.