Although most lenders may want to perform an inquiry before providing a loan, there are stil some lenders who do not require credit check in South Africa for particular types of loans.
No Credit Check Loans SA
Main Type of Loans
There is a variety of loans that you may qualify for including several long term loans and short term loans issued by banks, financial institutes or online lenders.
- Unsecured Personal Loans: They allow you to borrow a large amount of cash up to R150,000 with flexible terms to repay in monthly payments with interest.
- Secured Personal Loans: They allow you to be charged lower interest rates since you need to reduce the risk for the lender by offering up an asset as collateral.
- Debt Consolidation Loans: To make repaying your current debt easier and have a single payment with flexible terms each month, you may apply for a debt consolidation loan and group your older loans into one piece.
No Credit Check Loans In South Africa
This type of loans are eligible for if a borrower is “Blacklist” ed or in Bad Credit situation. Or else likely to be “reject” when applying for a loan. Or bad credit history limits options while searching for a loan to cover expenses.
Applying for a no credit check loan can be the best solution due to your current economic situation. No credit check loans allow you to receive the amount you need with competitive and convenient terms. Despite of your poor credit rating.
However, they usually have higher than normal interest rates due to the risk of being unpaid. There are loans, instant loans, personal loans and bad credit loans designed for customers with bad credit. Regardless of your bad credit score, you can qualify for a bad credit loans. As long as you have a sufficient and stable monthly income.
How To Apply For a No Credit Check Loan In South Africa?
To get loans in South Africa, you must be found eligible and you need to provide necessary documentation to the lender including:
- Your personal information
- Your phone number and e-mail address
- What do you want to use the loan for
- The amount you want to borrow
- Proof of employment and your employer’s contact info
- Proof of income