Bad Credit Loans South AfricaIf you are finding it difficult toget a loans, possibly because of a poor credit history, bad credit loans may be the answer for you. These lenders offer loans for people with bad credit, and are more likely to lend the necessary funds. Interest rates are likely to be higher than normal loans however, to cover the perceived risk of giving money to such a borrower. You can also apply for payday loans which provide a quick way to get cash in your account, though these are intended to be paid back within a month or less.
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Loans for Bad Credit in South Africa
There are a number of loans lenders who specialise in lending money to those who previously have a poor credit record. These are often called 'loans for people with bad credit', 'loans for bad credit', 'bad credit loans' and so on. What it means is that these companies understand that not everyone has a perfect history and are willing to lend to South Africans who have difficulty getting a loan elsewhere. In most cases this will mean a higher interest rate; as the lenders need to protect themselves as they are dealing with a riskier customer base.
Payday Loans for Bad Credit in South Africa
There is also another type of loan that is usually available to bad credit borrowers. There are so-called 'payday loans' or 'fast loans'. These are not a long term solution but are designed to meet a quick need for funds when an emergency situation comes up. The loans are high interest if taken out for a long period, but are manageable if paid back within a month; which is the suggested repayment period.
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