FAQ

What do I need to Qualify for a Loan:

  • Must be 18 years or older
  • Employed for more than 3 months at your current employer
  • Earn a minimum Basic salary of R 3000 per month
  • Have a South African green bar-coded ID

 

If I am Blacklisted, or Low Credit Score, can I still Apply for a Loan:

Yes.   Don’t refrain from applying for a bad credit loan just because you are blacklisted – you may still qualify!

Our Lenders are more lenient than the banks.

 

Can I apply for a Loan if I am under debt review, sequestration or any Debt re-arrangement program:

No. Our Lenders are regulated by the NCR and it is against the Law.

How will I know if my Loan is approved:

Low Credit Score is not a direct lender. When you apply with us, your application is submitted to our lending partners. If they can assist they will contact you directly with 24 – 48 hours and take the process forward. They will request your supporting docs etc. If you have not received feedback after 48 hours, it means we could not find you a lender.

Low Credit Score does not ask for your banking details and we do not charge any fees.

 

 how to get a loan with bad credit

Simply complete our 2 minute online application. We do the rest to find you the best deal. If approved, our agents will contact you within 24 hours of application and request supporting docs.

 We  provide clients with blacklisted loans or low credit score loans with our easy application process. Simply complete our online application form. We work with a number of  nationally recognized lenders and loan brokers. Let us do the running around to secure you a loan. Our service is Free. We do not charge to find you a loan.

INTEREST

The interest rate will be fixed for the full period of the credit agreement.
Any loan granted in terms of a credit agreement entered into by you will be repayable to the credit provider together with the fees, charges and interest reflected on the Quotation given to you.

COST OF CREDIT

The credit provider will be entitled to charge and capitalise any charges permissible by the NCA to the maximum extent permitted by the NCA including, without limitation, service fees, credit life premiums default administration charges and collection costs.

Fees & Rates

Our service providers always tell you upfront what the cost of your loan will be. There are no catches or extra costs to worry about, providing you stick to your side of the deal. Our short term service providers have an annual interest rate of 32.10% to 60% APR, They also show you an example of the cost of an average loan to show you a clear breakdown of interest and fees. Included in this is their R57 per month service fee that helps cover the cost of the administration of your account and an initiation fee which all fall in line with the NCA. All of this is shown upfront so you can judge the cost of a loan before you accept your quotation. Fees include 14% VAT

Important
Failure to settle your loan could lead to your details being recorded with various Credit Bureaus. Furthermore, external collections partners may be used to recover the outstanding debt .Always be sure that you can afford to repay your loan before applying.

Non Payment

The only way costs will mount beyond our initial calculation is if you do not comply with the terms of the loan agreement. If our first collection attempt is declined by your bank – because you have not made sure that there are enough funds available – we will do our best to contact you as soon as possible, as we always hope to resolve the situation as quickly as possible. However, your bank may charge you for not having sufficient funds available in your account.

We will then make further attempts to collect the money from your account and our professional collections team will also keep trying to contact you to discuss the situation. If your circumstances have changed significantly, they will do their best to offer a solution and come to an arrangement that helps you best, which is always our goal.

We do not believe in charging you with ongoing and multiple charges, like most lenders, but interest will continue to mount on your balance for up to 90 days if we can not reach a fair agreement in the meantime. If we do not reach an agreement and we can not recover the money over a reasonable period, your account will be passed to an external collections partner. Legal Action will be taken.

Continued failure to repay a loan will also mean credit bureaus will record the outstanding debt. Finally, your rating will be affected and you probably won’t be able to borrow from us again.

None of these things are worth the risk, so if you have doubts about whether you’ll be able to comfortably repay a loan, please do not apply in the first place.