Bad credit loans for non homeowners are not the easiest things in the world to qualify for. Having a poor financial history is more acceptable when you own property. Because it’s clearer to the bank that you have assets that they can reclaim if a problem with your loan occurs.
Bad credit loans for non homeowners include:
- Personal loans
- Guarantor loans
- Online cash loans
- Car finance
If you need to borrow money from lending companies but are on a black list then you’ll encounter all sorts of hurdles.
The first hurdle is that your interest rates are likely to be higher than those with a good credit record. Because there is less evidence that you will make your repayments in good faith.
The second is that blacklisted finance in South Africa comes with very strict terms and conditions.
If you are considering a bad credit loan and you do not own a home it is probably because you have a large debt you would like to pay off or consolidate.
This can be a really great way to counter the context of blacklisted finance because it means you put all your debt in one place. And have only one monthly payment at lower interest rates to make.
Lending companies also consider this an effective financial move. It indicates responsibility and it improves your credit rating. You might move from the black list onto an entirely better list to be on.
Bad Credit Loans for Non Homeowners – Personal Loans
There are personal loans for people who need money fast, whether they have bad credit or not.
Some lenders are prepared to give cash to those who are blacklisted. For instance say they need car finance. The lender will give it to them, but with a high interest rate.
Those in bad debt sometimes opt for debt consolidation loans, but this is not always advised.
Taking out a loan to pay debt just puts you back into more debt. It’s not advised, but the choice is yours.
Just because you need the money like yesterday, you should still be careful about the decision you make. Don’t make a hasty one, and rather take the time to think it through.
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There are different creditors that you can use when you are looking for personal loans for people who need money fast. You just have to determine which one will be better for you.
Think Carefully Before Applying for Bad Credit Loans for Non Homeowners
Before applying for bad credit loans for non homeowners in South Africa think about it a little.
If you are blacklisted or have a bad credit record it might be more complicated for you to get the cash. Some companies will refuse your application completely because of this.
You just have to look around and find out which of them will allow you to apply for a loan. And of course which of them offer the most reasonable rates.
Think about debt consolidation and if it is the right thing to do. Think about the car finance that you need so badly and first make sure you will be able to pay the loan back before you make it.
Once you are sure that you will be able to afford this specific loan, make arrangement with the lender and you should have your money in no time.
The personal loans for people who need money fast in South Africa can be tricky. So pay attention to all the details.
Guarantor Loans in South Africa
You should qualify for a guarantor loan with bad credit in South Africa.
This type of loan means you get a close friend or family member to be the guarantor on your borrowing.
Be careful with this kind of finance though. Because if you fail to make your repayments the guarantor has to pay your installments.
Which could cause arguments and turn your close friends or family member against you.
In more serious cases if the guarantor can’t pay the loan back they could face car or house repossession.
Online Cash Loans for Bad Credit Loans for Non Homeowners
Online cash loans can be applied for quickly over the Internet. And fast cash finance approved to those who qualify. By simply filling out and submitting online cash loan application forms. To see if you qualify or get approved.
Approval for these types of loans online depends on your personal credit history and the amount of cash you are looking for when applying for a loan.
Fast online cash loans grant you the money you may need urgently when you find yourself in a bad credit or financially sticky situation.
Cash loans are a quick solution for those looking for money immediately. Regardless of a bad credit rating with the banks or a poor credit history, even blacklisted.
Types of Cash Loans Online
Certain types of online cash loans will credit money into your account within an hour if approved. Therefore may help you gain back a good credit rating with the finance companies.
Quick and convenient online cash loans are available across a number of websites and Internet resource centres. Offering people the types of loans and quick finance they need, when they need it. Even if they have a bad credit history or fear they may be blacklisted.
Online application forms take minutes to fill out and you can get an answer on the approval of a cash loan within the hour on most sites.
Often those in financial trouble or with money problems will seek to find a quick solution to help with financial troubles. So these online cash loans available may just be the answer.
Blacklisted Bad Credit Car Finance
Blacklisted bad credit car finance can be made available to those who have this financial status.
To get these secured loans you will have to find lending companies who lend specifically to people that are on the black list.
The only thing you will have to worry about when you want to borrow money under these circumstances is the interest rates.
You should find quite a few of these companies online, but what is often best is to look locally.
So check the newspapers in your area and just look for these businesses advertising around shopping malls etc.
Go to a few different lending companies that offer blacklisted bad credit car finance. Ask them what their interest rates are on the amount you need to borrow.
Do not accept one of the loans until you have done a bit of research to see if you can get more affordable rates elsewhere.
This is only for your benefit, so make sure that you have the best interest rate before you decide to borrow money from any company.
It may take some time, but it is what you should do if you are not in too much of a hurry to get the money.
Read more here: Blacklisted Car Finance for People in South Africa
Don’t Stress about Being Blacklisted
Once you are on the blacklist it takes at least five years of “good behaviour” before you are taken off. Unless you know a good debt lawyer. So you don’t really want to be on there in the first place.
Just because you have made some mistakes in the past and now have a bad credit record, it doesn’t necessarily mean that you cannot purchase a vehicle. There are people out there that will help you. But unfortunately you may pay for your mistakes with hefty interest rates.
Get the car finance that you need today even if you are blacklisted with a bad credit history. Just make sure you make your monthly payments on time.
At some point in your life you will probably need to consolidate your debt.
Lending companies regard you as more responsible when you have a good credit record. Therefore they are more likely to give you finance for the various purposes you need it.
If you own a property you can generally get a loan, but when you don’t own your own house this becomes a bit harder.
Bad credit loans for non homeowners are harder to get than if you own your own house or property.
If you have been blacklisted finance can be quite difficult to access. When you make the change to consolidate your finances, you are more likely to get a loan. Even as a non home owner with a poor credit record.