247 Loans is an online loan broker that works linking microfinance clients to microfinance providers and lenders.
About – 247 Loans
247 Loans works with a variety of lenders who are registered and accredited with respectable working ethics. We have organized a long list of lenders so that all your financial needs can be suited at any moment that you wish to have a personal loan.
Through the experience and processes, 247 Loans is of providing easy loan guidance to our clientele. Our company has gained an accurate understanding of the South African market, staging from their personal loan requirements. If you are willing and able to pay and also how the community can perform better with individual loans.
247 Loans have also studied the lenders and financial services providers on how much, at what cost and duration are they willing to provide financial services. Combining these experiences, 247 Loans comes second to none in the provision of these services.
Within the mix of our clientele and partners group, we also have several lenders that provide loans for bad credit.
How To Improve with bad credit?
Loans for bad credit are financial credit offered to people who have a bad credit record, or those who had their names tarnished.
Because 247 Loans understand that everyone makes a mistake and given everything that is going on your life, no one can willingly tamper around their credit ratings. Loans for bad credit are short term personal loans extended to defaulters, people under sequestration and those blocked to get their name back on the right credit scoresheet.
Bad credit is the negative or unattractive history that reduces your points of credit scores usually triggered by loan default. Also, late repayment or data entry mistakes by credit bureaus.
Most of the lenders have a membership with credit bureaus, and these credit bureaus are companies or institution that records the identity of a borrower. They are linked to their repayment performance, that is bank overdrafts, credit cards, and personal loans.
The use of credit bureaus is to help loan lenders to perform checks on their prospective clients as part of client assessment before granting them credit.
No More Mistakes
It can be determined on the credit score that a client holds. The credit scores are numbers or points that range from 1 to 999, and the higher one performs in repaying their credit, the higher the credit rating. Bad credit will be marked by a lower half that starts from 530 or 570 points going down depending on the credit bureaus that one will be using. This means that if your credit score falls below the half mark, you have defaulted or repaid your extension poorly.
247 loans, have recognized some loopholes in the functioning of credit scores and even when they are correct. We also appreciate that people change over time and deserve to be given second chances.
The tarnishing of the credit record should not mean an end of life, that’s why at 247 Loans we have put up a list of lenders including those that cater to people with bad credit. To provide the best service for you.
Our partners provide a wider range of bad credit loans.
Although most of the bad credit loans are small and quick to repay, they allow the borrower to lighten up their image to fellow lenders. Provided they can manage to make prompt repayments and honor the new contractual obligations. Loans for bad credit are also a form of personal loans, and they are granted with no collateral requirements. Although the client will still have visible bad marks.
We believe more in trust and constructive communication in solving issues, we don’t take the litigation course for personal questions regarding loans. 247 Loans recognizes that the need for one to have financial credit should not be deprived of any individual.
Loans for bad credit are also personal loans, which have the same or similar requirements to payday loans, short term loans, and personal loans, the significant difference between these is that loans for bad credit holders are obtainable with a negative credit rating as they do not regard much of your credit history.
Loans for bad credit will also consider the client’s credit score, but they are less strict as they take a shallow rated person to reform and replenish their negative credit ratings. Our clients will require the following before granting a loan for bad credit
- The applicant should be at least 18 yrs old
- Must be a South African citizen
- Must be employed and have proof of income
At 247 Loans, the loans for bad credit are unbelievably easy to acquire, with just the same documents and procedures to those with excellent credit rating, you can receive your allowance. The loans are applied online via our application portal in three stages
1. PERSONAL INFORMATION
This first stage is for us to familiarize and identify the person we are dealing with; it is at this stage when we require our clients to fill in all the relevant biological and background information.
2. FINANCIAL INFORMATION
This is when we require our clients to give us a better insight into their financial status, starting from banking details to banking history. Here we need the client to fill in the relevant information regarding the loan amount, and intended repayment period.
3. ACCEPT LOAN FOR BAD CREDIT
The application will be presented to our list of lenders, to who we will grant them the authority to contact you when they are willing to work with you. A phone call will be made to facilitate notification on the loan amount granted, and the loan will be deposited into your account upon the information.
This is how 247 Loans makes life easy for all the borrowers. Our company does not only make sure that lenders and borrowers are linked, we go an extra mile to facilitating people with bad credit to access credit and finally work on improving their credit scores.