Challenor finance develops communities through financial inclusion, a particular form of extending credit to the sidelined market and clients who do not hold the same chances with the average citizens.
About – Challenor Finance
Our company offers a wide variety of financial products from financial advisory to personal loans, loans for bad credit included. With our mandate of empowering the people with tangible financial solutions, we extend our services to the marginalized communities, including those with bad credit. We offer our financial services aligned with their cultural, religious, and beliefs, that’s combining ubuntu to provide significant financial aid.
At Challenor finance, we have vast years of experience in microfinance and provision of financial services. It is through these years that we have learned that there is a section of people with a low credit rating that is often sidelined from accessing financial services.
This section is commonly known as the wrong credit clientele, and it consists of people who failed to honor their financial obligations. This includes those who failed on credit cards, failed to pay due to circumstances beyond their control, some who mistakenly got over-indebted. The list is a bit longer, and it represents a more extensive section of our community. This means that our people can no longer access funding from financial institutions that require a good credit rating.
The Single Most Important Thing
For people who have not been involved with the borrowing loans from companies that are registered with credit bureaus, the term “bad credit” might be a strange word.
The reality is in South Africa when one acquires financial credit with any of the registered financial institutions and microfinance firms. The company submits the clientele’s information to a credit bureau; this is a company that keeps a ten-year record of the borrowings and payments you made.
The credit bureaus will give the clients points based on their loan performance, that’s how good, or bad the client manages to honor their payments. The points make components of credit rating, and the credit rating will be a scale that stretches from 0 to 999.
It is within this scale that one is regarded to have bad credit or a good credit rating. Bad credit will generally have points below, 570 and the excellent credit will be 571 going upwards.
Most financial services institutions identify and asses their clients with their personal information combined with the credit rating, which is obtained from credit bureaus.
The credit rating, in most cases, has a more significant impact on your prospects of acquiring a loan with a legitimate financial institution. The higher the credit rating, the better your chances of securing a personal loan.
Loans for bad credit are personal loans issued to the community, with little or no regard for the negative credit rating the prospective client has. Loans for bad credit are usually small amounts with quick repayment periods that one can use to put back their credit picture on the right side.
Loans for bad credit represents the commitment made by micro financial services providers to push for financial inclusion. It is a higher level of commitment to face the risk involved in funding the communities disregarding their black labels.
Challenor finance offers many opportunity
For all the members of our communities, with very little consideration for their credit history. Challenor Finance accepts the clients with bad credit history, especially those who were caught unaware and are willing and able to reform.
Loans for bad credit can be acquired from our personal loans that are offered from a range of R2 000 to R80 000 and repayable on a period between three to twenty-four months.
These loans are a package of our commitment to helping you finance your marriage, school fees, medical costs, and other needs that may arise in your lives.
At Challenor finance, we accept a wider variety of clients; this is why we can give fast loans to clients with bad credit. Our loan requirements show how we ease up the process of acquiring a loan.
Though our company requires a few conditions and documentation, we also need things that are aligned with the legal and financial regulations. For one to access our loans, we require the following conditions
- South African citizen above the age of 18 years.
- Employed of have a traceable source of income
- Your finances should flow through a South African bank account
The above conditions will then need to be backed by the provision of relevant documents that we require when the client is making an application. These will then include
- A national identity documents or valid South African driver’s license
- Three months stamped bank statement
- Latest pay slip from the current employer
The application of a loan for bad credit with Challenor finance is the same with all other personal loans. The loan application will be made online through our application portal.
The prospective client will need to fill in their personal information, financial information before finishing the process with the submission of relevant documentation. After the completion of the application, one will only need to wait for a few hours before our team gets back to you.
If the application was successful, the funds would be deposited in the bank account provided and wait for one month before commencing monthly repayments. This is how easy one can get a loan with bad credit at Challenor Finance.