Cherry Loans is a loan credit broker based in South Africa that works with six top lenders, who are also registered and provide ethical, responsible financial solutions.
About – Cherry Loans
Cherry Loans carry most of its operations online, where prospective lenders are linked with loan applicants from all over the country. We are a fast, reliable, and secure loan platform that has managed to provide credit services to vast numbers of clients free of charge.
Our company operates responsibly, allowing all citizens to access loans and financial services. In all our activities, we made sure that we facilitate responsibility among both the lender and the borrower.
Loans provided through us will only be lent to responsible people who show maturity, willingness, and ability to repay. Financial inclusion at the same time preventing the community from being over-indebted.
The microfinance sector has developed a more comprehensive finance method. Its where there is a focus to push and cover for a lot of clients. Also, including those who cannot access micro-credit services. This is due to a blacklisted condition giving birth to the riskier loans for bad credit.
Credit Records for people with bad credit
Due to the large numbers of micro-finance institutions, borrowers have been engaged in massive loan acquisition, and this has led to a lot of people getting over-indebted.
Some people unknowingly tarnished their images resulting in deficient credit scores.
Almost all of the registered financial services providers are registered with credit bureaus. Every loan that one acquires with these organizations information regarding repayment is submitted to these credit bureaus.
A credit score is a numerical representation of how one managed to pay on their loan or credit card.
The lenders and credit bureaus mark a boundary where they differentiate between bad and good credit record. The bad credit record is when one holds points that aggregate to less than 570, and the upper part will represent the higher or excellent credit score.
Due to the fear of credit risk and default almost all lenders now really on this information whenever they are making loan assessments, with a minimal number willing to finance the community with loans for bad credit.
How To Win
With most financial institutions, loans for bad credit carry a high-risk profile and so they are issued with collateral attached to them. Also, most lenders try to mitigate the loss in the event of default.
At Cherry loans, we work with partners that have a rich profile in providing loans for bad credit. Our partners seek to uplift the clients’ condition by giving them a chance to improve their credit scores.
Our loans for bad credit come with similar terms and conditions to those of people with good credit ratings.
To facilitate financial inclusion, the application process has been made the same, and the assessment is also similar. The only difference is that clients with bad credit will be given amounts that are lower to allow them to build their credit scores slightly.
How to apply for a loan with bad credit?
When one thinks of acquiring a loan for bad credit, a lot of things might come to their mindset, things like going for a personal screening, but with us, we have made the process much more comfortable and accessible to individuals with bad credit history.
Cherry Loans for bad credit come with similar amounts as short-term loans, having quantities that range from R100 to R8 000 and repayments that stretches to 6 months. The following are the documents and conditions that one will be expected to meet before making an application for loans with bad credit.
- Be aged at least 18 years at the time of making application
- Have a regular source of income that exceeds R5 000
- Hold a working South African Bank account
- Be a resident of South Africa
Adding to the conditions mentioned above our company will also require applicants to provide the relevant documentation to support the terms, and these come in the form of
- National Identity document (National Identity book or Valid South African Driver’s license)
- Three months stamped bank statement
- Current pay slip from the current employer
Get a loan
Cherry loans facilitate a smooth application for loan applicants, and this happens as one application that you make reaches up to six lenders at a time. Our list of lenders is well financially resourced, and they provide several loans for bad credit. For one to access these loans, they will need to make an application through our application portal on the website.
The application process begins with one filling in their personal and financial details before progressing to the submission of documents that supports and verifies the information provided. The application ends with the agreement of terms and conditions before one can wait for our credit team to contact them if the request is successful.
In a few hours, the fast loan will be disbursed, and the money will be deposited into the bank account provided. This is how Cherry loans makes you access a loan with bad credit.