In life, we come across many problems, most of which need financial assistance, either be from family or friends, but sometimes these circles might not always have funds available or provide enough to cover our needs.
About – Loan Scout
Loan Scout will periodically give rise to the need for one to deal with financial institutions to access financial credit. Your choice of a loan depends on what you hold in terms of income, your regular responsibilities, use and amount of funds you require. But above these, there is one more thing that a borrower always finds difficult when it is mentioned, and that is credit scores.
Credit scores are a numerical rating of your fast loan and credit card performance (basically how fast or late you repay your debt). Credit scores are assigned to each loan or credit card client by credit bureaus.
These are financial institutions that work to provide a wide array of lenders with information regarding the history of clients on their loan repayments as they compile credit rating from data that they receive from lenders over a disbursement and repayment period.
Lenders most favour credit scores as they do checks as part of prospective client evaluation and assessments before granting a new loan. Also, getting a glimpse of their financial history.
Credit bureaus assign points to a borrower’s performance out of a maximum of 999, and they mark a location where one is rated to be bad.
These depend on the credit bureau, but in most cases, a credit rating below 570 out of 999 is regarded as a bad credit score. Upon making a credit rating, the information will be made available to all financial institutions that will be conducting their assessment and evaluations with the same bureau.
Bad credit rating is associated with loan defaults, delays in repayment and failure to comply with contractual agreements; these are indicators of higher risk in the view of the lender.
Ultimately lenders are distracted by clients who have such qualities of bad credit rating as they resemble an element of loss and expense to the lending business. This then makes access to financial services by a person who previously defaulted uneasily, but what options does one have?
Learn Exactly How
Loans for bad credit are financial credits extended to clients without putting much emphasis into their credit scores. Most important to note, lenders, do not ignore credit rating. They put more weight on internal credit assessment, rather than credit scores obtained from credit bureaus.
These loans are smaller, short-term loans that are usually easier to repay but they’re also recorded with credit bureaus. Also, they can contribute to the making of a positive credit rating. Loans for bad credit will afford the clients with bad credit history an opportunity to rejoin the system in which they would have been black labelled.
Loan Scout SA presents the opportunity to its clients to have these loans without any hustle. Our system allows one to make various applications by just one click. Our list of hand-picked financially reliable lenders contains determined agents of financial inclusion, and they give no segregation when it comes to access to financial services.
Because everyone is human, that’s why we make mistakes and sometimes we also need to be given second chances. This is why our partners will always work with you despite the bad credit score written against your name.
Getting a loan for bad credit is done with a few easy steps with us, the procedures are easy and straightforward that one can easily do it from the comfort of their homes.
- Must be employed and have proof of income
- Must be a South African citizen
- The applicant should be at least 18 yrs old
1. GETTING READY FOR APPLICATION
Our working partners that provide loans for our clients have some short lists of requirements when one wants to apply for a loan for bad credit, and they have to meet their criteria.
All the loans for bad credit offered here will require one to have all of the following. A national identity document coupled with three months stamped bank statement, and a pay slip or anything works as proof of regular income.
Like all other loans, Loans for bad credit are applied similarly. With us, one has to apply through our website where the required documents and disclosure on bad credit will also be required. The application can be saved or submitted when one finishes it.
3. GETTING READY FOR APPLICATION
After making a successful application, your application will be received by a number of lenders or our partners that offer similar services. One of their consultants will give you a call to make the loan offer at the same time making final verifications.
When you agree to take the offer, within minutes the funds will be deposited into your bank account.