The most common reason for individuals searching for fast loans online with no credit check is because of bad credit.
Over 19 million credit active consumers in South Africa have impaired credit records. This means that more individuals are struggling to repay their debts and are drowning in it. Statistics have shown that South Africans are paying as much as 75% of their monthly salaries to creditors.
A further indicator of the debt crisis is the fact that more people under the age of 25 are looking for debt counselling.
Because of such circumstances, more people are looking for fast loans online with no credit check. Despite having a bad credit record, life goes on. Unexpected costs may come up and effectively make it impossible to stay within budget for the month.
The micro lending sector in South Africa is robust and has numerous options available for individuals to get access to fast loans online with no credit check.
What you should look for:
- Transparent processes. Make sure that there are no hidden costs involved
- Short-term cash loans. The loan should be repayable within a few months.
- Flexible loan solutions that allow you to choose exactly how much you want to borrow
- Clear guidance about responsible lending.
- Convenience. Application processes should be simple and easy.
- Favourable cost factors. Usually credit check loans often come with higher costs.
What qualification requirements apply?
Most lenders have a few basic requirements. These may include:
- Being over the age of 18 years
- Being a South African citizen
- Having a valid and active bank account
- Having a permanent job
Most lenders have a simple and small application form. In addition, there are no securities required, so you don’t have to worry about providing any assets as collateral.
Lenders you consider should be registered with the National Credit Regulator.