Short-Term Loans for Bad Credit

If you are in need of a bad credit loan, even when you have a bad credit history, we can help. We have selected a panel of lenders who are able to assist people with good and bad credit histories, because we all have a past!

Loans for Bad Credit

If you are experiencing financial difficulties, are worried about qualifying for a loan, or if you have an unstable credit history, LoanHut is the loan service provider that offers you a variety of lenders to compare products from. With us you are also able to obtain your credit record providing you with your latest credit score from three of South Africa’s biggest credit bureaus.Thisis useful as it may help you to see if you qualify for a loan before you apply.

How to determine if a Bad Credit Loan is right for you?

Taking out a bad credit loan, is great for those with poor credit scores who struggle to obtain credit from mainstream banks and lenders. Here are a few reasons how a person can fall into the bad credit category:

• Being repeatedly declined for loan applications
• Owing large amounts of debt or bankruptcy
• Unpaid utilities, phone, rates bills, etc.
• Missed loan repayments

These and other reasons can and will affect your credit score, but if you decide to try and manage it properly and responsibly, abad credit loan may help improve your credit score.

Our lenders take various factors into consideration when assessing your loan application and credit rating. This will include your financial activity over the past few years as well as your ability to repay the loan on a regular basis.

It important to note thatrepeated missed repayments on previous loans will likely have a negative impact on your application.

While people with a good credit score are more likely to be approved, those with a poorcredit score are either declined or offered a less than favourable lending rate.

Here are a few useful tips to help you improve your poor credit score:

1. Make sure all your particular details are accurate and up-to-date. We all have busy lives and our details change every now and then and it is easy to forget to update them. Try to get in the habit of doing this each time your personal details change. For example, you get married/divorced and your name changes or you change address.
2. Inaccuracies do tend to affect your score, so ensure they are as accurate as possible such as your contact numbers, your utility bill personal details, your bank account details, etc. If all correct, it will not affect your ratings.
3. Close accounts or credit agreements that are not in use or necessary
4. Having an unused credit card may seem like it has no effect on your ratings, as this shows that you are not able to make repayments. Rather cancel the credit card once it has been paid off.
5. Keep up to date and make regular repayments. Please take note that a missed repayment could stay on your credit record for up to three years.
6. Try to only apply for credit that you know you are likely to be approved for as multiple declined applications will have a negative effect on your profile. Rather try to apply only once for a loan that is suited for people with a poor credit score.

Representative example: As an example, if you borrow R15,000 over 15 months at a fixed rate of 28% per annum and a fee of R68.40 per month and initiation fee of R1,197 this would result in a representative rate of 68% APR (fixed). The total amount repayable would be R22,717

Please note: we are NOT a lender - we are a loan broker working with the most reputable direct lenders in the market place to find you a loan. Our FREE service compares a wide range of lenders quickly, and finds you a lender that may be willing to lend to you today. Some lenders or brokers on our panel may charge you a fee to process your application.

Rates from 20% APR to 112% APR - we provide a no obligation loan searching service, your APR will be based on your personal circumstances. Loan repayment terms from 3 to 60 months.