Short term loans are hard to come by if you have bad credit or are blacklisted. Many financial institutions will most likely turn you down if they find that you have bad credit, or they will charge you an exorbitant interest rate for the short term loan.
Try and minimize your chance of being rejected by making sure that none of these apply to you:
- You must not be self-employed as this shows that you are getting an irregular amount of money per month and may struggle with paying the lender back.
- You must not be under administration or under debt review. This is self explanatory as if you are still under debt then you may get into more debt through loans.
- You may not currently be under sequestration or in the process of being liquidated.
If you are permanently employed, receive your salary into a bank account (monthly or fort-nightly), have been employed for more than three months (this is lender dependent) and are a South African citizen, then your application will be considered with major credit providers.