If you’ve found yourself in a situation where your credit history is less than stellar, or you’ve been blocked, obtaining a traditional loan might seem like an impossible task.
However, some South African lenders specialize in providing alternative loan options for individuals with bad credit.
Online Loans for People with Bad Credit
Traditional banks often reject applications from individuals with a history of late repayments, defaults, or those who have been blocked. Fortunately, some lenders understand the challenges you face, and they are here to help.
Get a Personal Loan even if you’re Blacklisted.
In South Africa, if you need better credit, we can assist you in finding the best financial options. While loans designed for individuals with poor credit may have higher costs than traditional loans, they can be a lifeline for those in need.
These specialized loans may require proof of your ability to make repayments or collateral to secure the loan. We aim to help you navigate these options and improve your credit score.
Bad Credit Loans in South Africa
Understanding your credit history is crucial when seeking a loan with bad credit. Requesting a free credit report annually is your right, and it’s advisable to ensure accuracy. Mistakes or fraudulent entries can be corrected only when you know them.
You can still be eligible for a personal loan. While traditional banks may not be an option, there are reputable lousy credit lenders who adhere to the National Credit Act’s regulations. Avoid loan sharks, as they may offer quick loans with exorbitant fees.
Government Support for People with Bad Credit
Explore government-supported credit programs designed to assist those facing financial difficulties. These programs cover cash emergencies, home repairs, or starting a small business. Some short-term loans are offered through traditional lenders, providing a safer alternative.
P2P Loans for Blacklisted Individuals
Peer-to-peer lending is a growing trend in South Africa. It allows you to obtain a loan directly from a private individual through P2P platforms, bypassing traditional banks. While criteria may vary, a commitment to repay on time is crucial to prevent further damage to your credit.
Ways to Get a Loan with Bad Credit
Consider approaching friends or family for financial assistance. Draw up a signed contract outlining amounts and repayment terms to ensure clarity. If direct lending isn’t an option, having a stable friend or family member as a co-signer can enhance your chances of securing a loan.
Secured Loans for Bad Credit
If you have bad credit or are blocked, offering collateral increases your chances of securing a loan. Collateral lowers the lender’s risk, potentially resulting in a lower interest rate. However, be cautious and ensure you meet repayment obligations to avoid further financial strain.
Practical Tips for Bad Credit Loans
Understand the total cost and instalment amounts of the loan. See alternative solutions if they seem challenging based on your current income and expenses. Avoid accumulating more debt unless under professional debt consolidation or credit counselling.
List of Direct Lenders Offering Bad Credit Loans
Explore various lenders offering bad credit loans in South Africa, each with its terms and conditions. Use the bad credit loan calculator for a preliminary assessment, considering that it’s for illustration purposes only.
List of Direct Lenders Offering Bad Credit Loans in South Africa:
- EZI Finance
- Type: Bad credit loan
- Maximum Loan: R8,000
- Term: Up to 6 months
- Interest: Up to 32.1%
- Mulah
- Type: Bad credit loan
- Maximum Loan: R4,000
- Term: Up to 30 days
- Interest: Up to 38%
- SupaSmart Loans
- Type: Bad credit loan
- Maximum Loan: R200,000
- Term: Up to 60 months
- Interest: From 16%
- Blink Finance
- Type: Bad credit loan
- Maximum Loan: R4,000
- Application: Online
- Transparency: Transparent online loans
- EC Loans
- Type: Bad credit loan
- Maximum Loan: R120,000
- Term: Up to 84 months
- Interest: Up to 28%
- uBank
- Type: Bad credit loan
- Maximum Loan: R180,000
- Term: Up to 72 months
- Interest: Competitive interest rates
- Hoopla Loans
- Type: Bad credit loan
- Maximum Loan: R250,000
- Term: Up to 60 months
- Interest: From 20%
- Square Finance
- Type: Bad credit loan
- Maximum Loan: R3,000,000
- Term: Up to 60 months
- Interest: From 5%
- Mr Cash Loans
- Type: Bad credit loan
- Maximum Loan: R200,000
- Term: Up to 72 months
- Interest: Up to 28%
- My Financial Help
- Type: Bad credit loan
- Service: Expert Financial Advice
- Term: Up to 5 years
- Interest: From 28%
- Hippo
- Type: Bad credit loan
- Maximum Loan: R200,000
- Term: Up to 72 months
- Interest: From 24.75%
- TA Consulting
- Type: Bad credit loan
- Service: 100% free service
- Term: Up to 60 months
- Interest: From 14%
- Cyber Finance
- Type: Bad credit loan
- Service: Specialised Debt Solutions, Expert Financial Advice
- Blacklisted Loans
- Global Finance
- Type: Bad credit loan
- Maximum Loan: R100,000
- Term: Up to 60 months
- Fees: No fees charged!
- Ayoba Loans
- Type: Bad credit loan
- Service: Low-income loans
- Term: Up to 60 months
- Interest: Up to 28%
- Fincheck
- Type: Bad credit loan
- Maximum Loan: R250,000
- Term: Up to 72 months
- Interest: From 16%
- Easy Cash Loans
- Type: Bad credit loan
- Maximum Loan: R150,000
- Term: Up to 60 months
- Bad credit friendly
- Loan SA
- Type: Bad credit loan
- Maximum Loan: R150,000
- Term: Up to 60 months
- Interest: Up to 27%
- Binixo Loans
- Type: Bad credit loan
- Maximum Loan: R9,000
- Term: Up to 65 days
- Interest: From 10.5%
- LoanSpot
- Type: Bad credit loan
- Service: Low-interest loans
- Maximum Loan: R300,000
- Term: Up to 84 months
- Low Credit Loans
- Type: Bad credit loan
- Maximum Loan: R150,000
- Term: Up to 60 months
- Interest: From 32.1%
- iLoans
- Type: Bad credit loan
- Maximum Loan: R200,000
- Term: Up to 60 months
- Interest: Up to 28%
- Speedy Loans
- Type: Bad credit loan
- Service: Competitive interest rates
- Maximum Loan: R200,000
- Repayment Plans: Flexible
- ShowTime Finance
- Type: Bad credit loan
- Maximum Loan: R250,000
- Term: Up to 84 months
- Interest: Up to 27.75%
- Cube Finance
- Type: Bad credit loan
- Maximum Loan: R20,000
- Term: Up to 3 years
- Interest: From 28%
- SA Personal Loans
- Type: Bad credit loan
- Maximum Loan: R150,000
- Term: Up to 59 months
- Interest: From 21%
- Cool Finance
- Type: Bad credit loan
- Service: Low-interest rates
- Maximum Loan: R500,000
- Affordable loan options
- Loan Match SA
- Type: Bad credit loan
- Service: Fast Loan Comparison
- Term: Up to 60 months
- Interest: Up to 27%
- Loan Locator SA
- Type: Bad credit loan
- Service: Quick bad credit loans, Easy online applications
- Payouts: Lightning-fast
- Debt Lab
- Type: Bad credit loan
- Maximum Loan: R150,000
- Interest: From 27%
- Just Affordable Loans
- Type: Bad credit loan
- Service: Simple & affordable loans
- Term: Up to 60 months
- Bad credit friendly
- Budget Cash Loans
- Type: Bad credit loan
- Maximum Loan: R3,000
- Term: Up to 40 days
- Interest: Up to 65.96%
- SA Loan Services
- Type: Bad credit loan
- Service: Easy Loan Qualification
- Term: Up to 84 months
- Interest: From 2%
- Loan Connector SA
- Type: Bad credit loan
- Service: Professional Financial Advice
- Term: Up to 60 months
- Interest: From 10.71%
- Loan Tracer
- Type: Bad credit loan
- Maximum Loan: R200,000
- Term: Up to 60 months
- Interest: From 10.71%
- Wanna Loan
- Type: Bad credit loan
- Maximum Loan: R3,000
- Term: Up to 37 days
- Interest: From 5%