With the advent of the internet, it has now become much easier to access self employed loans in South Africa. In fact, if you have a good credit score or own a business that has been established for at least three years you will find that getting the required amount is not that difficult at all. If you are applying for a payday loan however, there are a few things that you should know about South Africa and the requirements that you need to fulfill in order to get a payday loan. Here are some of the things that you need to know about self employed loans in South Africa.
– You need to have a bank card or a debit card. This is required because with the help of your bank card or debit card you microfinance south africa can provide proof of identity. Your bank card will be valid only till the period that you have left on your loan agreement. The longer you have the card, the more chances of being granted loans. That is why banks and financial institutions offer various different forms of cards for different purposes.
– Another requirement that is required for self employed loans in South Africa is that you have to have an active checking account at the time of application. This is needed because most of the time, financial institutions conduct all transactions through electronic transfer. So, the more details that you give regarding the bank account you are in possession of, the faster the transaction can take place. There are also some banks which allow instant transfers. This is a great advantage as most of the time, you can get your loan approved within minutes of filling up the application form.
– Most banks in South Africa do not consider late payments of loans to be a valid reason for denying the borrower a loan. However, if you are able to pay your loan installments in a timely manner this may persuade the bank to overlook your late payments. Hence, by simply paying the loan installments on time, you can easily secure easy loans for self employed persons. It is important to note that you will have to pay taxes on the amount of money you acquire through the secured loans.
– You might have noticed that when you try to apply for some cash loan in South Africa, you are immediately denied because of your low credit score. Self employed loan blacklisted by most financial institutions is generally considered as non-compliant with the guidelines and regulations set out by the government. In case, if you want to acquire a personal loan that is not blacklisted by the financial institutions, you can use the credit check provision of the loan. However, this will only work if you have an excellent credit score.
– Another method that is often used to obtain instant approval for loans in South Africa is to make use of your employer’s social security number. By using your SSN, you can gain instant approval for some cash loans. However, you may be asked to produce income proof or prove that you have been working for your employer for the last six months. Apart from this, you may also be required to produce copies of pay slips from the past six months. You should bear in mind that most banks will refuse to approve such applications, as these do not meet the required standard requirements.
– There are several financial institutions that offer loans to self-employed persons. One of the easiest ways to obtain payday loans is to search the internet and come across the various online cash loan companies. Most of these companies operate without any hassle and can provide instant approval. These companies do not perform any credit checks on their applicants. Therefore, if you have poor credit scores, you may still get approved for one of the online cash loan company websites.
In conclusion, it is very easy to apply for payday loans South Africa with poor credit score. However, you should bear in mind that you may need to pay a higher interest rate due to your low credit score. If necessary, you can consider seeking online help from an alternate financial institution, such as your bank, to obtain payday loans.