If you’re looking for loans with credit scores less than 500 in South African, you’re at the right spot. Take your time and check out our latest post on loans for credit scores less than 500 in South Africa.
Overview
South Africa 500 Credit Score Credit Score Loans for people with poor credit, a bad credit score or are listed as blacklisted. We’ve managed to bring together many financing options all under one roof, to say. By submitting a single form, we are able to meet any kind of credit or credit scores. Not just the 500-credit score loan in South Africa.
Credit bureaus are typically the first point of contact for lenders who are considering whether or not they should extend the credit of an individual. They are responsible of collecting and analyzing corporate and consumer credit information related to an individual’s or company’s credit history and behavior. Although lending institutions are able to access an individual’s credit history whenever they apply for credit, individuals may also access this crucial information.
More About Credit Scores:
Your credit report will show how much debt you’ve had over the past 24 months, and whether there have been significant modifications to your credit report. This could include negative entries, such as the late payment of your account, or a non-payment that could result in an injunction against you.
Inability to make all your obligations and credit agreements is often referred as bad credit. It can make it difficult to get loans.
A credit score ranges between 300 and 850.
A credit score that is less than 620 is considered inadequate or poor credit.
If your credit score is 500, your options in the financial market will likely be limited. The interest rates you’ll pay will be more.
What are your options for loans in the event of a poor credit score?
Peer-to peer lending can be beneficial for those with a bad credit rating, while home equity loans could be beneficial if you have an equity line in your home.
In such situations asking family members or friends for help could be an excellent idea. However, it’s important to keep a record of the agreement.
The choice of a co-signer can help you get loans.
How to obtain credit scores of 500:
Low Credit Loans
The financial company provides loans that range between R1000 and up R150 000, with terms that range from 6 to 60 years. These credit score loans, which are 500 dollars, are provided for South African people earning a monthly income of R3000 or more. They can apply for these loans using an online application.
Where you can get 500 credit score loans:
Low Credit Loans
This financial firm provides loans ranging from R1000 to R150 000 with terms ranging from 6 to 60 months. These 500 credit score loans are offered to South African people earning a monthly income of R3000 or more through a simple online application.
To sum it all up, below are 7 best types of loans in South Africa for
a low credit score of 500.
1. 500 credit score for consolidation loans with bad credit south
africa
2. 500 credit score for bad credit home loans guaranteed approval in
south africa
3. 500 credit score for 90 day payday loans no credit check south
africa
4. 500 credit score for 6 months loans no credit check
5. 500 credit score for urgent payday loans no credit check South
Africa
6. 500 credit score for bad credit loans guaranteed approval monthly
payments south africa
7. 500 credit score private lenders for high risk personal loans south
africa
Above are all the categories of loan you can get while having a 500
credit score in South Africa.
LIST OF ALL BEST 500 CREDIT SCORE LOANS SOUTH AFRICA
1. 500 CREDIT SCORE FOR CONSOLIDATION LOANS WITH BAD CREDIT SOUTH AFRICA
These lenders in this category would lend you funds if you are seeking to get a debt consolidation loan when you have a bad credit score. You can repay the loan over 24 months and with a low interest rate.
Below are 3 best lenders for debt consolidation loans with a bad credit score of 500 in South africa.
I. QUICK CONSOLIDATION LOAN
Quick Consolidation Loans allow you to consolidate your debts and get your finances back on track.
Even if you have a low credit score, you can get a loan from this lender. To get started, contact Quick Consolidation Loans today, and they will assist you in completing an application so that you can restructure your debt in a timely and cost-effective manner.
II. BAYPORT DEBT CONSOLIDATION LOAN
With Bayport you can consolidate your debt into a single loan with one month payment and lower your interest rate.
You’ll gain easy access to online statements and to make secure payments, all you have to do is to go to its website and submit a loan request.
III. CHAINPAY LOANS
Chainpay Loans is a nationwide brokerage with over 25 years of experience in the credit industry that helps clients all over South Africa to obtain personal loans of up to R150,000.00.
Chainpay is an indirect loan broker, they would apply for you at their panel of lenders that are all registered with the NCR.
2. 500 CREDIT SCORE FOR BAD CREDIT HOME LOANS GUARANTEED APPROVAL IN SOUTH AFRICA
If you want to get a home loan in South Africa but have a low credit score of 500, the lenders listed below will approve your loan in minutes.
I. LOANSFIND
Loansfind is one of the best indirect loan brokers in South Africa. Its aim is to help you find a financial partner that best suits your budget and lifestyle.
It is not a credit provider and cannot make decisions regarding your eligibility for loan approval.
II. FNB HOME LOAN
With a fnb home loan, you can get funds that would enable you to get your first home even though your credit score is very low. To get started, submit all your details and wait for an approval email.
3. 500 CREDIT SCORE FOR 90 DAY PAYDAY LOANS NO CREDIT CHECK SOUTH AFRICA
A 90-day payday loan is a type of loan in which you must repay your lender within three months of receiving the loan. In other words, these loans are commonly referred to as short-term loans and have low interest rates.
Are there any payday loans that don’t do credit checks in South africa? Yes, some private lenders don’t need to check for your credit score, they’ll only check for your affordability capacity and if you can afford to repay back, you’ll be granted a loan.
If you need a payday loan with no credit check in South Africa and have a credit score of 500 or less, the lenders listed below can help.
I. DOT LOAN
With dotloan, you can get a loan of up to R150 and a repayment schedule of 90 days or three months. Although, Dot Loan is not a direct lender and doest determine your approval success. when you apply for a loan, they’ll send a loan request to their panel of lenders who would be ready and eager to grant you a loan.
II. LOAN SPOT
Loan spot is one of the best private lenders for high risk personal loans south africa for people with a poor credit score of 500. On loan spot, you can get a loan even when any other lenders have rejected you. The lender will not request your credit report from a credit bureau and this grants you access to any amount of loan that you can afford to pay back.
4. 500 CREDIT SCORE FOR 6 MONTHS LOANS NO CREDIT CHECK
6 months loans no credit check south africa is one of the best loan options for people who are desperate for a loan in South Africa.
There are numerous lenders who would be eager to provide you with a payday loan that you could repay in 180 days, which is equivalent to 6 months. Although the interest rates on these loans are typically high, it is well worth your time.
The two best lenders in South Africa for a 6 month loan with no credit check are listed below.
I. CHAINPAY LOANS
You don’t have to pay an upfront fee while trying to get a loan from chainpay. with them, you can getfund of up to R150,000 and repay over 6 months.
The main fact here is that Chainpay is not a direct lender and your loan approval does not depend on them. When you submit a loan request, they’ll send your application details to its list of credit providers who would be willing to grant you a loan or not.
II. EASY CASH LOAN (EC LOANS)
EC loans have a loan approval rate of 99% and that does not guarantee that you’ll be granted a loan because they are not a direct lender.
You can get a loan amount of up to R120,000 only with a competitive interest rate of about 10.71% and a fixed nominal rate at 8.84% p.a. Although this is just an estimated loan rate, you’ll be notify of the amount you’ll repay when you want to acquire a loan.
5. 500 CREDIT SCORE FOR URGENT PAYDAY LOANS NO CREDIT CHECK SOUTH AFRICA
If you need to get an unsecured loans no credit check with no upfront fees in south Africa, then an urgent loan for 500 credit score would suit you.
Loans are vital and necessary evil that we can’t do without. We all need a loan to make our business move or get that stunish shoe that our eyes can’t look away from.
If you are in this category then an urgent payday loans no credit check South Africa for low credit score of 500 would be the best option that you cannot avoid now.
Below are 2 best loans for a 500 credit score person in south africa.
I. BLINK FINANCE LOANS
Blink loans are simple to apply for, approve, and transfer on the same day. To begin the loan application process, fill out the online form from the calculator on blink finance homepage.
They provide paperless, same-day loans of up to R6000, and all loans are subject to approval if you meet their loan approval requirements.
II. QWIEKFIN LOANS
Qwiekfin is a nationwide brokerage with over 25 years of credit industry experience that assists clients all over South Africa in obtaining personal loans of up to R150,000 even if their credit score is 500, which is considered below average.
6. 500 CREDIT SCORE FOR BAD CREDIT LOANS GUARANTEED APPROVAL MONTHLY PAYMENTS SOUTH AFRICA
I. EASY CASH LOAN
With Easy cash loan you can get credit with funds of up to R150,000 with just a simple registration of 3 minutes.
To be eligible for an easycash loan, you must be over the age of 18, a permanent South African citizen, have a bank account, and work full-time.
II. SUPA SMART LOANS
In South Africa, Supa Smart provides loans for people with bad credit that are approved immediately. Even if your credit score is as low as 500, you can get online loans ranging from R1000 to R200,000.
They do not lend directly. They are simply a loan broker who works with the most trustworthy direct lenders in the market to find you a loan.
7. 500 CREDIT SCORE PRIVATE LENDERS FOR HIGH RISK PERSONAL LOANS SOUTH AFRICA
OLD MUTUAL OLDMUTUAL.CO.ZA
Old Mutual is one of the best private money lenders with no credit check, offering personal loans as well as debt consolidation loans to all South Africans.
They provide a Money Account, a low-cost transactional account, as well as a unit trust savings account.
CAPITEC BANK LOANS CAPITECBANK.CO.ZA
You can get a personalized loan from Capitec. This means you’ll get the best loan offer based on your profile and current needs, with the lowest fees and interest rate possible.
You can borrow up to R250 000 for 5 to 84 months at an interest rate of 11%. Remember that your instalments will be affected by the term, so make sure you can repay the monthly instalments for the entire term.
FREQUENTLY ASK QUESTIONS FAQ
Here are some questions to consider if you want to learn more about the best 500 credit score loans in South Africa. Aside from these, please do not hesitate to ask any additional questions using the comment section.
HOW MUCH OF A LOAN CAN I GET WITH A 500 CREDIT SCORE IN SOUTH AFRICA?
The amount of the loan you can get with a 500 credit score depends on the lender’s term of policy and the repayment schedule. You Can borrow from the range of R500 to R150,000 if your credit score is low
but that’s just the maximum.
Some lenders can just decide to grant you a loan base on your affordability score and the upon condition that you are permanently employed in south africa
CAN YOU GET APPROVED FOR A LOAN WITH A 500 CREDIT SCORE
Yes, you can get a loan approval with a credit score of 500. However, these loans can be difficult to obtain unless you meet other requirements such as affordability checks, being self-employed or permanently employed, submitting collateral, and submitting other standard documents.
CONCLUSION
To sum it all up, you can also get loans for poor affordability scores from these private lenders but they come with you submitting a collateral.
So far, we’ve been able to cover up all the best 500 credit score loans in South Africa with guaranteed approval. I urge you to do your own research about these lists before you apply for any.
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