Getting loans for debt review clients can be extremely difficult. This is because your profile will be flagged by the major credit bureaus. As such, whenever a lender checks your credit score, they will encounter this information and won’t give you money.
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According to Veri Cred Credit Bureau, 717,495 people are struggling to pay back their debts in South Africa. These people have a combined debt of up to R2 trillion.
- Most credit packages for people who don’t have a stellar credit record require collateral.
- You can’t get money from a bank if your profile has been flagged by the credit bureaus and you need an advance urgently.
- Popular lenders who give out review advances include Cash Crusaders, Paragon, Blue Oak Systems, Debt Rescue, and Debt Busters.
What is Debt Review?
This process assists individuals failing to pay back the money they owe. A review counselor will approach all your creditors and negotiate more flexible payment arrangements for you. This helps reduce your installments to amounts you can manage monthly for loans for debt review clients in South Africa.
Understanding Debt Review Credit
You may be in this situation because you have failed to pay your current debts. So, before we dive into which lenders will offer you money when you are under debt review, it’s important to understand that borrowing more when you are already struggling with debt is not a good idea.
As such, you will find that responsible and registered lenders may not approve any application from someone struggling with debt. If they do, they may even be penalized for irresponsible lending later.
Does this mean you won’t be able to get money to cover your emergencies? Certainly not. If you encounter an emergency and need money to make things work, there are other methods of getting cash.
By now, you probably have a good idea of what “other methods” means. This means you are left to work with a lender who either disregards what the NCA says, offers money to people with lots of financial problems, or isn’t registered at all.
What are Loans for Debt Review Clients?
If you have made it this far, chances are you are ready to throw all caution to the wind. The only types of cash advances you can get when you have serious financial issues are secured credit packages.
Many lenders in South Africa don’t check your credit score when you approach them for money. Instead, they require that you bring a valuable to secure the advance.
If you have used lending services from Cash Crusaders before, you probably know that the pawn shop doesn’t check things like credit scores. As such, they may not even realize that you are under debt review.
Apart from secured lenders and pawn shops, the only other people who won’t check your credit score are Mashonisa. This, however, should be your last resort.
Getting a loan from a mashonisa is a risky business. You can lose your valuables, and some will even harass you. Unfortunately, once things get to that point, the only solution will be to go to the police for protection.
Eligibility Requirements for Applying Under Debt Review
Credit packages offered to people in this situation are borderline unofficial. This means there are no set requirements for you to qualify when dealing with loans for debt review clients in South Africa. The lender you approach will decide what they need from you.
Here are some of the general requirements you may expect:
- Proof of income
- Valid South African ID
- Being over the age of 18
- Proof of residence
- Have a valuable asset or belonging to pawn or use as security
- Earn enough money to pay back the loan
These are general requirements that any lender will request when dealing with individuals with flagged profiles. For example, proof of income is a must, considering there’s no other way to prove you can pay back. The lender will at least want to know if you earn enough to give back the money.
Types of Credit You Can Get
What types of financial products can you access when you have been flagged by credit bureaus? Here are some you may want to consider.
Secured/Pawn Shop Financial Services
With secured lending, the most important thing to have is a valuable asset you can use as security for your loan. The most popular lender in this category is Cash Crusaders.
This South African pawn shop offers short-term credit packages and uses gadgets, vehicles, furniture, and household appliances as security, among other things.
Cash Crusaders has branches in almost every South African province, city, and neighborhood. The application process can last less than 30 minutes, from when you arrive to when you leave with the money.
This lender offers probably the best packages if you are under debt review and need a loan urgently in South Africa. However, as you might imagine, you will lose your valuables if you fail to pay back the money.
Payday Borrowing for Debt Review Clients
A payday loan is almost self-explanatory. This is a small amount of money you get and pay back when you receive your salary. Given that you still have a small amount left after paying your current debts, you may be able to qualify for payday credit.
Several lenders offer payday lending without checking their credit scores. They need to know that you can return the money when it’s due.
The most popular lenders who can offer such advances include Hoopla, Ayoba, and Mulah. To apply, you should show up with your payslip as proof that your income is enough to cover the amount you want to borrow.
Online Credit Options
It’s possible to apply for online credit in South Africa without a good financial track record. However, you need to be very careful when doing so. Keep in mind that there are many scammers online, and you may lose the small income you have left.
When looking for lenders in South Africa, always do your research. Check reviews on Google My Business. You should also check the company’s social media pages to see what others say about a particular service provider.
Reviews will give you a clear picture of how an online lender operates. Some scammers will ask you to send a loan initiation fee, then block you as soon as they receive the money. As such, if you decide to take this route, proceed with caution.
Consolidation Loans for Debt Review Clients
A consolidation loan may not be the best option to address emergency situations. However, your debt counselor is the best person to advise you.
If your debt counselor assesses your situation and thinks a consolidation loan will help ease things up, then you should consider it.
There are several lenders offering debt consolidation credit in South Africa. The best places to get debt consolidation services include Paragon, Blue Oak Systems, Debt Rescue, and Debt Busters.
Consolidation lending can help bring about some order to your finances, depending on your debt level. If your debt is too high, you may want to avoid borrowing any money whatsoever.
Guaranteed Credit South Africa
The only guaranteed credit you will receive once your profile has been flagged by the credit bureaus is a secured loan. You can easily get money if you have a car, house, or valuable belongings.
However, getting the cash is just one part of the equation. Even if you convince a lender to approve your application, you will still need to pay up when the time comes.
Your assets will be lost if you borrow without any means to return the money. This is why you should think long and hard before you make this move.
Most lenders providing cash loans for debt review clients are unregistered. When it comes to getting cash for emergencies, you can think of this as the deep end.
Getting money from unregistered lenders is unchartered territory. Once you get into that situation, there’s no telling what can happen.
Some lenders will seize your belongings if you fail to pay back their money. Some will go as far as beating you up or any other form of harassment. Some people have lost their lives working with unregistered lenders.
If you decide to work with a loan shark, make sure you are absolutely certain you will be able to return the money as per your agreement. If you fail, you will find yourself in serious trouble.
Lenders to Approach When Under Debt Review and Need a Loan Urgently
Are you looking for money to solve your problems? Look no further. Here’s our list of lenders who will give you money even if you are under review:
Easy Pay Day
This lender gives out emergency cash amounts of up to R2,000. They won’t check your credit record, and you don’t need to submit any paperwork. Apply Hhttps://myloan.co.za/application?pubid=2040221ere.
Salary Advance Loans
You can take out salary advance credit if you earn enough. This means that to qualify for this service, you should be employed. One of the perks of working with this lender is their instant approval.
You can find Salary Advance Loans at 74 Villa Rd, Gauteng. You can also reach out via phone at 27814648903.
Xcelsior Financial Services
Are you looking for loans for debt review clients in Sandton? Visit Xcelsior finance for amounts of up to R500,000. Please note that this lender deals with secured financial services only.
You can, therefore, use your car for collateral. Submit your application here.
Kfinance is giving out cash in the Western Cape. You can get small payday credit packages with flexible payments and affordable interest rates. The lender accepts applications via WhatsApp Number: 060 304 6016. You can also call them at 044 382 3983
If you are in Kwazulu Natal, under debt review, and need money urgently, you can approach Finance Web. You can get short-term and payday lending of up to R2,500. Submit your application on their website.
Lime is one of the most popular lenders providing loans for debt review clients in South Africa. They also offer financial aid to blacklisted individuals. Lime accepts online applications on its website.
TA Consulting is another reputable lender in KZN. The lender has been around for more than ten years and offers several different packages. Submit your loan application here.
Finance27 is the go-to lender when you are looking for money to cover emergencies. They give out instant cash advances of up to R4,000 without credit checks or papers. Here’s where to submit your application.
Kathlego Cash Services
Kathlego is perfect for low-interest financing at the click of a mouse. The lender offers payday lending and other custom packages. Call 057 212 5688/ 086 640 8570 to submit an application today.
How to Apply for Loans for Debt Review Clients with No Upfront Fees
There are several ways to apply for these types of financial packages. You can either visit a physical branch, or you can apply online. Some lenders also accept applications via phone.
You don’t need many documents to apply and get cash when you are under review. Depending on the lender you approach, here are some of the documents you may need:
- Valid South African identity document
- Proof of income
- Car papers
If you are planning to use your vehicle as collateral for loans for debt review clients, you should show the lender every document proving car ownership.
Pros and Cons of Getting Cash Under Debt Review
Getting money from lenders is good if you use the money properly. If you are not responsible, you can end up in a worse predicament, considering your profile is already flagged by credit bureaus.
Advantages of Getting Financial Aid When Struggling With Debt
- Fast cash to solve your current problems
- Instant approval
- You can deal with emergencies on time
- No credit checks
- Bad credit lending is confidential
Disadvantages of Loans for Debt Review Clients
- Expensive interest rates
- High chance of unregistered lenders
- Additional fees
- You can lose your valuables
- Money is deducted from your bank automatically
- They can reinforce a bad habit
- You end up in a cycle of debt
How to Avoid Being Scammed
Being desperate for money can leave you vulnerable to scammers. As such, you must be extra careful when looking for money in such a situation.
Fortunately, there are several to spot scammers from a mile away. Here are some tips you may want to know.
Poor Quality Advertising
A professional lender invests money in high-quality advertising material design. Suppose you encounter poor-quality websites that lack information, and you need a loan urgently. In that case, chances are the lender you are planning to approach may not be very professional.
This is another classic scamming technique. When looking for loans for debt review clients, you should never fall for would-be lenders who ask for money over the phone. Upfront fees are almost always a sign of scammers.
No Office Address
You should avoid working with lenders with only an online presence but no physical location. Even if a lender specializes in online transactions, they should have at least one office address in South Africa.
No State Credit Registration
It’s difficult to trust an unregistered lender. This is why we don’t encourage working with unregulated businesses. Loan sharks don’t follow the rules and regulations set by the National Credit Regulator.
What are the best Loans for Debt Review Clients in South Africa?
If you are under review, the best ways to get money include payday credit, instant cash credit, and pawnshop lending.
How can I get quick cash when I can’t pay my current expenses in South Africa?
You can approach the nearest Cash Crusaders branch with valuables. You can also find a lender who offers cash for car papers.
How long does it take to get money when under debt review and need a loan urgently Cape Town?
Most lenders approve within a day in most instances. This is because there’s nothing for the lender to check.