Cash loans are very handy in tight financial situations because they give you the freedom to purchase what you need without having to save up for it first. In South Africa, there are many companies out there willing to grant you a loan. An array of aspects will influence whether you qualify for a loan or not.
THE FOLLOWING ARE SOME OF THE THINGS THAT WILL INFLUENCE A LOAN BEING GRANTED:
- Age – You have to be aged 18 and older to qualify for a loan application.
- Job – It goes without saying that having a steady job, where you are certain about your monthly salary will count in your favor, not only when paying back the cash loan installments but also to qualify for the loan.
- Self-Employed – If you have your own business, you also stand a good chance of receiving a loan.
- Citizenship – Many financial institutes and banks will assist with a loan if you are a South African citizen.
- Bank Account – You should have a South African bank account
THERE ARE SOME FACTORS THAT MAY HINDER YOU FROM QUALIFYING FOR A CASH LOAN, SUCH AS:
- In the event that you have filed for bankruptcy
- If you are already being assisted for your debt
- If you have declared yourself insolvent
- If you are under administration
With various financial institutions comes various terms and conditions suited to their firm, and thus, when you apply for a cash loan or considering doing so, you will have to consider these T’s & C’s. There are also different amounts you could borrow dependent on your current credit status and monthly income.
When applying for a loan you also have to make sure that, you are able to keep up with all your installments to avoid slipping into a bad debt situation. A cash loan can solve many of your financial shortcomings but it is important to be clear on what the repercussions are if you fail to repay it.
WHAT WILL FAILURE TO REPAY A LOAN POSSIBLY RESULT TO?
The failure to repay any type of loan will have serious consequences. You could gain a bad credit status, which will block you from being trusted by any bank or financial institution to grant you a loan again. You will have debt collectors calling you concerning your failure to pay your cash loan and they will then be forced to take judgement against you if the situation gets worse. There are arrangements you could make with your financial provider that will assist you in the best way possible so you are able to continue to make payments on your loan. You should also remember that every loan comes with interest and some are steeper than others are. It is only fair in the end, that the financial providers see to it that they secure themselves in order to be in a position where they can always assist people who are in need of money.