You need a steady flow of income when you are considering applying for a personal loan. Applying for a loan means that you should be able to repay the loan throughout a specified period set by the lending institution. In South Africa there are numerous micro lenders in the finance industry. They all provide services that are different and designed to meet various financial needs. Mainstream lenders such as banks are not willing to assist individuals who are unemployed by extending any forms of credit to them. This leaves many individuals with the main option of borrowing from micro lenders who provide loans for the unemployed.
There are an increasing number of specialist providers of loans for the unemployed.
Certain micro lenders in South Africa offer these loans to individuals who are unemployed.
Qualifying for this type of loan means that you will be subjected to higher interest rates. The lender will charge a hefty interest rate because they do not have any form of collateral to secure the loan.
One way of improving your chances of being approved for this type of loan is by improving your credit score. You should space out your applications for credit, because each time you apply for loan, it affects your credit score.
Provided you keep up with repayments, you will be able to prove that you are a trustworthy borrower- effectively improving the chances that you are approved for a loan.
This type of loan can be useful for tiding you over while you are searching for work and can help you pay for various expenses.
Qwiek Loans for Unemployed People provides finance of up to R150 000 with 6 to 8 months to repay. With over 25 years of experience in the credit industry, this institution has been extensively involved in providing assistance to unemployed individuals.