If you would like to take this alone but you’ve got a bad credit history, or you are blacklisted, you may find very difficult to secure finance. Banks will not grant you alone. If you don’t have a clear credit record, which is why you may need to look for alternative options.

There are lenders that provide personal loans for bad credit, and these loans will usually be more expensive to repay as they naturally attract a higher interest rate. This means that you will pay more every month towards your instalment then you would have paid we need to go alone from a bank. If you do apply for a personal loan from one of these lenders, they will have specific requirements like being full-time employed and having your salary paid into your own bank account on a monthly basis.

The amount of money that you will be able to borrow will depend on your credit profile, your income and other risk factors. You can apply online as this is a very easy application process and you should have the results of your application within a few hours. Should you be successful, the money will be paid into your bank account the same day.

There are various leaders that can offer you personal loans for bad credit:

  • Mr Cash Loans
  • Budget Cash Loans
  • Bad-Credit-loans.co.za
  • LoansFind
  • EZI Finance
  • Kathlego

If you do not yet have a bad credit record but you struggle to pay your debts every month, you can consider taking out a consolidation loan so that you can reduce your monthly debt repayments into one, affordable loan payment. If you cannot afford to do this, he also consider going under debt review.