Micro loans Cape Town are available online for that much needed cash now. Maybe it is to repair your vehicle, pay a medical bill or to pay that outstanding school fees. However it is important to do your homework and find the best way which you can be helped. Even if you have a poor credit record or are blacklisted and the bank won’t help you, don’t panic help is still available out there. We advise you to ensure that you only apply through registered companies and their agents, because they must adhere to the rules of the MFRC whose job it is to protect the consumer. Agents and lenders who offer unsecured loans to blacklisted people may not ask you for any upfront fees. Credit checks are sometimes done, but that is to determine the correct affordability.

Furthermore it is usually blacklisted people who apply for micro loans Cape Town. Maybe you have a poor credit history or got garnishees, defaults and judgments. In such cases the lender takes a risk to lend out money to bad credit consumers and therefore these loans will be more expensive than those through banks where strict criteria are used when granting loans. Lenders must also protect themselves and if you don’t qualify for the minimum criteria it will not be approved. A scoring system is used by some lenders whilst others work only on affordability.

You will have to meet the following requirements for such an unsecured loan: you must have a South African identity document and must be between 18 and 65 years. Furthermore you must be permanently employed and your salary should be paid into the bank via the Internet by EFT. Find companies which allow you to apply online via an online application form which will take only a few minutes. We advise you to get as much quotes possible and to choose the one with the best interest rate and which will suit your needs. All the lender actually has to verify is your fixed monthly income to make sure whether you will be able to make the repayment. Usually you have up to 30 days to repay this urgent loan. We advise you to do your homework thoroughly concerning micro loans Cape Town before signing anything.