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Loans In Durban City
There are primarily two types of loans in Durban City you can apply for, secured loans and unsecured loans. If you have a good credit record or can provide collateral, going for a secured loan is a feasible option as the rate of interest is low and the repayment schedule is flexible. But, if you are blacklisted, under judgement, going through debt review and have a poor credit record, going for an unsecured loan is the only option in South Africa. There are many registered lenders providing blacklisted/bad debt loans in Durban City for people who are looking for financial assistance quickly, but do not have high financial credentials.
Things to Consider
It is essential that before you apply for blacklisted loans in Durban City, you evaluate your finances and understand the risk involved to be able to repay quickly. The rate of interest for blacklisted loans can range from 14 per cent to 33 per cent, depending upon the borrower's credit rating and the risk profile. Different lenders have different methods of analysing risk profiles, so it is a good idea to take quotes from different lenders. Before you apply for the loan, do check if the lender is registered and has a good standing in the market. Do not apply for more than you need, as even though it might look attractive at the moment, it can disarray your finances even further later on. So, ascertain the loan amount to apply for, calculate the repayment time, apply for the loan and stay disciplined with the repayment schedule.
To apply for the blacklisted or bad debt personal loans in Durban City, you need to provide your employment proof, identity proof, address proof and last three months bank statements. It is mandatory to be in the same job for over three months and in the same residence listed in your address proof for six months. You can apply for the loan online and fax the required documents to the lender's office. Blacklisted loans are processed quickly and are usually disbursed within 72 hours, if all the documents are neatly submitted and meet eligibility requirements.
Search online in your local classifieds for lenders providing loans in Durban City, as there are many private registered lenders providing blacklisted, bad debt and unsecured personal loans at a competitive rate of interest.