FAQ

There are several strategies you can take to pay off your debt earlier:

• Pay more than the minimum required. As your loan balance (principal) decreases, the amount of interest you have to pay each month also decreases.
• Increase the frequency of payments. Although monthly payments are popular, you can use weekly and fortnightly payments. For example, if you have a monthly payment of R200, you can make a weekly payment of R50 instead. Alternatively, you can pay R100 every two weeks.
• In addition to paying more than the minimum amount, you can also pay a lump sum to repay debts. This is usually possible when you have little money at all. For example, you might win the lottery or receive a large cash gift, an unexpected inheritance or a bonus for work.
• Round payments are also a way-out. For instance, pay R250 for a month when you only need R226, or pay R500 instead of R453. The extra amount is usually small enough not to burden the budget, and eventually it all adds up.
• Loan refinancing can help you save costs when switching to a loan with lower interest rates and fees. This will reduce monthly payments and make it easier to repay the loan faster.

There are online loans specially designed for South Africans with bad credit, but they are generally more expensive than regular unsecured personal loan. Even if you are blacklisted, you can apply for a loan if you can prove that you can afford the payment or, conversely, you can make a deposit.

Credit Check and Credit Expert are easy-to-use online portals that provide all South Africans with the correct South African ID number, free credit reports and free credit scores through detailed personal credit reports.

When you first use your credit report, My Credit Verification and My Credit Specialist will help you understand your credit information, how to manage your accounts, manage your credit, and improve your credit profile.

• Get your credit score from all bureaus so sellers can't lie to you;
• Compare prices online with seller prices on sites’
• Close your old credit accounts, that's too much baggage, lower your credit score, but keep your old account open;
• Please remove incorrect addresses and other errors from your credit report before applying for a new car loan;
• Expect your score to be 680.

Here are some tips on how to improve your credit rating in 2021:

• Get a free credit report and analyze the details. Make sure the information is accurate, and ask where you are unsure. This is the first step in determining your financial position.
• Pay your bills on time. Set up automatic bank payments or track calendar dates on your calendar and make sure you make payments on time.
• Make a budget to keep track of your monthly expenses. It is difficult to know what your money will be spent on if you do not use it. A budget can also help you live as much as possible by showing where you may need to cut costs.
• Save for emergencies. This will alleviate cash flow problems if you suddenly encounter a major car service or an unexpected medical bill.
• Plan for future expenses that you know about. Save small amounts on school expenses, birthdays and special occasions. This way, you can pay for something in cash instead of taking extra credit.

1. Your payment history is of no interest to the lender.
2. The lender does not have registration in your state.
3. A prepaid credit card is required.
4. The lending company writes, calls, or knocks.
5. The site of the lender is not secured.
6. There is no lender’s physical address.
7. The lending company requires immediate action.
8. Approval is guaranteed by the lender.
9. The lending company does not tell about the fees.
10. You cannot contact the support service.

There are a number of reasons for rejection:

• Credit issue. Lenders usually check your credit history or creditworthiness, and if you have any problems, your loan application is likely to be rejected.
• Issues related to your income. Lenders also use your income data to measure whether you can make the necessary monthly payments.
• Issues related to personal data. If you submit a credit application with incomplete or inaccurate information, you will not be able to get the approval.
• The purpose of your loan has not been approved. Depending on the type of the loan, some lenders usually ask why you are borrowing. If it is a personal loan, the lender may not want your money to open up a business or buy bitcoins (even if the ideas seem reasonable).
• You do not fit the requirements. Failure to comply with any of the credit requirements may result in your application being rejected.

When you refinance a loan, you get a new one, not an old one. When you have the same amount of debt, you may be wondering what the difference in refinancing is, but it can be very helpful in the following situations:

• The new loan has a lower interest rate so you can save.
• Your desires have changed. For example, if you have a collateral, you do not want to use your personal assets as collateral.
• In general, a new loan offers more benefits, better opportunities, more flexibility and more positive things that will improve your financial situation.