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loans

As an individual keen on getting access to a personal loan in South Africa, you have a range of options from which to choose, such as government employee loans. In the past, banking institutions were the sole providers of loans, but with innovation, financial regulation changes and technological developments there have been significant changes.

Unemployment can cause quite the inconvenience. For many people, it means that they may find themselves unable to pay their creditors, which could lead to more financially troubling times. Having access to short-term emergency loans at such times can provide some much-needed relief. For South African consumers, fortunately the amendment of the National Credit Act has made it easier to gain access to these loans.

As a borrower one of the main things you want to keep in mind when searching for a loan is finding the best loan company. South Africa has a wide range of loan providers. The most reputable ones are registered with the National Credit Regulator, which means they are fully compliant with the National Credit Act. The Act provides strict guidelines about how consumers should be charged interest, affordability criteria and other qualifying criteria.

Being blacklisted can be frustrating and challenging. Once your credit record is ruined it can also take a long time to get it repaired. For most blacklisted people, getting access to finance can be a nightmare. Traditional lending institutions like banks won’t even consider their loan applications. Fortunately, the changing financial landscape in South Africa has made it possible for individuals to gain access to credit despite their impaired credit records.