Qualifying For Personal Loan In South Africa: What are the neccessary quailfications for personal loan In South Africa?
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Below are the neccessary quailfications for personal loan In South Africa:
- Your Age Group: In South Africa, if you’re between 18 and 60 years old you are eligible to apply for a personal loan. Beyond this age range are certain limitations when taking out a personal loan.
- Employment status: Being self-employed or earning a salary as a regular income improves your chances of qualifying for a loan. Lenders are more likely to offer professionals working in private, government and multinational companies due to higher job stability and employer reputation.
- Work experience Along with your employment status, some lenders require a minimum of 2 years of total work experience and a minimum of 6 months in your current position
- Minimum income: Lenders and credit institutions differ in the amount of minimum income you require so be sure to check with multiple lenders when making a decision to take out a loan.
- Your credit score: Credit card repayment and previous loans informs your credit score calculated by credit calculators. Ranging from 300 to 900, with lower scores associated with less irresponsible borrowers. Read how to improve your credit score here.
What disqualifies me from getting a personal loan?
A low credit score, high debt-to-income ratio, unstable employment, low income versus the loan amount and failure to produce the requested documents are all factors that would disqualify you from getting a personal loan.
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