Do you know your credit status? The chances are that you do not
Network Reporter
ABOUT seven out of 10 South African consumers are unaware of their credit profile, according to a poll by leading bond originator ooba.
The poll revealed that 69 percent of respondents do not know their credit status. It comes in the wake of the Credit Bureau Monitor’s 2011 second quarter report revealing that there has been an increase of credit-active consumers with impaired credit records.
The number of consumers with “impaired” credit records increased by 174 000 to 8.8 million, a 0.3 percent increase quarter-on-quarter. The percentage of consumers with impaired credit records increased to 46.7 percent, comprising 18.5 percent of consumers in three months or more in arrears, 13.9 percent of consumers with adverse listings, and 14.3 percent of consumers with judgements and administration orders.
Kay Geldenhuys, a property finance processing manager at ooba, said the results were of grave concern.
“It’s worrying because many consumers with impaired credit records are obviously unaware that they are on this list, or are there as a result of a minor violation. However, the result is often the same as both a negative credit rating and an adverse listing on your name can seriously hinder your ability to secure home loan finance,” she said.
Geldenhuys said that when providing credit to consumers, banks looked to ensure that their investment was safe.
“The riskier the investment, the less likely that banks will approve financing for a home loan. Consumers who are unaware of their credit profile are therefore at risk when applying for home loan finance and may have difficulty securing a mortgage,” she explained.
“One of the main reasons bond applications are declined is because of the applicants’ credit profile. It is therefore imperative for potential homeowners to be aware of their current credit profiles at all times.
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The number of consumers with “impaired” credit records increased by 174 000 to 8.8 million, a 0.3 percent increase quarter-on-quarter. The percentage of consumers with impaired credit records increased to 46.7 percent, comprising 18.5 percent of
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It provides collateralized non-recourse loans, commonly known as pawn loans, and a variety of short-term consumer loans, including payday loans, installment loans and auto title loans, or fee-based credit services to customers seeking loans.
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Are you ready to get your $10,000 Personal loan for bad credit? If you have bad credit this might only seem like a dream to you. Just because your credit is no good does not mean you cannot borrow money to take care of what you need. $10,000 personal loans for bad credit still exist, but they are not the easiest things to get.
Lenders are out there to help you, but they will have requirements. You will not be judged solely on your credit, though and it should not stand in the way of you getting your loan. Here are the options you have for a personal loan.
You need to understand that your options will be limited and there are 3 main ways you can get the loan you need. The best option is a co signer or putting up collateral, but if you cannot do either of those you can still use payday loans to get the money you need. This is about the only options you have.
There really is not another way to get the loan you need because your credit is bad. When you know where to go for the loan you are after you will be able to get it much easier as well. It is important that you weigh all your options and make sure that the loan will not make life harder on you.
The best collateral is a home or a piece of property. These usually have a large value and if you have some equity built up they can work out very well for you. A vehicle will work as well, but it might not be large enough to cover the entire loan amount.
There are still a few options if you have no collateral. You can get a co signer to help you, but make sure they have super credit and a strong income. If you have a co signer with bad credit it will not do you much good. This will give the lender a little extra security to help you out.
Sometimes you will still be required to put up some collateral even with a co signer. However, they will not ask for something as valuable and might not require you to do it at all. This just depends on the lender and what they require.
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