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The changing face of the financial industry has had a great impact on us all, and these days, getting a personal loan can be very difficult. Banks and other lenders simply will not grant you a loan if you have even the slightest hint of a poor credit record, and the stress and strain of applying to many different lenders can be tiresome and unbearable. With so many adverts for poor credit loans to read through it can be difficult in the first instance to know who to apply to, and that’s where AppleCash comes into the picture.

At AppleCash we provide you with a quick, simple and confidential method of applying for a loan, and we have access to the best loan providers in South Africa. we use private credit providers who apply their own criteria to the loan procedure, and who are more likely to grant a loan to people without a perfect credit record. All you need to do is fill in a simple online form – your details will be passed only to the loan providers we find to be suitable for you and not to any further third parties – and wait for your offers to come in.

Who Can Apply for a Personal Loan?

To qualify for a personal loan with one of our providers you must be resident in South Africa and be in permanent employment; you can apply for a loan right now with AppleCash if you meet these criteria. It is worth remembering, however, that it is not AppleCash that makes the decision – we provide your details to the suitable providers. We do make things easy for you, and take all the stress out of applying for a bad credit personal loan, and you can rest assured that we will endeavour to help you in any way we possibly can.

The private credit lenders we use are the best in the business, and their purpose is to help people who may otherwise be refused get access to loans. You will be applying for an Unsecured Loan – more about that later – with lenders who have experience in this field. They set their criteria as they see fit, but the advantage is they are more willing to lend than traditional banks and financial institutions. They all operate within NCR guidelines, and this means they are obliged to carry out a full assessment of your situation in order to prevent the possibility of over indebtedness. However, our lenders are considerably more lenient in their approach than the banks, and you may still qualify even if you have judgements against you or you score low on your credit rating.

Unsecured Loans Explained

When you fill in the simple form to apply for a loan via AppleCash you are applying for an unsecured loan, sometimes referred to as a personal loan. We deal with private credit providers who specialise in unsecured personal loans. Put simply, an unsecured loan differs from other types in that it is not tied to any assets you may own; some loans you take out on the value of your home, for example, or in other cases it may be secured against your car. In those cases, if you don’t keep up with the terms of the agreement and default on your loan, the lender can seize the assets in lieu of payment.

With the unsecured loan that AppleCash will help you find your assets are not part of the deal; one major benefit here is that, even if you do not own assets of any value you may still be able to secure a personal loan. A further point to consider regarding this type of loan is that the interest rate and monthly payments will be fixed for the duration of the loan. This has one great advantage in that you can see well in advance exactly what you need to pay back, and when, and for how long. However, as this is an unsecured personal loan, the interest rate will be higher than on other types of loans.

Why is this? Put simply, as you have a less than perfect credit record, and are not offering assets as security, you are considered to be a greater risk than lenders who offer a good record and property as security. The interest rate, as laid down by the NCR regulations, will be between 2% and 5% per month; this is determined by the lender according to the actual terms of the loan and your credit rating and lending profile, which will be assessed by the lender prior to agreement. Bear in mind that, if you have a poor credit rating, the rate will likely be at 5%, the highest permitted under the regulations.

The rate you repay will also be affected by the amount you wish to borrow; for this reason, only borrow what you need, in order to keep the rates more favourable. Your personal loan can cover many different repayment periods – anywhere from a single month to 84 months, depending on the lender and your profile – and at AppleCash we strongly advise you take the time to read the small print so you understand fully the terms of your loan agreement.

Is This the Loan for Me?

It is important to consider all aspects of borrowing on credit when you are thinking of getting a loan; we at AppleCash can’t stress strongly enough how essential it is to borrow only what you need, and what you can afford to pay back in the required term. Defaulting on an unsecured loan will incur serious financial consequences, so please look carefully at your financial situation before you make the decision.

Of course, unsecured personal loans can be very useful indeed, and if all the terms you agree to are kept, then you have an affordable way of getting hold of extra money – money that could be very useful in a variety of circumstances. Personal loans are often taken out to pay for a much-needed holiday, to cover medical expenses, or to pay school fees. Anything, in fact, other than for purchasing fixed assets, such as a property or car. At AppleCash we will do all we can to help find the right loan for you, quickly and easily. Fill in our online form now and we will get the ball rolling.

It may also be of interest to you to know that we also take applications for consolidation loans; these differ to regular personal loans in that they are used to pay off an existing debt; the loan is paid directly to the company you owe money too, and you thus reduce your monthly expenses by way of the more agreeable terms of the loan. Be aware that the terms of a consolidation loan are different to those of regular personal loans, so again it pays to investigate the details carefully.

One factor we have not mentioned so far is that some circumstances will mean you cannot apply for a loan: if you are a debt review order, an admin order or in sequestration you will not be granted a loan, so please remember this when you are about to apply.

How to Apply

At AppleCash we are here to help however we can, and we make applying for a personal loan as easy as it can be. You will find the online form on the website, and it will take just a couple of minutes of your time. Fill in your email and contact details, your full address and how much you wish to borrow, and submit. We then do the hard work for you, and find the right lender for your requirements. When you get past the initial stage and we find you a suitable lender you will need to provide the necessary information – your proof of residence, proof of earnings (most likely your last few payslips) and any other details that particular lender may need, and then you can complete the agreement.

A little extra cash often comes in handy, and a personal loan can be a simple way of ensuring you can cover an emergency expenditure or other necessity. At AppleCash we try our best to help our clients get the best deal on the market, and we are happy to answer any questions you may have. Remember, while the loan is not secured on an asset you must keep up the repayments as agreed, and it is important that you borrow within your means. We recommend you make an accurate list of your income and outgoings in order to know exactly what you can afford to spend on a loan each month, and then fill in the form and submit.

Let AppleCash take the strain out of applying for a loan, and we will find you the deal that suits your needs; even if you have a poor credit rating you may still be accepted for a personal loan, so why not get things underway right now? We’re here to help!