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Micro loans for blacklisted people
Information article : Micro loans for blacklisted people
A Micro loan basically is a short or medium term and does not usually go up to more then R10 000 , if you have been in a market looking for a small amount to pay over a short period then a Micro loan is the answer for you . When applying for a loan product, you need to factor in things such as if you can afford the installment and if the loan is going to help you in the long run .
Typically a micro loan starts from 1 month and goes up to a maximum of 12 months to repay . While it is always better to pay anything credit product over a shorter period as the interest is always you also need to take into account if you monthly budget can afford the installment . You will find that with Micro loans the repayments are much higher then a personal loan but the only reason for this is because the repayment period is shorter . If you find that a micro loan installment is too high for you then it is advisable that you take a longer period instead depending on if you qualify for it. While you may be paying more interest and fee's the lower monthly payment will help you to survive and manage your monthly expenses and still live comfortably . This will also save you in the longer run as paying your account without any defaults will help improve your credit rating and will give you the option to further credit in the future when you need it the most .People who searched for blacklisted loans tend to find themselves qualifying for short loan terms such as 3 , 6 and 12 months .
The most common reason for this is based on your risk profile . Different companies have different criteria when evaluating your credit profile using information from ITC . Some are more easier then others and you will find that some companies will give a better repayment period then others . You risk profile basically determines what repayment period you will get on your micro loan . Getting a blacklisted loan is quite easy and most companies today have simple online applications and all the paper work can be done via fax or email . We at the Finance Wizard offer online cash loans and you can apply with is even if you are blacklisted. Applying for a loan in South Africa is quick and easy and can done from anywhere within our boarders if you have an internet connection and no how to use a computer . In short a micro is a good option for you if you need quick cash for emergencies or prefer to pay as less interest as possible .
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