loans for bad credit | Mr Cash Loans

What is a bad credit score or low credit score?

Basically people with bad credit or low credit scores can be divided into two explanations. 

The First: You have been active in the credit market, but due to unforeseen circumstances like losing your job, or some financial difficulties, you have not kept your accounts up to date or have neglected to pay your accounts, and even though there is no judgements against you, your score has dropped so low that you can not get credit.

The Second: You have never had credit before and therefore there is no information to base your credit rating on.


Having no credit or poor credit is a major stumbling block to getting a loan because you are viewed as a high risk customer who might default and leave the credit provider struggling to collect the loan repayment. It is a known fact that until your credit score is top notch, you won’t fit the standard lending guidelines that banks have to follow. All detail of your credit behavior is listed by Credit bureau. When you open an account or take on credit of any kind, your repayment behavior is recorded by credit bureau, whether good or bad.

However, we assist hundreds of clients from South Africa, every month in obtaining loans even if their credit scores are not top notch, but off cause we will check your credit score and affordability, as well as some business rules that is in place to protect our credit providers.

Is it possible to get loans for bad credit?

In life nobody likes to be judged, but when it comes to loans and credit, credit providers will look into your credit score when you apply for credit, to help them in making a decision about whether or not to lend to you, and if you have bad credit you can be sure that they will not always consider helping you out.

The main thing is not to panic!

When applying for credit, all credit providers will check out your credit score and so should you. There are plenty of ways for you to find out your credit score and most credit bureaus will even let you check your score free once a year. You can Sign up at Transunion(ITC), Experian or Compuscan.

If you fall into the poor credit or high risk category, the truth is you are either going to end up paying more for a loan over shorter terms or you will most probably not get a loan.

If your credit is bad, or lower that what you would like it to be, understand that it does not have to be that way, best is to build it up before taking out a loan. The best way to do that is to start out by paying credit that you have due, and keeping up the payments as your credit rating will only improve over time.

One of the other options that you have is to consider applying for a secured loan. With a secured loan, you as the borrower will offer one of your assets (like a home, or a car) up for security, this can make credit providers more likely to approve a loan, as they can take over your asset if the loan is not repaid.


Please have a look at our Basic Criteria and Required Documents before applying for a loan with us.


What you need to know about loans application procedures

We can not assist you if you are under debt review, administration or sequestration

Your loan application will be subject to a Credit Check, and Affordability assessment as required by the NCR (National Credit Regulator)

You need to be over the age of 21 and under the age of 60

You need to be permanently employed for at least 6 consecutive months with the same company  

All loan applications are subject to employment confirmation

You must have a valid South African bank account in your name

We do not assist people that is self employed


So what to do now? 

The easiest way for us to help you, is to start the whole loan application  process by completing our online application form, only once we have that information, will we really be able to see what we can do for you. Remember - We can assist you in obtaining a loan, as most of our service providers are willing to look past some of your mistakes. Fill in our application and let us help you take the guesing out of whether you will qualify or not.

While everybody can apply with us and may qualify, not everybody will be approved depending on your credit status and affordability, you might find that your loan will be unsuccessful because of your previous credit behavior.

It is very important that you know your credit score, and that you access your credit report regularly.

Applying for a loan with us won't cost you anything, it is free, so even if you are unsuccessful the first time, try again within a month or so, as conditions change and applying next month could get you a better answer.