Apply for a cash loan with a BAD credit record

How we can help you to Get a Loan in Tough Economic Times, with a Bad credit record?

The recent Corona virus epidemic worldwide is creating a worldwide financial strain on Governments, Businesses and Private Individuals. This has caused food price increases, shortages, and generally very tough economic times in South Africa right now. This has led to a lot of South Africans defaulting on motor vehicle payments, loan repayments, clothing accounts and so on, with the result your credit profile was negatively affected, and you were listed as a slow payer due to non-payments on your accounts & defaults. Or you now have got a judgement against your credit profile. A lot of South African Citizens had no choice but to go under DEBT REVIEW. We mean that you are probably feeling very stretched Financially. On top of all that, your car suddenly will not start. You lose your job unexpectedly. Your child needs urgent medical treatment. We do not like to think about these things, but the reality is that life is unpredictable, and you will not always have enough savings to cover these unexpected expenses. That is where emergency funds such as a Personal Loan can come in handy: They give you access to cash quickly in times when you need it most. Personal Loans can help bridge the gap by providing financing in the short-term, which you can pay off in smaller amounts later. The problem with you will be if your credit record is now tarnished (bad credit profile) No Bank in South Africa will look at you in a favourable light and your application will be declined!! But do not lose hope, we at Autofin Assist can still help you!

Personal Loan

A Personal Loan is a type of loan that you can use when experiencing long or short-term cash flow problems. If you are currently under financial strain with a tarnished credit record (bad credit record) and you are struggling to pay off debts from various service providers, a Personal Loan can also be used to consolidate your debt.

You thinking of doing home improvements, getting married, need finances to studying further, cash flow for your business, want to expand your business? Or perhaps it is time for a well-deserved holiday overseas whatever the need we can help you with a Personal Loan. It is a great way to get cash when needed for an emergency.

We can help you with Personal loans ranging between R30 000.00 (thirty thousand rand) and R3 000 000.00 (three million) plus with a minimum repayment period of 12 months, and a maximum repayment period of 54 months. Repayments are typically calculated at between 15% to 20% interest per annum/per year. Once you have applied and received a loan, you will need to pay back the personal loan in monthly instalments over 54 months period with a debit order in place.

Before you select a personal loan, you should make sure you have a good understanding of how much money you need. Here at AUTOFIN ASSIST we can get one of our trained consultants to assist and help you with your application in making sure the Personal Loan you need is according to what you will qualify for.

To be eligible, the Personal Loan provider (Rent to Own) will look at your ability to afford repayments on the amount that you are applying for, which will be based on your financial situation and your employment status. They will also look at the retail value of your security (your motor vehicle). The Personal Loan provider (Rent to Own) will NOT consider amongst other things your credit history and whether you are blacklisted for not paying debts as and when due.

How does a Loan with Rent to Own work?

Rent to Own is there to help a client that is listed on their credit profile as a slow payer (you have got accounts in arrears) got Judgements, Defaults or you are under debt review. The rent to Own system will not look at your credit record but will only concentrate on 2 main factors and that is: Can you afford the loan of the monthly repayments? and Is there value in your car / motor vehicle? There for your monthly   income that can be proven by way of payslips and bank statements must prove a stable monthly income to afford the monthly repayments.

Please note Rent to Own is an Asset-Based loan, there for you must own a car / motor vehicle. Rent to Own will give you a loan against the value of your car / motor vehicle, the value will be based on the Auto dealers guide value certification according to Trans Union. Due to the risk that the Rent to Own is taking in helping you with your tarnished credit record (bad credit record) only +- 80% of the retail value according to the auto dealers guide value certification according to Trans Union will be considered.

What documents do I need?

The documents you need to apply for a Personal Loan differ slightly from provider to provider but usually include your:

  • Green barcoded ID or ID card or Passport 
  • Driver’s license
  • 3 Months’ Salary slips/payslips
  • 3 Months Bank statements
  • Proof of residence such as a recent utility bill, (Council Rates & water or Telephone)

How much can I borrow?

Personal Loans usually range from a minimum amount of R30 000 up to R3 000 000 plus, depending on the loan provider. If we have all the supporting documents and the application is approved & signed, you can usually access the cash in 24 hours, but some applications may take longer depending on your circumstances. It is dependable on two factors: On what you can afford to pay back per month, and the value of your security on your motor vehicle.

What are the repayment terms?

Repayment terms for Personal Loans on the “Rent to Own” facility is 54 months. Keep in mind that the interest charged are entirely risk profile dependent, meaning that it is based on the loan provider’s perception of how likely you are to pay back the loan.

Do I have to be employed to qualify for a personal loan?

The financial service providers (Rent to Own) will consider your application if you are permanently employed and have been working at your place of employment for 3 months with payslips. They will also consider the application if you are permanently employed and have been working at your place of employment for a minimum period of 1 month with an employment contract in place. The financial service providers (Rent to Own) will also consider an application if you are self-employed and can prove regular income.

How much can I apply for?

You can apply for a Personal Loan from a minimum amount of R30 000 to up to R3 000 000 plus. The amount which you will qualify for will depend on your affordability and payment behaviour and the value of your security on your motor vehicle.

If i'm approved, how soon will I get my money?

With a Personal Loan your loan amount will be deposited quickly and directly into your bank account. How speedily you receive your money will depend on the Financial service provider (Rent to Own) and how timeously you provide the correct documentation to us.

I am a weekly/fortnightly earner, can I apply for a Personal Loan?

Yes, weekly, and fortnightly earners are welcome to apply. Weekly earners must submit their latest four consecutive payslips and fortnightly earners must submit their latest two consecutive payslips. Please note if you do earn over and above your basic salary overtime, bonuses, commission, or shift allowances, we then will need 3 month’s payslips/salary advice.

If I am a business owner, can I apply for a Personal Loan for my business?

Yes, you can, the application must be in the name of the business and all director and members must also complete an application. If the application is successful and approved by the financial institutions (Rent to Own) the directors or members will be required to sign as security for and on behalf of the company.

Can I apply for a Personal Loan if I am under or have applied for Administration for Debt Review?

YES, but only under the Rent to Own facility that is in place for tarnished credit record (bad credit) clients. Your application will be considered in a favourable light if you are under or have applied for Administration, Debt Review or Sequestration. Please note we can still look at your situation and circumstances and one of our consultants will advise you based on your information of how we can still help you or not.

Must I pay money upfront for me to apply for a Personal Loan?

No, you will not be required to pay any money upfront to Autofin Assist for the loan application. You will also not pay any fees to us upfront when the deal is approved by the Financial Institutions (Rent to Own). We will only be paid right at the end when you get paid out for the loan that you did apply for. Therefore, Autofin Assist will only be paid after you have been paid. Please note there will be no monthly fees due to Autofin Assist on an ongoing basis, Autofin Assist will be paid a once off fee only. If your application is unsuccessful, you will not be liable for any fees to Autofin Assist.

Can I apply for a loan if I do not own a car / motor vehicle?

No, you cannot unfortunately. The loans on a Rent to Own with a tarnished credit record (bad credit record) is an asset-based loan, there for you must own a car / motor vehicle. If you do not own a car but someone you know owns a car / motor vehicle and will put it up for security, then yes, we can then still help you.

Can I apply for a loan with someone else’s car / motor vehicle?

Yes, you can, if the current owner of the car / motor vehicle gives you a written consent that Autofin will provide for you and the current owner must sign it and a Commissioner of Oaths must witness and stamp it. You can get a Commissioner at any police station to sign and stamp it for you.

On the Rent to Own will I lose my car / motor vehicle?

The movable asset, your car / motor vehicle will be used as security for the loan. There for the movable asset will always remain with you, and no one will take your car while you are in Contract and paying it in a 54-month repayment rent to own agreement. As per the Bank in South Africa when you finance and purchase a car / motor vehicle, the bank becomes the Title owner of the asset, there for you only have the ownership rights of the car / motor vehicle. If you want to take the asset cross border or if you decide to trade it in or sell it, you must get permission from the bank as they legally own it until you have paid the loan amount off in full. The Rent to Own works the same, you only have the ownership rights of the car / motor vehicle, but if you want to take the asset cross border, or if you decide to trade it in or sell it you must get permission from the Rent to Own company, as they legally own it until you have paid the loan amount off in full. The same as per the Banks while you are in the 54-months’ Rent to Own agreement, if you do not honour the signed contract on the monthly instalment, then yes, you will forfeit the movable asset. The bottom line is the Rent to Own will help you even with a tarnished credit record (bad credit record), but you cannot expect to make debt and not to pay it back unfortunately.

Apply online today

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