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Stricter Lending Criteria Actually Benefit Some Consumers

Stricter Lending Criteria Actually Benefit Some Consumers

Stricter lending criteria in recent times, in part driven by the implementation of the National Credit Act (NCA) in South Africa, have led to less approved loans at certain institutions. This does not mean that it is impossible for consumers to get credit loans, but often more disclosure of financial information and a means test is required.

This actually makes the situation better for some consumers rather than worse. With many financial institutions approving fewer loans than in the past, there is more competition among them when it comes to attracting quality clients.  

Take a Diverse Approach When Applying for a Loan

Take a Diverse Approach When Applying for a Loan

When you need financing your first thought may well be to simply go to your regular bank branch and apply for a loan. There is a better way to get a loan than applying directly to your bank though.

Applying for financing through an organisation that approaches many different lenders usually leads to a better deal, as they can get banks and other financial institutions to compete for your business. This means they are often able to negotiate more favourable conditions and often have a higher rate of approved loans.

 

Contact Our Loan Specialists

Contact Our Loan Specialists

Contact Us Now to discuss your requirements with one of our South African Loan Specialists. They are trained and experienced in getting loans approved by major South African banks and other lending institutions.

Liberty Building, 3 Park Ln, Umhlanga 4320