You will discover that short term loans in Durban are readily available given that that city is one of the major industrial hubs in South Africa. However, due to the recent economic downturn and the growing recession, lenders have become stricter when assessing loan applicants. Learn how to boost your chances of approval.
Make sure your loan is approved
You should calculate how much disposable income you have left after paying all your monthly bills so that you can decide on the most affordable monthly instalment. This is a good basis for determining the size and term of the loan. Make sure that you do not apply for a larger sum if you cannot afford to repay it, as the lender will most certainly reject your application.
Work on improving your recent credit history by paying all your bills on time and clearing any credit card debt that you have. Compare loans so that you can find the most affordable deal.
If you think that you cannot qualify for traditional short term personal loans in Durban, you consider going for a microloan which is available to all employed individuals and does not involve a detailed credit check.