by MBC Finance | Articles
What exactly does MBC Finance look at when you, as an individual, complete a loan application with us? Payment Profile A full credit check is done with Compuscan, with your consent which is given on completion of the application form. With this, we are able to see your payment profile and whether or not you fit the profile to qualify for a cash loan with MBC Finance. The term “payment profile” refers to your current and/or previous loans and accounts with other companies. This allows us to set apart the good payers and those who do not pay their accounts. This is an important factor, we need to see at least one account that is being paid up to date. Affordability Once the payment profile has been looked at, we then look at affordability to check whether or not you qualify for the cash loan. Every instalment on your credit check will be taken into consideration, as well as all other expenses. This is in line with the National Credit Regulator. A full affordability is created and sent to you for confirmation of expenses, etc. Employment Firstly, you have to be employed for at least six months at the current company you are employed at for your application for a cash loan to be considered. However, it is preferable that you are employed for at least twelve months. Secondly, we look at the company you are employed at, it is absolutely necessary that the contact details of your company is made available on a public listing. This is because MBC Finance needs to confirm your employment via the means of a telephone...
by MBC Finance | Articles
Low Credit Score A low credit score can be a result of a previous rough patch whereby an individual stopped making payment toward their accounts or loans, or could not handle larger instalments and reduced payments, thus making payment at a slower pace than it should have been paid. Sometimes, individuals don’t have a reason other than getting “Tired” of making payment after payment toward their debt. Other than these reasons, one can also have a low credit score due to having no credit history at all. When an individual just newly enters the job market, or just never having the reason to take up debt before. This is where MBC Finance comes in. How Credit at MBC Finance can Help You When credit is obtained from MBC Finance, the information of your loan is then automatically updated on the credit bureau, as each and every loan with MBC Finance, is registered. This can work in your favour, or against. If he credit taken is paid as per schedule, this will assist you in increasing your credit score. However, failing to pay your loans on time, will have an adverse effect on your credit profile, you will be listed as a slow payer, which will drop your credit score. Either of the above, ultimately comes into play when you want to purchase your dream house, or a flashy new car, or have your dream wedding. If your credit score is low, you will not be able to obtain these loans to make these dreams a reality. Keeping your payments up to date with all credit institutions is of utmost importance. Always remember, never take up...
by MBC Finance | Articles
Simplicity In Obtaining Online Cash Obtaining loans has been made simpler and more convenient than ever before – You can now so easily apply for Online Loans using the Internet. In South Africa, there is an exponential increase in Growth of Creditors who are willing to assist individuals who are otherwise declined by Banks and larger Credit Institutions, MBC Finance is one of them. MBC Finance offers a fully Online Loaning Process, a service designed for those Individuals who are on the move and do not have the time to physically go into institutions to apply for Loans. There is also no need for our Clients to make payments manually, as we deduct payment off the Individual’s Bank Account via the NuPay Naedos Debit System, making it convenient and hassle free for our Clients. Safety In Borrowing However, consumers should always take care to borrow responsibly, and from an accredited and Registered Financial Provider at all times. Online Loans can be simple to obtain, but it should also always be practiced with caution. There are multiple individuals posing as Micro Lenders on popular advertising sites, luring potential borrowers. It is therefore of utmost importance that one should always check that the Institution has a Nation Credit Regulator Registration Number, and have the Number or the Company Name verified with The National Credit Regulator. This simple act can save you from being scammed. Our Services Our Online Loans are for those days that an extra expense is run into, from Car Repairs to Medical and Vet Bills, as our Online Loans range from R500-R4000 for our first time clients. This amount is increased based on an Individual’s Payment Profile (Prompt payment of their Loans)...
by MBC Finance | Articles
Many of us find we may need a little extra cash from time to time, be it for repairs to your vehicle or for something as unforeseen as a funeral. Either way, micro loans in Durban provide the ideal opportunity for people to acquire quick cash, repayable over a short period of time. While acquiring a micro loan may seem simple, it is important to gain some insight into this credit option. This piece will be geared toward helping you understand micro loans a bit better. Micro loans differ from loans offered by traditional banks in that they are generally unsecured loans. This means you do not run the risk of losing your personal assets, should you be unable to pay your instalments. Micro loans, as the name suggests, work with much smaller amounts of money, thus making repayments more ‘affordable’, in spite of the higher interest rates. The rates are higher in relation to the higher risk which the lender faces, as it’s an unsecured loan and your credit history is not strictly a deal-breaker. As highlighted above, another feature that sets micro loans apart from traditional bank lending is the fact that you typically don’t need an unblemished credit rating – giving rise to blacklisted loans. As long as your credit history is not littered with defaults, blacklistings and your prior defaults can be explained you should have little trouble in attaining your cash. Applying for these loans is relatively easy too. The only documents you need to produce for a loan of up to R15 000 are your ID document, proof of residence, your payslip and...
by MBC Finance | Articles
Securing a loan has progressed immensely. The days when you had to visit the bank, have a face-to-face meeting with a consultant, apply for a cash loan, wade through endless paperwork, then wait for the loan to come through…are long gone. Modern technology has made this time-consuming and disheartening process much simpler and faster. With established facilitators, such as MBC Finance, loans in Durban can be processed efficiently and the cash accessed immediately. Instant loans eliminate waiting delays and the anxiety that comes with it. This is the ideal solution that fits with the speed and changeability of a demanding modern life. How can I access instant loans in Durban? With the financial difficulties everyone faces in unpredictable economic climates, many households need assistance to make ends meet. With prices going up everywhere, very few can afford to put money aside for a rainy day. When emergencies strike, accessing the money you need through loans in Durban is often challenging. There is usually no time to make an application to the bank, wait for the outcome and experience further delays awaiting payout. It is now extremely easy to access an instant loan for unexpected occurrences or expenses, whether your car needs repair or you just need to top up your budget for a long weekend trip. These days, online applications for loans in Durban are both easy and fast. All you need to do is to fill in an online application form and upload a few personal documents like your ID, pay-slip and a three months bank statement. Once the form and documents are submitted, trained consultants will call...
by MBC Finance | Articles
Loans are the answer to the financial woes of many people with good planning. In the current economic climate, most households can only afford to live from pay check to pay check, with no funds to reserve for emergencies or special occasions, whatever the case may be. Most people barely make it financially as they are barely managing to live within their means. This is where personal loans come in to ease the financial pressure for many. Many economies are failing and chances of earning more than one income when most people are being laid-off are quite slim. For many debt is piling up and debt collectors are hounding breadwinners who also face a daunting task of making ends meet for their families. Many reasons exist especially in this unfortunate economic meltdown, for taking out personal loans. Benefits To consolidate already mounting debt Many people find themselves on the verge of insolvency and being blacklisted by the credit bureau. with unpaid monthly instalments and accumulating interest on unpaid debt, add a few more such debts in one’s life, and you have an uncontrollable debt that can result in one being declared insolvent. One way of dealing with such debt is for individuals to take out debt consolidation personal loans. The debtor or individual simply approaches the bank, after having calculated the amount of money owed to different creditors. With this personal finance route, one can settle all debts and remain only with one creditor to pay-the bank. With just one creditor, and a reasonable repayment plan in place, peace of mind ensues. Receiving multiple calls from multiple creditors can...
by MBC Finance | Articles
When people think of applying for a cash loan, the last thing that springs to mind is that it’s going to be quick and easy. In South Africa these days, instant cash loans are everywhere and readily available to almost anyone. However, it is absolutely imperative that your instant cash loan is from a reputable lender or via an authorised facilitator with proven experience. Once you are working with a credible company your quick cash loans application itself is made extremely easy. All you need to have is a regular source of income and an active account at any of the banks in South Africa. The entire process is very quick and the loan amount is transferred to your bank account within a few hours of making the application; interbank payments can take a little longer to clear. The formal application process in itself is also not complicated and all you need to do is fill in an online application and submit it to the lender or facilitator. The application entails that you furnish the lender with basic personal details and standard documentation. The cash loans lender will be responsible for providing terms and conditions as well as the loan agreement document. Once done and approved, you will be assured of the money being deposited into your bank account very shortly, to use as required! How do I ensure that I manage quick cash loans responsibly? If you’re not careful, borrowing money can end up costing you more than “interest”. Good management and proper planning is the difference between a habit of incurring raw debt and a “manageable” debt....
by MBC Finance | Articles
When you look for instant online cash loanson the internet, you will get a plethora of results. There will be adverts promising instant cash in your account, and various compelling websites telling you what you want to hear. Depending on how much of a skeptic you are, you may think they are too good to be true, and indeed oftentimes that may be the case. The truth is that there are bogus loan providers in the marketplace, out to scheme you or cheat you when it comes to repayment. It will be up to you to determine which loan providers will live up to their promises and who are likely not to. Below are a few factors to keep in mind when deciding on a lender or facilitator of instant online cash loans: Take note of the loan fees – Obviously you would want to borrow from the cheapest provider possible. Most of them have loan calculators that let you know how much it costs to borrow a certain amount of money, based on variables such as loan term. The longer it takes you to repay, the more you will need to pay in terms of fees. Look out for the repayment calculator – This will give you a clear indication of exactly how much the instant online cash loans will cost you as far as loan installments are concerned. This is important information for ensuring that you will be able to comfortably afford the re-payment, and hence avoid any default. Make sure the provider is registered with the National Credit Regulator – This...
by MBC Finance | Articles
The global economy is worsening, and we’re all feeling it in one way or another. It’s one thing to read about a declining GDP, but quite another when you see prices going up in the supermarket while cash is declining in your pocket. With so many families struggling to make it from paycheck to paycheck it’s not hard to see why quick, low value cash loans, known more popularly as microloans, are popping up more frequently in the news and advertising. They’re a simple, user-friendly solution to a problem we all have from time to time that doesn’t necessarily tie you into the traditional bank’s way of doing things. We all need a little extra cash from time to time, whether it’s for groceries or sudden emergencies, like accidents or burst pipes. Getting cash loans from banks through formal and orthodox approach can be a problem. Most banks or commercial lenders require surety, a spotless credit record, and substantial paperwork before qualifying for a loan, even if it is a small personal loan. The underlying factor is that these loans are more than likely designed for those who don’t require extra cash, or require more substantial loans such as property acquisition and are paying back over a prolonged period of time. If you need a bond, they might be able to help you relatively more seamlessly, but still the paperwork and hassle is the same if you have an immediate need money to buy petrol until payday, or if you’ve had an accident and need the money for hospital bills. This is because traditional banks don’t typically deal with...