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...