The National Credit Regulator (NCR) requires credit providers in South Africa to perform credit checks before they say yes to an loan application. The purpose of the check is to determine if you don’t already have so much debt, that an additional loan might be detrimental to your financial health.
Most of the time consumers aren’t aware of their credit status, that is until they try to apply for credit. But did you know that you can actually check your credit score any time you want to? Sign up for the GetBucks Credit report for only R 25 a month to keep you in the know. Your credit score plays a very big role during GetBucks’s assessment of your instant online loan application.
What will a credit report tell you?
It is a comprehensive record of your financial history, including:
- Every account you have ever opened
- If you have skipped any payments
- How much you owe your creditors
- If you have any judgements against you
Thus, if you have too many outstanding accounts or the repayment of your accounts are very poor, this will not reflect well on you. A bad report tells a creditor that, if you are struggling to repay the debt you already have, you will struggle even more if new debt is added to the mix.
By checking that you can really afford a short term loan, creditors not only protect themselves from losing money; they also protect consumers from over-indebtedness.
What if I don’t have an excellent score?
At GetBucks, we take more factors into consideration than your credit score alone. We know that you are a unique individual and we will treat your online loan application as such.
Don’t think of a credit check something negative. It is possible to do something constructively about a negative score by taking care of your debt and managing your finances responsibly. The first step to financial freedom is compiling a monthly financial budget and sticking to it and always being aware of your financial status!
Need a short term loan? GetBucks is here to help! Get personalized online credit anytime, anywhere!