Problem with Home Loan in South Africa? Apply Online for LoanPosted by onlinecashloans on July 2nd, 2014 Home loan applications can be declined for a wide range of reasons. Do not sulk around hoping for a miracle. Instead of focusing on the reasons why you can't get the home loan you desire, it will be more practical to find ways that will increase your chances of approval. Over the past years, success rates for home loan applications in Cape Town have been declining, developments elsewhere in South Africa experience even worse fates, with very low rates of success. With very few home buyers, succeeding to get their home loans approved, banks' and lenders' property loan businesses also experience stunted growth. Loan providers cannot simply hand out loan approvals despite their desire for business growth because many loan applicants and home buyers fail to qualify due to bad credit scores—which is one of the main reasons for the number of declines that banks and loan providers hand out. This said, improving your credit score and building on your financial behavior towards creditors is one of the best ways to improve your chances of acquiring loan approval. Here are some of the things that affect your credit scoring:
Technology even makes it more difficult to cover bad credit. With the advent of electronic database information and companies sharing credit records, there is definitely no place to hide bad credit scores, which is why it is very important to maintain good credit rating with all companies. A delinquency on your smallest credit account can still influence your credit score and this kind of information can be made available to any credit or loan provider through credit rating agencies. This said, consumers can do free credit record checks during a 12-month period as per the National Credit Act, which allows you to make sure that your credit record reflects the correct history. Obtaining a clean credit record for a better chance of obtaining a home loan is as simple as paying your credit accounts on time and in full. You also have to avoid maxing out your credit limits and avoid multiple accounts or opening several new accounts in a short span of time. It is also a good idea to reestablish credit on previously mismanaged accounts, and act on creditor mandates—especially legal actions—immediately. If you are still unsuccessful in obtaining a home loan, it may be high time to seek help from professional financial advisers and loan experts who can assist you through the process and help you find the best loan providers that will likely approve your loan requests. About The Company: Since its inception in 2008, ProfiCredit Online Cash Loans which is a part of a network of financial websites has been assisting customers by offering advice and providing comprehensive information about the finance providers online in the South African market. Their primary focus is on demystifying the large and complex network of loan providers by offering verified information. ProfiCredit Online Cash Loans give relevant and necessary information on obtaining a loan ranging from personal loan to business loan. They also help people who have bad credit history by providing relevant information about loan providers in the South African market. Like it? Share it!More by this author |