Loans for Zimbabwean Residents in South Africa – Personal Loan Options
Overview
In South Africa, there is a large population of Zimbabwean nationals who work in the country. As immigrants, these individuals may face a number of challenges in terms of obtaining a loan. It’s important to consider reasons why banks may often be unwilling to lend to foreign nationals. Usually the top reason cited is that foreign nationals don’t usually have an established credit record. There is no reliable proof that you will be able to afford to repay the loan. This isn’t the end of the road though.
There are a number of quick online personal loan options available, including:
- Personal loans
- Vehicle finance
- Consolidation loans
- Payday loans
What documents are usually required?
- 3 months’ bank statements
- Latest payslip
- Employment Contract
It’s common for mainstream banks to consider applications from immigrants holding foreign passports as long as their visa includes a work permit for the applicant and they have a work contract with their employer.
SA personal loans (www.sapersonalloans.co.za) is an institution that has helped over 220 000 people to get a loan. Clients are offered up to R20 000 of finance, with up to 24 months to repay. Interest rates are fixed, so you can benefit from being able to pay a consistent amount. It’s also vital to have a valid passport.
To create a better chance for being able to qualify for a loan as a Zimbabwean resident in South Africa, you can establish a good credit record. You can do this by simply applying for a small amount of credit with a retailer and by repaying diligently over a 6 to 12 month period. Make sure you pay on time and you can be assured that this will serve you well in the long run.
