Get A Loan While Under Debt Review

Get A Loan While Under Debt Review

Is it possible to get a loan while under debt review?

If you are one of the thousands of people undergoing debt review ( also known as Debt Counselling), you’ll know that the debt counselling process doesn’t give you total financial relief from your debts.

Depending on the fluctuations in your income, you may find that you’ll need extra finance to meet your new commitments.

The debt review process is governed by the law in terms of the National Credit Act and enforced by the National Credit Regulator. This means that if can be very difficult to get a loan while under debt review. Especially an unsecured personal loan or credit card account.

The first step to take if you’re feeling the pressure with mounting debts, or lack of cash flow is to sit down and analyse your financial situation yourself. Double check all your income flows and all your payments. In fact, do a full household budget, and see if you have anything leftover that you can use to get yourself out of your current situation.

If you don’t see anyway out of it, in the near future, you can always apply for a lifeline loan or a payday loan. There are companies out there who will provide you with finance, and you will be able to immediate cash as long as you are employed. You may need to provide some sort of security for the loan, and will have to provide some proof income too.

While completing the loan application, make sure you check it out to thoroughly and make sure that the loan repayments are in accordance with what you can afford. The interest rate will definitely be much higher that that of a normal mainstream bank.

In conclusion. Yes! You can get a loan while under debt review. You will be able to get a loan from some lenders you there who are not the mainstream banks, but the trade-off is that you’ll have to settle for a higher interest rate and perhaps the loan repayment terms will a lot shorter too.

Before signing for anything, check out the agreement, make sure you can afford the repayments and you’ll have you money quickly.

Note: It is advisable to be very careful before committing to such a loan as it will probably come at a higher than normal interest rate.

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