What do bank loan applications require in Cape Town?
Normally, bank loan applications in Cape Town (like most of South Africa) require that you have a good history of debt repayment behaviour. This means that most banks run a credit check to see if you have ever missed a payment. Unfortunately, even a late payment can lower your credit score and affect your ability to get approval on the loan. However not all bank loan applications require a credit check. Choose a lender who uses other means of determining your repayment ability, such as current employment and nett salary. These loans are easier to obtain, although they may cost you slightly more in interest charges.