What do online bank loan applications require in South Africa?
To assist South Africans in recovering from the recent debt crisis, certain measures were put in place that protect them from bad debt and irresponsible lending. These include restrictions on lending criteria that limit the type of loan a consumer is able to access. For example, taking out a large personal loan of over R10,000 would require the consumer to have a good credit record to show that they have an acceptable history of debt repayment. However, not all bank loan applications in South Africa require this criterion, and alternatives are available for consumers who have a poor credit score.