We offer a selection of unsecured loans to get your out of difficult financial situations
If you have a poor credit score or no credit history, a bad credit loan is the ideal financing for you. This type of loan is designed for people interested in investing or purchasing something they cannot afford immediately, but cannot get financing from a traditional institution because of their credit history.
Your rate is fixed during the life of the loan. The interest rate you pay will be determined when you apply for the loan. It will be based on the lesser of 5%. This means that your rate will not vary from the rate it was awarded. Interest begins to accrue from the date of signing for the loan.
- to promote a fair and non-discriminatory marketplace for access to consumer credit and for that purpose to provide for the general regulation of consumer credit and improved standards of consumer information;
- to prohibit certain unfair credit and credit-marketing practices;
- to promote responsible credit granting and use and for that purpose to prohibit reckless credit granting;
- to provide for debt re-organisation in cases of over-indebtedness;
- to regulate credit information;
- to provide for registration of credit bureaux, credit providers and debt counselling services;
- to establish national norms and standards relating to consumer credit;
- to promote a consistent enforcement framework relating to consumer credit;
- to establish the National Credit Regulator and the National Consumer Tribunal;
- to repeal the Usury Act, 1968, and the Credit Agreements Act, 1980;
- and to provide for related incidental matters.
In order to get a cash advance or cash loan you must first complete and submit an application form. Keep in mind that EC Online Loans is not a direct lender, it will not provide loans to consumers; instead it aids in the process, so that customers will get the loan that best match their needs.
Once the application has been submitted, EC Online Loans will find a suitable lender based on your profile and loan requirements. The lender will disclose all payment information before you have any obligation to actually take out a loan.
Before accepting and signing for the loan, be sure to thoroughly review all information regarding fees and rates. Lenders are required by the Truth and Lending Act to disclose any and all fees that borrowers may be required to pay. Be aware that any fees and expenses for getting a cash loan are decided by the lender based on your customer profile as assessed in your application. Thus, rates and fees may vary depending on the lender and customer.
If you do not agree to the terms set by the lender, you do not have to accept the loan. However, should you decide to accept the terms and the loan, simply fill out the e-signature form and wait for your cash loan to be transferred directly into your bank account.
Fees and interest rates are dependent on the lender, which means different lenders may charge somewhat higher or lower fees. Rates are usually higher than those a bank would charge for a similar loan. Banks however, maintain stricter loan qualifications and issue loans only when certain requirements, like a good credit score, are met. The traditional loan application process is generally lengthier than going with a cash loan solution.
Alternative loan solutions are quicker, like EC Loans, and more efficient
Our maximum APR is 28% per year as per the NCR with terms ranging from 6 months to 60 months. All our loans are longer than 60 days as we do not do payday loans.
It could take weeks to get approved and have funds disbursed with a bank loan. A cash advance loan takes a matter of minutes.
Our short term service providers have an annual interest rate of 32.10% to 60% APR. They also show you an example of the cost of an average loan to show you a clear breakdown of interest and fees.
Included in this is their R57 per month service fee that helps cover the cost of the administration of your account and an initiation fee which all fall in line with the NCA. All of this is shown upfront so you can judge the cost of a loan before you accept your quotation. Fees include 14% VAT.
Responsible borrowing is imperative when getting back on the road to financial freedom.
Our service providers always tell you upfront what the cost of your loan will be. There are no catches or extra costs to worry about, providing you stick to your side of the deal.
All of our loans are finalised faster than you might imagine! When you’re in a bind the last thing you want to do is wait for weeks for your loan application to clear. Fast loans are our specialty. Online loans same day is our way.
Once your application is approved you can credited with the advance within just a few hours. Because many of our clients apply for our loans when they need emergency funds, we make sure that we offer a service with speedy approval and access to funds as soon as possible.
While the interest rate on faster cash loans like these is higher than secured loan interest rates, they’re the way to go when you need money fast to settle debts, pay deposits, pay bills, and the like.
Your monthly salary is considered when the amount for a loan is approved. We aim to make sure that you can practically and feasibly pay back the loan in time.
As with all unsecured loans, a shorter repayment period is recommended so that you are indebted for a shorter time.
When you have a bad reputation with banks, credit card finance providers and other credit solutions, there are great opportunities with alternative financial institutions to rid yourself of that bad reputation.
EC Online Loans offers the option of fast personal loans which do not require a credit check for people with bad credit, no credit history, or those who do not want to go through a credit check.
Bad credit loans are also handy for clients who don’t have a credit history yet. Many formal financial institutions will not do business unless they have evidence of a secure credit history.
Bad credit loans allow these individuals to make investments in their future without the hassle of gaining a credit history.
Please note that these services are usually only offered by private companies like EC Online Loans as banks will not assist individuals without ideal credit records.
We offer fast approval and same day pay out cash loans! Apply now and a consultant will evaluate your application and give feedback as soon as possible.
Remember the longer you stay loyal, and make your monthly payments, to EC Loans the more you can borrow in the future!