Top Tips: Key points to be aware of when applying for a loan

Back to Top Tips

Your Credit Record

Having a good credit record could mean the difference between getting a loan a person applies for or not. Lenders (Institutions like Absa, African Bank, Woolworths, FNB, etc.) place large emphasis on the borrower’s credit score and credit record. If you maintain a good record you will have no problem in accessing a loan.

What influence does your credit score have?

  • It could determine whether you obtain a loan or not.
  • It influences the interest rates the lender charges you. If you apply for a loan but your credit score is bad, it means you are a greater risk to the lender. This will result in the lender charging you higher interest on the loan.

You have the option to check your credit score through us. You are entitled to one free credit check per annum if you go through a credit bureau. However, if you check your credit score through Fincheck, we will pay for the credit score check.