If you’re a foreigner living in South Africa and in need of a loan, you may have encountered challenges due to the lack of a South African identity document. While it can be frustrating, there are ways for foreigners to successfully apply for loans in South Africa. In this article, we will explore the hurdles faced by foreigners, the importance of building a credit record, and the steps you can take to improve your chances of loan approval.
The Hurdles Faced by Foreigners
Foreigners seeking loans in South Africa often struggle due to the absence of a credit history. Lending institutions are cautious about granting loans to individuals without a proven track record of responsible borrowing. While having a solid employment contract and confirmation of employment can help, it is still challenging to convince lenders to approve your loan application.