Loans For People Under Administration

Under Administration & Need a Loan

Is it possible to get loans for people under administration?

That is the question people needing loans under admin want to hear a positive answer to, however in South Africa it is actually illegal to take out a loan while you are under administration or getting loans for debt review clients.

Please be extremely cautious when seeking out loan sharks to grant loans for people under administration as it’s likely to make your financial situation a whole lot worse as you’ll be charged exhorbitant interest rates combined with unreasonable repayment terms.

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Furthermore being under administration means that a legal judgement has been made to ensure that your financial decisions & money management is handled by your legal administrator.

Therefore, perhaps your first port of call should be with the person who has been appointed to manage your financial affairs.

Discuss the problem with your legal administrator & look for a sensible solution to your immediate pressing financial requirements.

So when you really need extra money, and while it is difficult to accept at the time, the most sensible thing to do is to tough it out, exercise extreme discipline & you will eventually get through the bad patches.

However, the worst thing you can do is to get into more debt just for short term relief, as in the long term it will not only be against the law, but it will have an extremely adverse effect on your debt situation & end up making your financial woes even more dire.

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Notwithstanding the above, there are certain lending institutions (good & bad) who will provide you with credit if you are desperate.

A word of caution: do not in-debt yourself to an agreement whereby you will be required to make unrealistic or impossible re-payments at exorbitant interest rates as you’ll only make your financial situation worse.

So if you do enter into an agreement for a short term loan just make sure that you have a plan to ensure that you will be able to meet the terms & conditions of the agreement.