Your Questions About Loans For Small Businesses In South Africa

Jenny asks…

Looking for a loan locally in South Africa, not a bank as its long processes. Please help?

Im looking for a loan, a personal loan or a small business loan. I dont want to apply through a bank as their interest is way too high and they take quite long. I want to borrow from a private registered institution. Any suggestions? It must be locally i dont want to apply overseas because there are so many scammers these days and i have to pay a transfer fee which i dont want to as you can never tell if you will get your loan etc. pls help.

admin answers:

The difficulties in obtaining a personal loans for people with bad credit can be best understood by those who have suffered with a history of bad credit. Personal loans such as these provides a manner in which they can recover there dignity and improve there overall credit rating. A personal loan may help you to payoff those smaller debts that seem to keep lingeringcredibility and making him a high risk for a personal loan. This however is not always the case. People with a bad credit history may also be considered for personal loans.

Mary asks…

Where can I find a short term finance for my business in South Africa?

My business has the same problem than almost all small business when they start up – cash flow. My bank will help me with a loan, but it will take up to three weeks and I need the cash asap!
I guess that I am actually just looking for bridging finance for a month….

admin answers:

Youre best bet sounds like it would have to be to find a business partner. If you have a business plan I would look for investors. Maybe look for an angel invester. However, they might be weary because of the location of the business. There are a lot of scams that sound similair to this so they will want as much info as possible. Good Luck

Steven asks…

Is anyone willing to help?

My husband & I live on a small holding in the Eastern Cape of South Africa. We took over the operations of a business last February. The person we took it over from allowed us to take over with no money. We had a year in which to pay it off, which is now. It was due on the 1st of February. Things with the business are ok, not fantastic and not nearly well enough to have the type of money we need. The banks will not allow us a loan, as we have not enough equity built into the house. We have had to spend a lot of money for upkeep on the equipment, which was supposed to have been in good condition when we took over. Well, to their standards, I guess it was, but in order for me to do a proper job, we have had to go further than they did on the service. Sanders, saws, motors, lathes, planers, etc, they seem to be working fine now, but the orders are not coming in quite like we have wanted. I am doing the marketing and manufacturing myself along with my husband when he can.

admin answers:

Walk away and give it back to the seller.

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