Yes, you can apply for a loan with us if you have other financial commitments already. In many cases we will offer you a loan that pays off your existing loan, and then provides you with additional funds.
We are committed to responsible lending. Once you submit an application, we will conduct a credit assessment, where we will verify your latest income and expenditure levels.
In some cases we won’t be able to offer you another loan. Typical reasons for this can include:
- You already have two active small amount credit contracts (‘SACC’s). New regulations only allow individuals to have a maximum of two SACC’s at any time.
- The loan repayments on a further loan may exceed the maximum allowed under government regulations.
- There's a notable frequency of reversed payments in the bank account within the last 90 days.
- Income is insufficient to cover both living expenses and loan repayments.