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Read the WELCOME ALL BMWFANATICS post.
Welcome our sponsor: Bad Credit Loans SA
- Thread starter BMWFanaticscoza
- Start date
J
Jakkals_F30
Guest
Damn... to the value of 30k...
That is amazing guys..
can already think what i will do to my car... lol lol..
That is amazing guys..
can already think what i will do to my car... lol lol..
XMAX
///Member
Welcome.
Just wondering... your company name is Bad Credit Loans...
I have met a few organisations in the past offering loans to persons with bad credit scores. the downside was they were offering these loans with exorbitant interest rates (some going upward of 25%)... whilst prime is approximately 9%. I understand that giving loans to persons with bad credit is a risky business, but I believe that even 15% is on the high side...
Im not saying that you are going to rip our members off. But it does need to be mentioned what your range of interest rates are. If your interest rates are based on a calculation of Credit Score (Risk) and value asked for, where those with good credit scores will receive a lower interest rate than that of an applicant with poor credit scores then I think youre a winner.
Dude... I am happy to have you on this forum as a sponsor, and will probably use your services, provided that we are given fair service.
I apologise for putting a damper on the festivities. I just dont want to see our peeps get jammed (Re: SecondSkynZ episode)....
Just wondering... your company name is Bad Credit Loans...
I have met a few organisations in the past offering loans to persons with bad credit scores. the downside was they were offering these loans with exorbitant interest rates (some going upward of 25%)... whilst prime is approximately 9%. I understand that giving loans to persons with bad credit is a risky business, but I believe that even 15% is on the high side...
Im not saying that you are going to rip our members off. But it does need to be mentioned what your range of interest rates are. If your interest rates are based on a calculation of Credit Score (Risk) and value asked for, where those with good credit scores will receive a lower interest rate than that of an applicant with poor credit scores then I think youre a winner.
Dude... I am happy to have you on this forum as a sponsor, and will probably use your services, provided that we are given fair service.
I apologise for putting a damper on the festivities. I just dont want to see our peeps get jammed (Re: SecondSkynZ episode)....
R
Rolf
Guest
I still remember interest rates of 29% for car loans..... and that was official from all major banks....
I will tell you what interest rates we are getting as we will finance a "Miss...." tomorrow :idea:
(I want that R30k award) :joy:
I will tell you what interest rates we are getting as we will finance a "Miss...." tomorrow :idea:
(I want that R30k award) :joy:
Sabretooth tiger
///Member
My first bank car I had a 16% interest rate.
R
Rolf
Guest
XMAX said:
I will do so... :thumbs:
bmwforlife
///Member
Hi Xmax
My apologies for the tardy response but have been super busy of late flying around to various branches.
It is correct as you said that there have been organizations charging crazy interest just because they are helping those in the so called niche market .
However the following should be noted;
1) the interest rates charged by us are profile and lender dependent
2)we have a panel of lenders all FSB registered (second tier lenders) that provide the loans .
3) BCLSA provides micro finance and the interest rates for micro finance differs substantially from the normal rates .
4)All the FSB are governed by the usury act as are we in terms of maximum interest to be charged.
5) Using the term ripped off is a bit strong don't you think if not naive ? Try financing a car through Wesbank and then with Nedbank's no deposit personal loan manner and I think the interest rate is close to 27% . Well within legal limits .
6) So in conclusion what does this mean? If you have conducted your business and accounts properly then you interest will be minimal however if you have a history of non payment and are always just a step away from sequestration if against all odds you are approved expect a stiff interest rate . Sounds fair to me .
If there are any more queries please ask cheers
My apologies for the tardy response but have been super busy of late flying around to various branches.
It is correct as you said that there have been organizations charging crazy interest just because they are helping those in the so called niche market .
However the following should be noted;
1) the interest rates charged by us are profile and lender dependent
2)we have a panel of lenders all FSB registered (second tier lenders) that provide the loans .
3) BCLSA provides micro finance and the interest rates for micro finance differs substantially from the normal rates .
4)All the FSB are governed by the usury act as are we in terms of maximum interest to be charged.
5) Using the term ripped off is a bit strong don't you think if not naive ? Try financing a car through Wesbank and then with Nedbank's no deposit personal loan manner and I think the interest rate is close to 27% . Well within legal limits .
6) So in conclusion what does this mean? If you have conducted your business and accounts properly then you interest will be minimal however if you have a history of non payment and are always just a step away from sequestration if against all odds you are approved expect a stiff interest rate . Sounds fair to me .
If there are any more queries please ask cheers
bmwforlife said:
maybe post up some examples interest rates one of a good client with a good history and one of a sketchy client...
it really up to the person taking the loan to decide if it worth it or not... you cant be their mother...
If interest rates are fair and everything is transparent i dont see the problem...
DROP IT - ZN
Active member
bmwforlife said:
Point 6 hits the nail on the head :thumbs:
