Showtime Finance Personal Loans for Bad Credit – Having a bad credit record places you in an unfavourable position when applying for a credit product. However, there are products available specifically for customers with a negative credit history. This review of Showtime Finance will help you decide if their products can be of use to you in your time of need.
The aim of Showtime Finance is to find credit products that are suitable for customers with a bad credit record. Showtime Finance has an online platform which they encourage prospective clients to use for a speedy, easy and accessible service. After applying online, your application is quickly processed but you don’t have to worry about the service because it is of a high quality.
You can borrow a loan amount of between R1 000 and R15 000 with Showtime Finance. As a client with a bad credit history you can use this sufficient loan amount to pay for home appliances, car/house repairs and school fees. Avoid borrowing more money than you need so that you can keep up with your loan repayments.
With Showtime Finance, you can select a term that aligns with your needs. You can choose a term that lasts for one, three, six and 12 months. Customers with a good credit history can choose a repayment term of 24 months. It is important to note that a long term will result in smaller monthly payments but your loan will become more expensive and you will be charged interest for a longer time period.
You can rest assured that you have a high chance of approval, even with a bad credit record. But the annual interest rate is 60% and the monthly interest rate is 5%. The initiation fee is 13.72% of the principal amount. You will have to pay a monthly service fee of R57 plus a monthly insurance premium equal to 2.1%.
If you have bad credit, the cost of borrowing is not low but the rates and fees of Showtime Finance are similar to those of competitors. It is your responsibility to decide if a loan is affordable to you.