Payday Loans Online If I’m Under Debt Review?

There’s no denying being under debt review is stressful, especially when you’re facing urgent financial needs. You might wonder if it’s possible to secure payday loans online while under debt review, but the reality is your application for any loan will not be approved if you are under debt review.

Why Can’t You Get Payday Loans if You Are Under Debt Review?

If you’re under debt review, it’s important to understand that payday loans onlines are off-limits until you have completed the process. Why? Because payday loans online are often seen as a form of high-risk lending. Micro-lenders, such as Atas Finance are regulated by The National Credit Act (NCA), which prohibits lending to anyone under debt review as it can be considered reckless lending. Lenders are required to assess a borrower’s financial situation before granting any loans, and those under debt review are seen as unable to repay additional debt responsibly.

What is Debt Review?

Debt review is a legal process designed to assist those who are struggling with debt. A Debt Counsellor works with you to assess your finances, negotiate with creditors, and create a manageable repayment plan. The aim is to help you pay off your debts over time while ensuring you can still afford your essential expenses.

Debt review does not impact your criminal record but it is listed on your credit record, which can affect your ability to get payday loans online, other loans, or credit until you are cleared from debt review.

How to Get Out of Debt Review to Qualify for Any Payday Loans

While you cannot access payday loans online while under debt review, it is possible to regain your financial freedom when exiting the process and getting access to financial products. Here’s how:

1. Negotiate with Creditors

You have two options when it comes to negotiations. You can either speak directly with your creditors to reach a more manageable repayment plan or let your Debt Counsellor do the negotiations on your behalf. The Debt Counsellor will consolidate your debts into one monthly payment, which may be easier to manage.

1. Don’t Miss Payments

Once you’re under debt review, you must stay on top of your payments. Missing a payment can cause you to lose the legal protection debt review provides, and your creditors can take further action against you.

1. Pay More Towards Your Debt

If you can, make additional payments towards your debt each month. This will reduce the overall term of your debt review and help you exit the process faster.

1. Apply for a Clearance Certificate

Once you’ve completed your debt review and settled your debts, your Debt Counsellor will issue a clearance certificate. This certificate can then be submitted to the court, and the National Credit Regulator will remove the Debt Review listing from your name. Once your name is cleared, you can once again apply for payday loans online and other credit options.

Struggling to Get Your Name Cleared? Atlas Finance Can Help

If you’re finding it challenging to get your debt review status cleared, Atlas Finance has a team of experts who can guide you through the process of debt review removal.

While it may feel like a setback, being under debt review doesn’t mean that payday loans online are out of reach forever. By understanding the steps to exit debt review, staying on top of your payments, and working with experts like us at Atlas Finance, you can get back to a place where you have access to financial products like payday loans online