Short answer:
Generally, no. In South Africa, the National Credit Act restricts consumers who have applied for debt review from taking on new credit while the process is active. This includes personal loans, credit cards, store accounts and vehicle finance. These restrictions are intended to prevent further borrowing while you work towards managing your existing debt.
When Can I Apply for Credit Again?
You may be able to apply for credit once the legal requirements for ending your debt review restrictions have been met. This commonly involves completing your restructured repayment obligations and receiving a Form 19 clearance certificate. A lender will still assess your affordability and credit profile, so approval is not guaranteed.
If you need additional financial support while under debt review, contact Debt Rescue before making any financial decisions that could affect your repayment arrangement.
Need guidance on your situation? Contact Debt Rescue for a free, no-obligation assessment.