Are you blacklisted and in need of a loan from a credit provider in South Africa?
If you find yourself on the blacker side of a poor credit record, don’t despair. There are options out there to get you the money you need. And you are not alone. In fact, one in four South Africans are currently on a black list.
What does it mean to be blacklisted?
Being blacklisted is an expression that describes people who have a bad credit history.
It not does not mean that you don’t qualify for financing at all. But loans may be more difficult to come by.
You can accrue a bad credit record by not making payments on time, defaulting on loan payments, or violating the terms and conditions of a loan
In today’s trying economic conditions, more and more people find themselves unable to pay for the life they once did. Meaning they default on loan payments.
- home loans
- cellphone contracts
- car finance
- credit card payments
- or any other kind of money owed
Being on a blacklist can restrict your financial freedom. Because creditors see you as a high risk customer.
How Banks View This
This means that banks and other major lending institutions may deny black listed customers a loan.
One of the options when it comes to loans for blacklisted people is to consider a secured loan.
This means that you set up an asset you own as collateral should you default on loan payments. Although you are a high risk customer, the lending institution can feel assured that they can regain any money lost. By taking possession of the property you set up as a security.
However, it is important to remember that your assets will then be at risk if you fall into arrears with your debt repayments. Making it imperative that you pay back your money on time. To avoid having your property repossessed.
If you don’t have any assets to set up as collateral, you can apply for an unsecured loan.
It is difficult to get an unsecure loan if you are blacklisted. Unless you apply to a loan shark company.
The problem with being a high risk customer is that the interest rates on your loan will be relatively high.
When borrowing from a micro bank, it is important to insure that the provider works within the credit laws to avoid putting yourself at risk. If you are unsure of the law yourself, find someone who is to go through the contract and terms of the loan.
Using the Internet to Find Blacklist Loans
When it comes to finding a lending company who will overlook your blacklisted status, the internet is your best ally.
Rather than approaching different banks and lending institutions, you can conduct a simple online search for “loans for blacklisted people”. And you will see a number of companies which loan money to clients with a poor credit record.
You can usually get pre-approval for a loan online by filling out a simple application form. Saving you both time and money if you are blacklisted and in need of a loan.
Where can I get finance online if blacklisted and need a loan?
- Dot Loans: at www.dotloans.co.za, you can find a range of loan and finance products. So that you don’t have to do any extensive shopping around. Loans are on offer to blacklisted clients.
- Blacklisted loans: At http://www.blacklistedloans.co.za/ This company can help you out when major financial institutions cannot. To apply for a loan (regardless of the state of your finances), you can simply complete an online form. And have a customer representative get back to you in less than 24 hours.
- Global finance: http://globalfinance.co.za/blacklisted_need_a_loan.html.
These are just a few of the many companies offering loans to blacklisted people.
So shop around to see which company can offer you the best loan option for your unique situation.
Most companies allow you to apply online. After which a customer service representative will contact you to discuss your options.