Getting into debt is unfortunately incredibly easy. Because almost everything worth having costs more than most people can afford to pay in cash, most people end up opening account, applying for credit cards and taking out loans. If an individual experiences a financial bump in the road by losing his or her job or having to make a surprise payment for which they are not prepared, they may not be able to make a payment in full or on time.

This can mean finding themselves in financial trouble. Financial service providers do not take kindly to having their payments missed and they will take legal action against any individual who does not make their payments on time and in full. Legal action like heavy penalties, seizure of assets and the process of blacklisting will befall those who do not keep up to date with their debt.

Those who have been blacklisted

People who have had trouble making their payments and who have been blacklisted will not qualify for a loan, credit card or account from any reputable financial service provider. If an individual has proved that they cannot handle their own finances and that they cannot be trusted to pay back a loan or pay their accounts, they should not be allowed to get themselves into more debt. It is dangerous for the creditor sand the individual and is a bad idea in general.

So who really finances blacklisted people?

There are, of course, some financial services who are not reputable and do not stick to a good moral and ethical code or even to the law itself. These companies are often called loan shark agencies and will charge high rates of interest (sometimes up to 1 000 percent) on loans. Money lenders cannot afford to pay them back and there have been incidents of the loan shark agencies using violent and aggressive means to get their money back. Of course, some people, even though they have had problems with debt in the past, might find themselves in a position where they desperately need money for something or other. Although it is dangerous for those who have been blacklisted to get themselves into more debt, sometimes it is unavoidable.

Reputable financial service providers will always do a credit check on you and will always want to see proof of a steady, reliable income that will cover all of their essential living costs as well as their monthly loan repayments. If a financial services provider does not ask to see these things, it is likely that they are not one of the most reputable firms. Another way to tell whether a financial service provider is not to be trusted is if they promise very quick loans. They will often offer ‘hassle free loans’ with little paperwork, no documents or background checks, and a cash loan in very little time. However, this is a dangerous lure for those who are desperately in need of money as quickly as possible.

What should blacklisted people do instead of going to loan shark agencies?

Instead of getting loans from loan shark agencies who are not reputable and who will cost you a large amount of interest that you might never be able to pay back, it is a good idea to instead focus on improving your credit record. There are many ways you can do this yourself and in a few years you will be able to qualify for a good loan from a reputable financial service provider. Although this is not a quick fix, you will be set up for years to come if you handle bad credit the right way. It is possible to pay for early clearance from being blacklisted and you can begin a new, sound credit record.

Who on Earth Finances Blacklisted People? is an original post from: Loan Solutions

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Most people have dreams to make huge money that will allow them to live out all their fantasies, look after their families and friends and have all the material items they have ever yearned for. There are many ways in which people aim to make their money but one of the best, hardest and most rewarding is definitely starting your own business.

Starting your own business

If you have a successful business plan, the experience and expertise to get it off the ground, the time to put into your new endeavour and the tenacity to ensure that you do not give up, your only challenge will be financing your business.

It is a good idea to look into options that exist for funding small businesses as there are many ways to find the money to back your idea. If you believe in your business, you could make a potential financer believe in it too. Knowing your options, making good choices and having belief in yourself and in your ideas is the way forward.

Funding options

There are many companies and agencies that specialise in helping new businesses grow. To start your business, you will need enough capital for rent, equipment, stock and for salaries and other regular expenses until your business begins making money. The following is a list of some of your options for funding your small business:

• The Small Enterprise Development Agency (SEDA)

SEDA is an initiation of the South African Department of Trade and Industry. It was started in 2004 through the National Small Business Amendment Act. The aim of the agency is to promote, support and grow small businesses in the country, to help small businesses become sustainable and to promote partnership with big international business. SEDA offers good advice to any potential entrepreneur and to those who have already started their businesses.

• Khula Enterprise Finance Ltd

This company has over thirteen years experience in supporting, growing and maintaining small local businesses. According to Khula Enterprise Finance’s website, the company is a “wholesale finance institute which operates across the public and private sectors, through a network of channels to supply much needed funding to small businesses”. These channels include many of South Africa’s reputable financial institutions.

There are many financing solutions available for small businesses including mentorship services, finance via the bank, finance for agricultural businesses, financial intermediaries and Khula joint venture funding. Their head office is based in Pretoria but they have regional offices in the Freestate, Kwa-Zulu Natal, North and South Gauteng, the Western Cape, the West and East of the Eastern Cape, the Northern Cape, Mpumalanga, Limpopo and the North West.

• Investor’s Network

Investors Network is a company that aims to fund South African business ideas and make them successful and sustainable. They talk about several different options for funding your small business including: venture capital, asset based financing, long term debt, lines of credit, letters of credit and loan workouts.

• Venture capital companies will give you money in return for equity in your company. Venture capital firms look at your future prospects rather than your company history, making this form of funding ideal for a new business.
• Asset based financing is where a lender accepts the assets of a company as collateral in exchange for a loan.
• Long term debt is usually where commercial financial service providers will give loans with interest rates payable over a long period of time by the new business.
• A line of credit loan provides short term cash and is repaid quickly.
• Letters of credit is a promise by a bank that they will perform a specific task if the company fails to make their payment. This is useful as it will assure new creditors of the new company’s trustworthiness.
• A loan workout is a flexible loan where the terms and conditions are worked out to best suit both the creditor and the small business.

Any of the above businesses, and others like them, will have several options that might suit you.

Options that Exist for Funding Small Business is an original post from: Loan Solutions

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Everybody dreams of one day owning their own home. You might have always wanted a modern home in the city, or an old Victorian house in the suburbs. You might have dreamed of a loft apartment overlooking the sea or a farmhouse on a country estate. Whatever home you want, you will have to look for financial assistance through a loan or mortgage to pay for it. Houses are incredibly expense, and with the property market going up and down unexpectedly, shopping and paying for your home will be a stressful experience.

Your credit history

Even if you have a good credit history and enough money to make your monthly payments, owing the huge amount of money necessary to buy your dream home can cause you anxiety. Interest rates and fees add up and become a mountain of debt. If you have a bad credit history it will be even more difficult.

• Firstly, finding a financial service provider who will loan you the money will be difficult. You should be careful of vulture like companies who offer what seem like amazing deals to people with bad credit and then charge them exorbitant fees and heavy interest rates. Be aware of companies like this as they set up heavy penalties for non payment.
• Make sure you can afford the monthly payments. Do not allow yourself to go for a home that is out of your price range as you must have some savings for the unexpected and costly incidents that occur in life.
• Know what non payment will result in. Be aware that should you be unable to make your payments you could stand in the line of heavy penalties. Your creditor could take legal action against you, you could become blacklisted, you could lose your mortgage in foreclosure and you could lose your home, car and all your other assets and valuable properties.
• Plan well. Should there be an unexpected expense, like a car needed an expensive part replaced or an animal needed costly surgery at the vet, you want to be able to maintain your payments. Also prepare for more serious incidents like losing your job. You do not want to be homeless as well as unemployed should you be retrenched.
• Give yourself a little breathing space. Do not jump into paying for a very expensive property, leaving you, after living costs and savings, with no money to spend on small luxuries for yourself. You do not want to have to give up going out for dinner occasionally or taking a holiday at the sea because you have tied yourself into heavy payments for a number of years.

Work towards a better credit history

Another option is to work towards a better credit history. Rather than looking for a financial service provider right now, try to improve your credit history by paying your accounts in full and on time. It will take a little longer to get your dream home, but by working towards a better credit history you will be benefitting yourself and your financial situation in the long run.

Get good advice from a professional

Before you make any decisions, however, it is a good idea to find a reputable financial advisor who can steer you in the right direction, give you good advice and peace of mind that you will be able to make your payments.

Financing a house with bad credit can be stressful, but with good advice you can make a good decision. In terms of buying property, speak to someone who understands how the property market works and find out when is the best time to buy and in what area. Making a good investment in a home where the value of the house itself and the area rises is always a good idea.

Financing a House with Bad Credit is an original post from: Loan Solutions

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What does it mean to be blacklisted?

In today’s harsh economic climate, one in four South Africans is blacklisted, so you are not alone. You find yourself on the blacklist when you have a poor credit record caused by defaulting on debt payments and late payment of debt.

All of your credit transactions are recorded on your credit record, from credit cards to cellphone contracts, home loans, retail store accounts and any other credit buys. Neglecting to pay any of these dues gives you a bad credit record that could put you on the blacklisted. As a blacklisted person, you are seen as a bad credit holder and a risk to lenders. This means that loans are harder to come by and you will have to pay higher interest rates on money you borrow.

Learning how to finance a car if blacklisted

Luckily there are ways of getting car finance even if you are blacklisted. The best advice is to explore all the options fully and apply them to your situation so that you can decide which is the best for you. If you find yourself denied an application by the first place you try, don’t lose heart. Keep trying different institutions and you are sure to find an institution that will lend a hand (and lend some money!). Because you are blacklisted, expect to pay higher interest rates as you are a higher risk customer. This makes it especially important for you to shop around and find the best deal on interest rates.

• In house finance from car dealers

Some car dealerships offer their own car financing programs, especially if you are looking to buy a later model vehicle.

• Rent to own

Rent to own programs allow you to drive a vehicle, essentially “renting” the vehicle with affordable monthly payments until the rental period is over and the car is transferred into your name. Even though you are renting to car, you will still experience benefits such as extended warranties and a fully examined and inspected car.

• Bond or home loan

If you have enough equity tied up in your home, you can choose to take out a second mortgage or home owner’s loan to draw some of the money from your home to use as you please. In this case, it would mean getting money to buy a car. This is a good option as the loan is relatively easy to obtain and the interest rates on this kind of loan are lower than those of car finance companies.

• Apply online

There are a number on companies which offer car insurance to blacklisted car buyers. Conduct a simple online search to find a list of companies who will help you out with car finance if you have a poor credit record. You can apply for car finance online, so have the information you need with you. After you have filled out the application form, the company will contact you with a quote if they accept to lend you money for a car.

What you should do before applying for a vehicle loan

If you don’t need a new car immediately, a good idea is to save up as much money as you can before you finance the car. With some money to put down as a deposit, you will have less money owing to the lending company and less interest to pay. Showing that you have saved up will also show the lender that you are able to manage your money and lessens to idea of you as a risk.

Being on the blacklist is not permanent, and you can work your way back to financial freedom by paying your debts on time and improving your credit score slowly but surely. If you are awarded car finance while blacklisted, it is imperative to pay your dues on time.

How to Finance a Car if Blacklisted is an original post from: Loan Solutions

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If you are one of these people and are worried that you may become bankrupt if something is not done, there are solutions for you. Your bank and other lending institutions have programs in place that can help you to relieve your stress.

Everyone has to borrow money at some stage of their lives and debt elimination programs are great programs that allow you to manage your money responsibly. One of the ways that you can do this is to find out more about a debt consolidation loan.

A debt consolidation loan simplifies your debt by allowing you to make one monthly payment at a lower interest rate to your bank. How? It’s simple really. You approach your bank with clear information about your income and your current debt. They can then approve a loan for you that will allow you to pay your debt off in one swoop leaving you with only one debt amount. This is in the form of a loan from the bank that you can pay off over a set period of time.

This may seem even scarier to you because a lot of small debts seem more manageable than one giant repayment but this is actually not the case. Your interest rate will be better, your debt will be monitored allowing you to manage it effectively and you can set up your repayments to come off once a month in a simple debit order. It helps you to take control of your life again by taking control of your finances. So approach your financial institution now about debt consolidation and other debt elimination programs.

Help With Debt Relief

If you need help with debt relief, know that this is available whenever and wherever you may need it.

When you have money problems, everything seems to go wrong at the same time. It is always best to sort out your debt before it gets too bad, sort it out as soon as you can. You could always consolidate your debt; this means that you will get something bigger to cover all the small debts you have to pay off. When you use a consolidation loan you will feel a lot better as you will not have multiple people calling you asking for their money, but you will rather have one loan to pay off every month.

This is a lot less stressful and you will notice that your financial trouble will not seem as bad as it was before but help with debt relief is there for you when you need it. However, you might still need to talk to a counselor about your money problems and they can also help you to avoid it happening again in the future. You need assistance with the matter, as much as you think you can get over it on your own, you really can’t. By talking to a counselor you will be able to overcome your problems and minimize the risk of hitting finance problems again.

To consolidate your debt is normally the easiest option when you are stuck and have no way of paying your debt off immediately. When you are in financial trouble, there isn’t always much you can do and you seriously have to consider options that you never before thought you would have to.

No matter how deep in trouble you might be, you have to remember that you need assistance to get through it, you cannot do it on your own. Get the help with debt relief that you need today and you will see what a difference it makes to your well-being and over-all life.

Debt Elimination Programs is an original post from: Loan Solutions

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Essentially, the way women manage money is different to the way in which men manage their finances, often since they balance a family life and career and have less time to consider financial factors. Nevertheless, all women to engage in sound financial planning to protect themselves in times of crisis or stress.

When it comes to finance for widows and divorced women, prevention is better than cure. Acting before you become widowed or divorced allows you to plan effectively for your financial future, whatever the future may bring. In fact, by the age of 64, 1 in 4 women or on their own due to separation, divorce, or the deaths of their husbands; and of the widows now living in poverty, 80% were not living in poverty before their husbands died. On a positive note, 8 in every 4 women will take control of managing their own money at some point in their lives.  These figures show how important it is for women to take control of their finances.

The most important step in taking financial freedom is setting a budget and becoming more aware of the incoming and outgoing of your money. All women should assess their income and expenses, make a budget and stick to it. The budget should include savings money, however small that amount may be. If you stick to this budget and stick to your savings, the amount of money at your disposal will continue to grow.  A budget gives you power over your money as you establish ahead of time where your money will be spent rather than spending unconsciously. If you are worried about being disciplined, set up a savings account where you deposit a set amount as decided by your budget as soon as your income is received.

Remember that a budget is subject to change along with your lifestyle, so you can adapt it accordingly. However, always budget for some form of savings to relieve your anxiety in case your primary income is somehow lost.

A high income does not necessary equate to wealth if the income is being spent as it comes in. This means lots of spending money, but doesn’t allow for the accumulation of funds and the growth of personal wealth. Salaries and incomes should be used not only to consume, but to accumulate assets that will further their income and increase their wealth.

Investments worth considering

Once you have established a budget, you can begin to invest your money in preventative and wealth-increasing schemes with the money you save each month:

• Emergency Funds: This investment should be liquid so that you can get your money in a hurry if needs be.
• Life Cover: To look after children or others left behind in case something should happen to you.
• Education: Saving for your children’s education should be a priority and you want to be sure you can provide for them if you become widowed or divorced.
• Pension Planning: When you are no longer able to earn an income of your own, you need to have money to support yourself as you don’t want to rely fully on your children (if you have any). Remember too, that women generally live longer than men, so you need to be sure you have sufficient funds to see you through your old age.

Finance for widows and divorced women is available if women plan accordingly. Women today need no longer rely on their men for their financial futures. A man does not equate to a financial plan, and women need to take their destinies into their own hands. Achieving financial freedom eases the burden of being widowed or undergoing a divorce.

Finance for Widows and Divorced Women is an original post from: Loan Solutions

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Perhaps you have bought a property at a good price with the intention of doing it up and making it into the home of your dreams? Yes, your first bond will finance your brick bargain, but where do you get the money to turn it into somewhere you would actually like to live? This is where taking out a second bond can be your only choice and is a convenient finance option since you already have taken out your first bond.

A bond is a kind of debt security and often refers to a home loan. Because houses are expensive assets, people don’t often have the cash in hand to pay for the property outright and will need to take out a loan (or bond) from a lending institution such as a bank. The bond is specific amount owed and you are not able to exceed the amount owing.

This means that any further alterations you want to make to the house will come out of your own pocket or from a second bond. If you require additional funds over those provided with your first bond, you can take out a second bond and register it over your property if you have already taken out a first bond. Different lending institutions and banks may have different requirements for you to take out a second bond, but here are some general second bond tips and finance options.

• Make sure the value of your property has sufficient equity for you to be able to sign up for a second bond. If you owe too much on your loan, it is unlikely that you will be granted a second bond. The bank or lending institution will have to conduct a valuation of you home to assess whether or not you should be granted a second bond in terms of how much you owe on the value of your home.
• You must have a good history with your current bond, meaning that you must have paid all debts regularly and on time. If you are in arrears or have defaulted on payments this will reflect poorly on your credit record and you may be denied further lending.
• A second bond may sound well and breezy and like just the fix you need – just remember you still have to pay for it. Before you apply for a second bond, make sure that you can afford it. The bank will be able to calculate whether or not you qualify for a second bond (similar to the way they did when you took out your first bond, as stipulated by the National Credit Act.
• A second bond doesn’t necessarily have to be used alterations and additions to your home; in fact, you are able to use the money from a second bond as you please, covering personal expenses or even a holiday overseas.
• If you are taking out a second bond as debt consolidation (as a means of repaying other debts), this means that you will be taking out a long term debt to pay off short term debts (such as accounts, credit cards etc.) and this can have its limitations.

In terms of financing, the bank will combine the original bond with your second bond, meaning that you will only have one amount to pay each month. Registering a second bond is usually a quick and easy process as no transfer is taking place and all your details are already recorded and registered. When you take out a second bond, there are a number of costs involves including:

• An initiation fee
• The monthly home loan administration fee
• The fee to register your bond
• Valuation fees

Because interest rates on a home loan are usually lower than other types of finance, taking out a second bond can be a cost-effective way of getting your hands on some extra finance.

Second Bond Tips and Finance Options is an original post from: Loan Solutions

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Am I eligible for vehicle financing?

To qualify for online car loans you need to:

• Have a valid South African driver’s licence
• Be a South African citizen
• You must be permanently employed
• You must have a clear credit record
• You must earn over R6500 per month

What documents will I need?

Although some lending institutions may require different documentation, the most common documents you will need for individual application are:

• A valid copy of your identification document.
• A valid copy of your driver’s licence
• Three of your most recent bank statements
• Your most recent payslip
• A document showing proof of your residential address. This document cannot be older than three months.

For business applications, the company will need:

• Stamped 6 months of bank statements
• The last 6 months of financial statements
• Proof of the business address (not older than 3 months)
• CK documents.

Where can I get online vehicle finance?

There are a number of lending institutions that offer convenient and quick online vehicle finance.

• Carfin (http://www.carfin.co.za/) was the first independent company to specialise in financing the private-to-private car sales market. At Carfin, you can apply for vehicle finance online to get speedy access to the funds you need. The service is safe and easy and there are FAIS accredited managers on hand to advice you on your finance options and other products. To contact Carfin you can visit their website, or call them directly on 0861 227 346, fax on 086 675 7473, or email on info@carfin.co.za
• Vehicle Traders Financial Services (http://vehicletraders.co.za/vehicle-finance-for-used-cars-loans.html) will assist you in your online application for car finance. All you need to do is complete an online form and a car finance provider will be in touch with you shortly to guide you along the vehicle finance process.
• You don’t need to go private to get online vehicle finance to help you buy a car; many banks now also offer an online vehicle finance application option. Banks such as FNB, Standard Bank, Absa and Nedbank all provide a service that allows you to apply for car finance without actually going into the bank and visitng a broker. Visit their websites to find out more.

What services do online vehicle finance providers offer?

Although all online finance providers have a different company structure, some of the services you can expect from lending institutions include:

• National call centres with highly trained staff to help people around the country with any queries they may have.
• Fast and convenient application processes that are quick to complete and are preapproved in no time.
• A staff of business managers who can give advice over the telephone, meaning that you don’t have to move from your home to get the support you need.
• Many websites offer an online credit check to help you speed up the approval process if you have a clean credit history.
• Value added services such as the provision of vehicle insurance, warranties, and other such products.
• Negotiation services with private sales to get the buyer the best possible rates.

With all these services and more, you can see why more and more people are choosing the convenient option of online vehicle finance providers for car funding solutions.

Get Online Vehicle Finance to Help You Buy a Car is an original post from: Loan Solutions

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What is a home loan?

A home loan is money lent with interest for the purpose of buying a house or similar property. The lending institution will require regular payments with interest from the borrower to cover the cost of the property over time.

What is a bank bond?

A bond is a formal contract in which a borrower is required to repay money borrowed from an authorized lender with interest over fixed, regular periods. The interest on the bond is compounded either monthly or annually. The term “bond” is often used in connection with money borrowed to pay for a house or property and a bank bond refers to a bond between the borrower and a bank that has lent him or her the money to buy the property. In other words, a bond is a kind of loan that gives the borrower funds for a long-term investment such as a house or property. Bonds usually have a defined term of payment, often lasting for many years. Essentially, a bond is a type of home loan; and a bank bond is a home loan offered by a bank as the financing institution.

Should I take out a Home Loan or Bank Bond?

You have seen the house of your dreams, the price is right, and you want to buy it. The next step is to approach a lending institution to get financing for your purchase. The question is: who wins in home loans vs. bank bonds? In other words, should you approach a private lending company or the bank to loan you the money? In fact, it all depends on your unique situation and who can offer you the best deal for your purposes. To help you decide, here is a pros and cons list for bank bonds and home loans.

Bank bond pros

• If you already use the particular bank, you can be eligible for discounts and you can use relationships you already have to your advantage.
• You are guaranteed that the bank will be accountable and trustworthy.
• In some cases you may get more favourable interest rates.
• You can make automatic payments or stop orders from existing accounts you have at the bank.
• A local bank will understand the local property market better than a national company servicing the whole country.
• There is more stability in terms of the fees charged.

Bank bond cons

• The loan programs on offer will likely be more conservative, rather than innovative.
• You have to go through a lengthy and bureaucratic process to get a loan.
• If the bank does not specialise in bonds, the service may not be as competent as you would like.
• If you have a bad credit rating, it is unlikely that a bank will finance your home. You have a better chance with independent home loan companies.

Independent home loan company pros

• These institutions are often less bureaucratic and can process and approve your home loan quicker.
• The company may specialise in home loans, meaning that all employees will have experience dealing with these transactions.
• The loan terms can be more flexible and you may receive more tailor-made services.

Independent home loan company cons

• These institutions may not be reliable as well-established banks.
• They may make false promises without repercussions.
• They may not have access to certain loan programs.

At the end of the day, it is in your interest to do some research and shop around so that you can get the best possible loan for your needs with the lowest interest rate. It is important to consider the type of loan you need, how much money you need, as well as your eligibility to get a particular loan program.

Home Loans vs Bank Bonds is an original post from: Loan Solutions

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Now you may be wondering exactly what this means?  Well firstly pensioners earning less than R5600 will receive a 100 percent rebate on property and those earning R5600 to R10300 will receive a 50 percent rates rebate. What is more is that if you are a pensioner on a national security grant will receive a 100 percent rates rebate. The reason for this increase says Geoffrey Makhubo, a member of the mayoral committee, is because the city has realized that pensioners are faced with financial difficulties and as a result they felt that they needed to provide them with some much needed relief. The cap for property rebates in Johannesburg is that of R1.5 million.

However, should you not live in the city of Johannesburg and you are wondering why there is no relief for pensioners in your city, then have no fear. The current pensioner rebate in the eThekwinin municipality currently stands at R210 a month. Pensioners in the eThekwini municipality who own properties valued R3 million were previously not granted rebates for their properties. It was therefore decided to increase the cap to include R3million homes, This however has caused a major uproar as a report shows that pensioners who lived in homes valued at less than R2 million were in “greater need of assistance”.

However, the eThekwini municipality has decided to stick to the cap proposed being that of R3 million as they feel that should they stick to the R2 million cap, many of the pensioners in the municipality would have been negativley affected.

If you are a pensioner and you are wondering how you apply for such a rebate, then there are a few simple steps that you need to follow.

Firstly, in order to qualify:

1. You need to fall within the cap as set by your municipality
2. You must be property owners and live in the property for which the rates rebate is applied

In order to apply, you need the following:

1. Certified copy of your South African identification document
2. Certified copy of your pension card
3. Proof of income such as a bank statement
4. Certified application form by Commissioner of Oaths.

If you are a pensioner and you feel that you need a property rebate in order to help you with your monthly expenses and you qualify, then why not apply through your municipality for a property rebate. You have worked for years and have served the country as a tax-paying citizen for many, many years. It is therefore you turn to get something back, even if it is a few hundred rands a month. We have all heard those horrible tales of pensioners having to live in squalor due to the fact that their pension funds have run out and they have had to sell their properties. This property rebate may not seem like a lot of money but it does provide pensioners with some much-needed relief.

There is no shame in getting some help from the government seeing as you have helped build the economy, which they manage for many decades before you retire. That extra few hundred rand a month could be the difference between surviving and losing everything so why not visit your local city website and see where you can apply.

Finance Relief for Pensioners is an original post from: Loan Solutions

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