Capitec or African Bank offering loans for blacklisted clients in South Africa? It’s a popular question that people with bad credit in this country are asking. Because so many are in financial difficulty and want to apply for a loan with a credible bank.
Loans that blacklisted people are looking for at the banks include
- Car loans for blacklisted
- Personal blacklisted loans
- Bank loans for bad credit
- Blacklisted home loans
- Emergency loans for blacklisted people
There are strict rules that a South African bank has to follow regarding borrowing. Because banks have to be careful they are not causing people to get into mountains of debt. Money they borrow that they cannot afford to pay back.
Both Capitec and African Bank have applications that will determine if you qualify for a loan.
Therefore it depends on your personal circumstances whether or not you qualify.
If it’s just a question of you think you are blacklisted or your credit record is bad then it might be worth applying.
Check your credit record first: How you can Check if you are Blacklisted in South Africa
What Does Being Blacklisted Mean in South Africa?
Being blacklisted simply means that you are seen as a high risk to lend money to. So actually there is no such thing as a blacklist in South Africa.
Therefore you can’t find a list of names of people in South Africa that are blacklisted online or elsewhere. There is no such list.
Being blacklisted really means that you have a low credit score.
So if you have ever borrowed money from banks in the past. Or you have had car finance. Or any kind of contract with a creditor provider.
If you have missed payments or not been able to pay back the money you owe. It goes against you on your credit record.
Banks and credit providers have access to your personal credit score when you apply for a loan. So they will see if you have struggled to manage your finances and have a bad credit history.
Capitec Bank Loans
A Capitec Bank Term Loan is a good option if you want to borrow money of any amount up to a maximum of R250,000.
With repayment terms between 1 and 84 months.
As we say, if you haven’t done a personal credit check and just think you may be blacklisted it can be worth applying for a Capitec Bank loan.
However if your credit score is too low your application will be declined and you will have to apply elsewhere.
This may also interest you: 5 Loans for Low Credit Scores in South Africa
In addition, your affordability is the other main factor that Capitec take into account when you apply.
So once they determine you don’t have a bad credit record they will check your affordability.
If they decide you can afford the repayments. If they can see your credit record isn’t bad (blacklisted). Then you have a good chance to qualify for a loan from Capitec Bank.
So if you are wondering whether Capitec offer blacklisted loans the answer depends on if you are creditworthy enough.
Why not visit the Capitec website to find out more: https://www.capitecbank.co.za/
African Bank Loans
Our consultants get asked about African Bank loans for blacklisted clients in South Africa quite regularly.
As is the case with Capitec and all banks in South Africa, African Bank is regulated. Therefore operating under strict lending rules.
However, they do offer a flexible term loan at African bank that allows you to borrow up to R250,000.
With flexible repayment terms between 7 and 72 months.
Even if you don’t know your personal credit score it may be worth applying for this loan. Because you can get a quote on a loan within 3 minutes.
So if you’re blacklisted you will know if you can get a loan quickly because your application has a chance of being declined.
African Bank loans aren’t blacklisted finance solutions as such but if your credit record isn’t too bad you may qualify.
Learn more on their website at: https://www.africanbank.co.za/en/home/
Be Careful if you Apply for a Loan and think you are Blacklisted
If you have a feeling you are blacklisted by a creditor then be careful when applying for a loan.
Because everything goes on your credit record.
It’s not a good idea to continually apply for accounts, loans and credit cards if you are blacklisted.
Because every time you apply for finance it will be recorded on your financial record in South Africa.
Therefore the more times you are declined credit, the worse your credit record gets. And you can end up with really bad credit, looking like a very high risk person to lend money to.
You have no chance of getting loans from the banks with a really bad credit record.
People want to know which banks in South Africa give loans for blacklisted clients and it’s a fair question.
As we cover above, the banks are operating under strict guidelines with lending money.
Capitec Bank and African Bank are both reputable creditors that offer borrowing. However blacklisted clients and people with bad credit might have to apply elsewhere.