Who offers loans for blacklisted people in South Africa?
If you’re in some financial trouble this is a question you might ask. Truth is there is no straight forward answer.
While many of the big institutions run away from those who have a tainted record. For a variety of reasons there is hope out there and you certainly have avenues to explore in terms of receiving credit.
Related Information: Credit Blacklists & South Africa Credit Checks
There may be an initial amount of frustration. Because you may have to change from one institution to the next. This will quickly subside as you realize that you can find another loan to continue with your plans.
Of course it is not always that simple. There are qualifying criteria that you will need to consider.
Below is a list of what you will need to keep in mind when applying for a loan as a blacklisted person:
- Age – Many organizations offering loans require individuals to be over the age of twenty years. And it appears there is no maximum age.
- Monthly Income – As a potential applicant, you will need to be earning a monthly salary of at least R1,500-00 per month.
- Nationality – You will need to be a South African citizen and have a valid South African ID.
- Bank Account – You will need to have a valid bank account.
- Debt Counseling and Administration – If you are in debt counseling or are under administration, then you are not likely to receive a loan.
Keep this in mind because once you have gone through this process then you will more than likely qualify.
Should you be an individual or a company, by knowing who offers loans to blacklisted people, you can also identify what type of loans are on offer. To best suit your needs.
Now that you qualify, take a look at the variety of loans that are on offer for blacklisted individuals:
Cash Loans: The simplest option of them all and seemingly straightforward. You meet the criteria and the loan is yours.
Credit Card: While securing a credit card is tough at the bets of times. This option is more of a pre-paid option and can assist you in securing a further credit line
Debt Consolidation Loans: This is a loan that does not require any security. As in another asset that you need to put up as collateral in case something goes wrong.
You pay of all of your other debts, and have this one loan to keep track of every month until it is paid off.
Unsecured Personal Loans: This option has a much quicker approval process but it does have a higher interest rate attached to it. Depending on your circumstances, this may be your only choice. But look at the others first.
Just when you thought this was too easy and too good, you need to do your homework. Of course.
The conditions that are slapped onto loans being offered to blacklisted individuals are pretty tight and need to be carefully considered. Otherwise, you might find yourself in more debt. Without any assets you have recently accumulated, and be in a worse off position than before.
In a world of strict financial regulations there is hope for blacklisted individuals. Because there are organizations who offer loans for blacklisted people. Make sure you have a good idea for what you need and a solid plan to avoid the debt trap again.