Blacklisted finance and loans for people who have a poor credit record and need to borrow cash to buy a car or apply for debt consolidation to get them out of their money problems can be a little difficult in qualifying for. The issue here is that a registered credit provider has to adhere to the law of the South African Credit Act and cannot lend money to anyone they choose so if you are on any kind of blacklist or have a bad credit history then you will be considered a high risk. That is not to say there is no-one prepared to help though.

Major banks don’t do blacklisted finance so do not even bother going to FNB, Absa, Standard bank or Nedbank and trying to apply for a loan if you have a bad credit history. They do a full ITC check on everyone that applies and will be able to see into your history where you are scored on a rating scale and rated as a high or low risk person to lend money to. Records will even indicate when and where a person has applied for other types of financial solutions and credit cards with other banks and financial providers so if you know your record is not good, don’t even bother applying at the banks.

Your best chance of getting approved to borrow money from a financial provider is if you have property or something of a decent amount of monetary value to it. There are companies that will offer the public a debt consolidation loan even if they have a poor credit record as long as they have something of value to sign as security, this is called a “secured loan”. Obviously, if you cannot keep up with the monthly repayments and over time you slip into arrears with paying the money back then the provider has the right to take your house or property to recover the cash that they lent to you. Spend a little time researching and you will find a company that offers blacklisted finance to people with bad credit records and history.

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