Bad debt loans in South Africa exist for those who may be blacklisted or if you have found yourself in some trouble and need financial help. If you are black listed or you just have a poor credit record, you should still be able to apply for one of these loans. Many people are embarrassed when they have to borrow money, and some even feel ashamed, but this is very unnecessary. Everyone in their lifetime goes through a difficult time, everyone has to have a rough patch at least once in their lives so don’t worry, you are definitely not the only one! The most popular type of secured finance would be a home loan, but you are more than likely not in the position to be applying for one of those right now.
Many say that the worst thing you can do when you are in debt is borrow more cash, but bad debt loans in South Africa really aren’t that bad. Like consolidation loans, you will get a bad debt loan that will help you pay off all your debt. The nice thing about this solution is it means that you will only have one loan to pay off and hopefully you will never have to borrow money again. If you are blacklisted you should ask the company you are getting the loan from what their interest rate is. The reason for this is that if someone with a poor credit record applies for a loan, they are considered a risk to not pay back the borrowed money because of their bad history, so the interest rate at which the loan has to be paid back is more than likely going to be high.
If you are unable to get secured finance, you will have to look at getting one of the bad debt loans in South Africa, it’s really not as bad as it sounds; this solution can help you get back on your feet again.
Should you really Borrow Money if you are Blacklisted?
Should you really borrow money if you are blacklisted? Well, at the end of day this comes down to choice, but the way many people spend, do they really have one? Surely, many people will choose not to make loans wherever they can, but when it comes to life and to living, many are pushed to the point where they don’t have a choice but to make loans. At this point, many people are either already in debt or they know for a fact that by borrowing money they will not be able to pay it. There are many lenders that will offer finance and approve loans to blacklisted people.
So the big question is: should you really borrow money if you are blacklisted? At the end of the day, after the lenders have given you a R5,000 loan even though you are blacklisted, it is your problem and not theirs when you unable to pay it back. This is where your worthy possessions are taken into consideration. That beautiful lounge suite that you just managed to finish paying off is on your name now, but it will look really good at the back of a removal truck.
If you are black listed, it is important that you try not to make loans wherever you need to. Whenever you make a loan, there is always something in your house with the same value that will get taken away if the payments are not made. This is not something you need in your life. Working hard to buy the things you need around your home has taken many months, and by borrowing more finance knowing you are debt, you will find that it will not be easy to get out of it.