To get a loan with bad credit in South Africa for those who may have been rejected by the banks because of being blacklisted by a company or listed as a slow payer can be difficult but certainly not impossible. First of all it depends just how poor your credit rating looks. Some people have been blacklisted by several companies due to defaulting with payments on previous accounts, if that is you, your only hope is a secured loan. You need to prove to a financial credit provider that if you borrow money from them and cannot pay the cash back that you are willing to hand over something of value, usually your house.
If you need to get a loan with a bad credit record after only being black listed by one company or if you can prove to a credit provider that you have been listed unfairly then you stand a much better chance. Some people have settled debts and struggle to get their names unlisted from ITC or elsewhere simply because of a lack of co-operation from a company where an account was held. Often in these circumstances a person resorts to hiring a debt lawyer to write letters and help in the process of clearing a name from being listed.
Banks and other registered credit providers may even refuse to approve a person for finance on the basis that they are listed as a slow payer. In our opinion this is unfair as many people hit unexpected financial difficulty and may just be a little late with one or two payments on an account. We believe that in time these laws will be lifted and relaxed to a certain extent which will make things much easier for those looking to get a loan with a bad credit record or to get removed off any blacklist.