It may be unfortunate for some, but the truth is that loans aren’t available for people under administration. If you are under administration it means that you have bad credit finance and debt reviewers or credit administrators are handling your debt. Therefore, you will not be able to take out a loan of any kind, unless you go against SA law and participate in illegal lending, but this is never recommended. Being caught in illegal lending is serious and will only get you further into trouble. You are more than likely blacklisted at this stage, but if you are not, taking out a loan illegally and not sticking to the repayments will definitely get you blacklisted.
According to the SA law, loans aren’t available for people under administration, which is fair because you already have bad credit finance, why put yourself in even more debt? Credit administrators and debt reviewers will do what they can to help you out of your situation; they will look at your financial status and negotiate with your creditors and settle on a monthly amount that you can afford to pay them off. This is what they are there for, to take some of the stress off of you, and so you don’t get those stressful phone calls from creditors demanding money that you don’t have.
Many people make use of consolidation loans, which is a loan you take out to pay off all your debt, but even this is not advised if you are under review. Taking out loans is okay if you can afford the instalments, but not when you already have so much debt that you need to go under debt review and administration. There are good reasons why loans aren’t available for people under administration, and it is important for you to stick to the rules.