Loans for blacklisted people in South Africa or unsecured loans for people who think they are blacklisted do exist. As well as because of a bad credit history finance is available through the various creditors and lenders around South Africa.
However ABSA, Nedbank, Capitec, Standard Bank and FNB bank won’t offer blacklisted loans to you if you’re credit record is too bad.
Related: Credit Cards for Bad Credit
Whether it comes to home loans, personal, car loans or student loans. Even if you’re a slow payer there is still hope for you to borrow money from a lender. It can also help you towards rebuilding your poor credit record.
You need to consider an application for an unsecured loan carefully. But lenders are offering these loans to people who may otherwise be turned down, rejected or declined any type of credit. Because of their bad history or mark on the blacklist.
In your search for loans for black listed people you will find that most of the major banks are not willing to help you. Probably not even let you apply for an unsecured loan if you have no surety.
Try not to be discouraged though.
There are many other financial lenders that are more than willing to be a bit more understanding than the banks when it comes to lending money.
No matter how bad your credit history may be there are financial institutes that help those with judgements.
Online Loans for Blacklisted People Applications
Do your research and look for companies that allow you to apply for a loan online via online application forms.
This is the quickest way to source the types of loan solution that are going to suit your requirements.
Compare interest rates between the loan quotes you receive from these credit companies.
The online loan application forms normally only take about two minutes to fill out. You should be able to get a list of possible unsecured loan quotes within 24-48 hours or so.
The number of people obtaining unsecured loans these days is higher than it has ever been before.
Therefore if you do your research you will soon be well on the way to getting a loan to suit your requirements.
Poor Credit History Loans
Poor credit history loans are available and come in the form of secured finance. This means that you will need to have some kind of surety to sign against the loan.
This security may not necessarily be a house or property. It depends on how much money you would like to borrow. And just how bad your financial record actually might be.
Once again, this type of lending is not available normally from the major banks in South Africa. Because they usually have very strict policies in place that fall in line with the National credit act laws.
For people that have a poor credit history loans that are obtainable can contribute towards showing a financial provider that you are in actual fact a reliable payer.
This can help you in getting your record score back to the level you would like it to be. It does not matter to some lenders what the state of your record is.
Even if you have judgements against you, are blacklisted for missed payments and in certain circumstances, if you can provide a good reason.
Some lenders will even consider lending you money even if you did not pay a previous account and a certain company placed you on their blacklist.
In fact there is nothing worse than a bank refusing your loan application after you have gone to the trouble of going through the whole application process. Being denied can be a little humiliating and frustrating.
Use the Internet
The Internet is a great source of information and help you access the loan providers available throughout SA.
Therefore a very convenient method of applying to borrow money as most companies have quick and easy application forms available to you within their websites.
Have a little patience, read the fine print and spend some time online. Compare the different offerings and options available to you when looking for poor credit history loans available to you.
Loans in South Africa for Blacklisted People
Loans available for blacklisted people in South Africa are quite difficult to find, but they do exist.
When you are black listed it makes it extremely difficult to approach finance providers. Because few will trust your ability to make your repayments on time.
You need not even have been blacklisted because even slow payers and people with mildly bad credit can find it difficult to borrow money.
If you are concerned about your financial state of affairs then you can approach debt counselors about how to rectify your situation.
And ensure that you are no longer considered a financial risk. You can do it.
Consider Consolidating your Bills
Debt consolidation loans available for black listed people perform a very common sense role.
Instead of making several monthly payments to a variety of sources with a variety of interest rates, a debt consolidation loan pays off all of your outstanding bills, and leaves you with only one amount.
This might sound scary, but in fact it makes it easier for slow payers and people with bad credit to take control of their finances, and manage their spending.
It may take a while before banks and lending institutions will want you to borrow money. But that day will come as you improve your credit score again.
If you need to borrow money and were hoping that you could do so quickly, it is best that you come clean up front about your financial history. So that the banks don’t discover your credit record as a shock.
To keep yourself on top of your finances try to follow simple principles
- Don’t spend more than you have or live in debt
- Don’t yearn for things you really don’t need, rather concentrate on your life’s success and the things you do have
- Most importantly, pay your bills on time
If you are blacklisted in South Africa and need a loan. Consider unsecured finance if you cannot borrow money from a family member.
Use the tools available to you to improve your overall credit score.
Once your credit score improves you will be in a better financial position to borrow money.
Then you can apply for a loan from banks such as ABSA, Nedbank, Capitec, FNB and Standard Bank in South Africa.