Blacklisted and need a loan urgently? Do not panic. This article features a complete guide on how you can apply for a loan even when you’re blacklisted. Read on!
If you are a South African, it is not easy to get a loan while you are blacklisted, but it is not impossible.
Banks and other financial institutions do not give out loan to blacklisted people. However, there are some private lenders online who are willing to give out loans even for blacklisted people.
What Does It Mean To Be Blacklisted?
When you are blacklisted, it simply means that banks or financial institution think you’re a risk and won’t be able to pay your debt.
It is important to note that the term blacklisted could be deceiving because there is no so called ‘black list’ in South Africa. People are generally said to be blacklisted due to failure to borrow loans and repay.
What Is A Bad Credit?
A credit score refers to some digits that range from 300 – 850, these numbers shows how good your credit rating is. Your credit score depends on your ability to pay debt which will then reflect in your credit report. Your credit report include the following:
- The amount of money that you owe;
- Your payment history;
- Your activity on a bank account;
- The age of your account ; and
- Your credit checks.
What Type Of Loan Can I Get If I Am Blacklisted?
Payday loans: Some online lenders offer short term micro loans for people who are blacklisted. Payday loans are a type of unsecured personal loan, but they always come with higher interest rates and difficult conditions to meet up.
People don’t borrow large amount of money with PayDay loan because repayment can be quite difficult since it has a high interest rate.
Secured loans: This is the easiest type of loan for blacklisted people. With this type of credit, you present a collateral to your lender which will be used as assurance that you’re going to pay your debt. You can get this loan against your car, house, and other properties.
It is important to note that you might lose your property if you don’t pay back the loan amount.
Loans For Blacklisted People
Blacklisted and need a loan urgently? Check out the following options:
1) FinChoice MobiMoney: MobiMoney offers up to R6,000 for blacklisted people. It is free to access, you can repay over 1, 2 or 3 months. To qualify for MobiMoney Loan you will need your SA ID and SA Bank Account.
2) MyLoan: MyLoan is one of the easiest way to get loan offers from many online lenders. With their Mobile application, you will be connected to many lenders who are willing to give you loan today! They offer a minimum loan of R1,000 and a maximum loan of R250,000
3) Finance27 Loan: You can borrow a loan amount of R500 – R4000 and receive your loan within few minutes. Finance27 offers secure instant loans to the citizens of South Africa to help them achieve the financial freedom they need.
4) Fasta Loan: You can apply for Fasta Loan online and get approval in minutes! Upon approval, your requested loan amount will be deposited to your bank account instantly. You can repay your loan in up to 3 instalments. They offer a minimum amount of R500 and a maximum amount of R8,000
5) Wonga Loan: Wonga Loan offers new customers loan amount up to R4000, and up to R8000 for existing customers; with a 6 month loan tenor. You’ll need the following to apply: A cellphone number, SA ID number, bank account details and most recent proof of income.
If you think you have been blacklisted by a bank or financial organizations, all hope is not lost, it is very possible to apply and receive a loan instantly. However, it is advisable to actively pay back your debts so you can get your name removed from the blacklist.
Blacklisted and need a loan urgently? I hope you find the information useful. Feel free to read similar posts recommended for you below.
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