Get pre-qualified for loan if you are a blacklisted individual by getting these 4 steps right:
- Be a South African citizen
- Be permanently employed, and receive a monthly or fortnight salary.
- You must have received your salary into the same bank account for at least three months
- You must be able to show that even though you are blacklisted, with the expenses you currently have you can afford the loan
What thing will disqualify you for a loan for blacklisted people?
- Nothing will disqualify you faster than if you are a commission earner, as you are unable to guarantee that you will receive the same amount of money every month
- If you are under debt review, under administration, sequestration or liquidation
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South Africa has recently had a lot of people fall into the debt trap by over-extending themselves and taking out a lot of credit which, despite the national credit’s act’s attempts, people can’t afford at all. You might have fallen into debt and now realize that it is time to change and clean up your credit history. There are a number of ways to clear your debt, and one of the most effective is to get yourself debt counselling.
Debt counselling is a way for you to manage the paying off of your debt, and what many do not realize is that it is actually a way for you to finish off paying your creditors, your debt does not get excused as this is not a bankruptcy plan. The process involves you working with a debt counselor so that they may help you set up your budgets, help reduce the monthly repayments amounts to your creditors, and in some cases to reduce your debt by negotiating lower interest rates.
Debt counselling also helps you to see how you can avoid bankruptcy, manage your debts better, see which debts are bad for your financial well being and help you figure out a budget for you.
It is legally required that you be fully employed and receiving a salary so as to show that you are able to service your current debts.You will have to be classified as over-indebted in order for you to be protected by debt counselors
If you would like to find out more about debt counselors, follow this link.
Cash Loans are available for people who are blacklisted, and just like normal people with good credit blacklisted people also have access to these same facilities. Unlike the main banks like FNB, Absa and others, these facilities are available through indepedent credit providers.
What can you do to increase your chances of getting a cash loan?
Start by making sure your documentation is in order. Loan lenders always must be a South African citizens between the age of 18 and 65 earning more than R3000 per month. If you earn weekly/fortnight wages, this can be calculated, the main thing is to be permanently employed.
The next important thing with cash loan for blacklisted individuals is to have proof of address. This is what most lenders require from you to grant you the loan. However, if you are under administration, under debt review, undergoing sequestration or your expenses do not meet the standards set out by the NCR, you may not qualify. But by all means, do APPLY with credit providers.
If you would like more help please go to my contact page.
Direct axis is one of the credit providers that can help you consolidate your debt. They have a product called the “Personal Loan Account Consolidator” which helps you consolidate your debt into a much more affordable loan.
The product works because you are reducing interest rates and other overhead charges by paying only one lender, or loan for that matter. This is done by calculating your accounts payments and seeing if by paying them off through the personal loan account consolidator you will have saved yourself money in the long run.
They also offer car finance, personal loans and other loans.
Before rushing to take the loan, visit their hellopeter.com page to see if they truly are the best in the loan consolidation business.
There are a number of ways debt consolidation loans have helped people and it is by helping people not to default on the debt payments of get a bad credit record. A debt consolidation loan puts together all your debts so that you can pay off your debts and breathe a little easier the next few months.
A debt consolidation loan differs from a personal loan in that this can be large amounts of cash at your disposal. The interest rate is often lower and is payable over a longer period of time than a personal loan.
How else can they help individuals?
– By putting your debt in one manageable loan.
– By reducing the risk of defaulting on your high interest rate loans
– By having one major loan to service you are less likely to be seen as a high risk by credit providers
– By reducing the amount payable each month, you can breathe easier because you have a set budget that services the loan
You will have to consider a few things before rushing out to find yourself a consolidation loan, and this includes what the loan is for and how much you need in order to cover your existing loans.
Being blacklisted is not the end of your credit road for you. South Africa has a lot of registered credit providers that are willing to look at your case and help you apply for a loan (in the case of facilitators) or even loan you the funds themselves. Therefore you can go straight to a credit provider to apply for a loan and you will get your answer sometimes within minutes depending on the loan amount. The best thing to do in most cases for blacklisted individuals is to go see a credit facilitator. These are the people who apply on your behalf to credit providers and facilitate your application process to give you a better chance of being approved for a loan.
Let’s look at credit facilitators and how they help people who are blacklisted but need a loan.
A loan is often looked at case by case to see if you qualify. Credit facilitators that apply for a loan for you are experienced enough to know how to present your case to lenders and which documents and information is needed when presenting a loan application to registered credit providers. Information that you would normally have to have are your monthly expenses, monthly/fortnight salary, SA ID book and employment record.
Tip: make sure you are able to afford a loan by calculating your monthly expenses. You will most likely be approved if you can show that you can afford the loan. Do not cheat when calculating your expenses as credit providers can easily check what you are paying to other credit providers. Make sure you calculate all your expenses including your groceries and clothing accounts.
Tip: keep a record of how you are paying for the debts that you are currently blacklisted for. A track record of good financial management will look good for credit providers. No credit provider wants to get into trouble with the NCR for giving a loan to a person who is unable to pay their debts.
Getting a loan whilst you are in creditor’s bad books will tax you with your finance and time. Running from pillar to post looking for the best rates, let alone a lender who will lend you money, when you are blacklisted is a task. With a quick search on the internet I think you will find that you can find a lender who will give you a loan with your bad credit rating.
Get a loan with bad credit by meeting these requirements and you will be on your way to secure a loan with most lenders:
- Be a South African with a valid ID
- Your three latest payslips
- Make sure your salary was deposited in the same bank account for the previous three months
- Check your affordability by making sure your monthly expenses will fit in with the amount you will likely pay.
If you are under administration or in any kind of debt restructuring program you cannot apply for most loans.
I was always against this as when you default on the payments you may lose the car and not be able to get your car again. READ THE TERMS AND CONDITIONS, WELL!!!! This is how you can get a car when you have bad credit or are blacklisted: You “rent” the car.
Basically the supplier avoids giving you a loan but actually “rents” out the car to you. At the end of this “rental” period, where you may also be subject to a balloon payment, you are then able to get the car in your name. Look at it as a rent-to-own as well. Take this only when you are desperate to have a car.
Here are some of the things you will need to get improve your chances of being approved:
- A minimum refundable deposit of R 10 000.00 or R 15 000.00 or applicable category deposit, or a trade-in vehicle to the same value as the cash category deposit
- Valid Drivers License
- Valid ID
- Last 3 months pay slips
- Last 3 months bank statements
- Proof of residence – Water and lights, bank statements or lease agreement
- No criminal record and no previous unresolved issues with Blacklisted Car Finance
Speak to a few service providers and try to get the best terms such as no balloon payments, higher payment amounts, shorter rental period and try to take a smaller car… You do not need a BMW as these cars will generally be more expensive than a humble Corsa Lite.
Apply for an unsecured debt consolidation loan and brace yourself for higher interest rates. What is the difference between this type and other loans used for debt consolidation? This is an unsecured loan, which means that you as the borrower would not place any collateral with the lender. Would you later to default with the lender they would claim from your claimed assets.
This sort of loan attracts higher interest rates because this is a greater risk for lenders. This is because an unsecured loan means you as a borrower are not fronting any collateral for the loan, which naturally makes you an even higher liability, and attracts an even higher interest loan than had you taken a secured loan.
Now, if you are blacklisted and don’t have collateral like a property, this might be the perfect loan for you to take up. Of course you will have to check the pros and cons of taking such a high interest loan over a long period to clear your debts. The higher the loan amount the longer you will have to pay the loan back.
You will need the usual documentation such as South African I.D., 3 months pay slip and bank statements.
To increase your chances, most credit providers are more likely to loan you if are not under debt review, earn a monthly or fortnight wage, not be a commission earner, have a bank account that your salary is deposited into, prove your money expenses so as to show affordability.
Unsecured debt consolidation loan for blacklisted people is a solution for most people, but not everyone.
To apply please go to our loan consolidation page.
SA Home Loans hopes you will do what they term “a switch” in order for you to have access to their debt consolidation loan. They have a rather solid track record as a lender home loan provider and claim over 100 000 clients. They give solid advice and ask their clients to consider how they will be spending the cash they get from doing a debt consolidation with SA Home Loans.
Contact SA Home Loans and ask for them to switch your home loan in order to get a home loan with them and get access to debt consolidation.
You can contact them 0860 2 4 6 8 10 and ask to switch your home loan to them. The interest rates will be discussed and calculated in their entirety so be sure to weigh their rates, it is worth it.
Switching is not as expensive as you might think and a competitive solution from SA Home Loans might save you from getting a bad credit record.