Are you blacklisted? Are you not able to get a loan big enough to cover your expenses? Do you not have any assets to lend against? Well, you are still able to get a loan to carry you to the next month.
Enter your details below to apply for Blacklisted Personal Loans
The banks will most likely not give you a loan, not even to consolidate your debt, but there are so many other accredited loan lenders that are able to offer you loans of sometimes up to R 50 000. The trick is that you must show that you can now afford this loan, even if you did mess up your credit record. What they look for is your current affordability and not your history. These loans do carry a higher interest rate than usual, as you are still a higher credit risk.
You must be permanently employed. So check with your employer that they have registered you as permanent employee.
You must NOT be under debt review or administration.
You must be a South African Citizen, with a green bar coded ID/card ID
Your latest three months bank statements where you receive your salary
Your latest pay slip
Apply here for easy online blacklisted loan applications
Cash loans are hard to find if you are blacklisted in South Africa. And many will charge you high interest just for the privilege of applying for a loan. We show you a few that are easy to apply for. Hint: apply with as many as possible and compare their payback options and interest rates
Loanlocator.co.za. You Apply online at https://www.loanlocatorsa.co.za/wp/apply-online/
Call their call centre on 0860 022 150. Their operating hours are: Mon – Fri 8:00am – 5:00pm and Sat 9:00am – 2:00pm. They are not a FSP but they will pass you’re request through they’re call centre.
Loan Seekers. Apply at http://www.loanseekers.co.za/online-application
firstname.lastname@example.org Office: 087 940 3073
As always, please read terms and conditions carefully before putting you details through… KNOW WHAT YOU ARE APPLYING FOR!
Apply here for loans for Blacklisted People
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.
Personal loans are available even if you have bad credit. The issue most people with bad credit have is that they are afraid of getting rejected by the big banks like FNB and Absa when they apply for personal loans.
The good news is that banks are not the be all and end all of creditors, other institutions also provide loans for people with bad credit. These independent companies are also registered credit providers and help people with personal loans. A quick search on the internet reveals countless number of credit providers willing to help.
What help is there for people with bad credit records?
You can put through an online loan application for people with bad credit and get a reply within the same day. They will assess your credit score and see how much you qualify for. The qualification is often stringent as they will have to assess your expenses as per NCR’s rules.
Make sure you qualify by making sure of the following:
• You must be permanently employed
• You must be a permanent resident of South Africa
• You must be between 18 and 65 years old
• You must have a monthly take home of a reasonable amount after all your monthly financial obligations including the newly added consolidation loan
• A salary that has been deposited into the same account for more than 3 months
How much do you qualify to get a personal loan for?
You can get as much as R 200,000 if you can show you are able to qualify for the personal loan. It also can be as little as R 1,000 if that will help you through the month. It also depends on the reason you give for requesting the loan. If you can prove why you would like the loan you can get as much as R 200,000 or whichever the maximum allowed amount by specific lender.
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.
Blacklisted people often get turned away from major financial institutions that are weary of giving personal loans to people with a bad credit record. This has, of course, an effect on the personal lives of such people.
You can still get a personal loan if you are blacklisted or have a bad credit record. This is because smaller financial credit providers are more inclined to grant you a loan as they are less restricted and have more flexible policies. They are by law required to abide to the National Credit Act, 2005 (Act No. 34 of 2005) so don’t go into a financial credit provider’s office expecting them to break ethos and laws of the country.
Now, here are certain things you need to know in order to have the best chance to acquire that much needed personal loan.
- You will certainly attract a higher interest rate because you are still considered a risk. The interest rate is one of the first things you will need to inquire on, so shop around for the best rate.
- You have to have been permanently employed with your current employer for a period of more than 2/3 months, receive a salary into a bank account and have a salary slip.
- Be a South African citizen.
A lot of these institutions will most likely turn you away if you are:
- Self employed
- A commission earner only
- Under administration or debt review
- Weekly or fortnightly paid
- A Pensioner
How much can you acquire? Well, it really depends on the lender and you. Some lenders will go as far as R 200, 000 or as low as R 1000, but will depend on how comfortable you are with the interest rate they will charge you. They also will look at your own debt record. The most important thing is to make sure you can pay back these monies.
Be at the ready with documentation such as the last 3 months bank statement, South African ID, payslip and proof of residence. There are still institutions willing to grant loans for blacklisted people and your search should not end with the banks.