Highspeed loans for blacklisted people offer quick cash in an emergency when you have a bad credit record. In case you ever find yourself in a position where you need to borrow money but the usual lenders will decline your application. Or if the banks keep declining your loan.
Companies who offer loans if you’re blacklisted:
- Money South Africa
- Dot Loans
- Finsap Loans (Pty) Ltd
- Direct Axis
- Loans Direct
- Just Loans
- Mega Cash Loans
- TA Consulting
- MCS Loans
There are of course other loan providers who will help you with highspeed loans if you are blacklisted. But it is important to understand what you are getting yourself into.
Make sure that you stay out of danger of getting in over your head.
What if you desperately need a quick loan while blacklisted?
If you find yourself in an emergency where you desperately need a highspeed loan while blacklisted. It would be advisable to rather borrow from a family member. Who would be unlikely to charge you extortionate interest rates.
And it would keep you and your finances safe from loan sharks. However, if this is not possible, there are financial service providers who will offer quick loans for blacklisted people.
Many of these companies will not do credit or background checks on you and will be able to provide the money within a day or two. These are the highspeed loans for blacklisted people in Africa.
It is essential that you do thorough research on the companies you use. And that you read all the terms and conditions of your loan agreement before you sign yourself into anything.
How do people get into debt?
Because many of the assets that people need to live a happy, fulfilled and successful life are so expensive.
Most people need to apply for loans to finance them. Houses, vehicles, education and even items like televisions and refrigerators are not easy to pay off in one go.
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Reputable financial service providers like ABSA, First National Bank and Standard Bank offer loans to certain clients who qualify for them. These banks will want to see that the loan applicant has two things:
- They will want to see that the applicant has a reliable, regular income, That will cover their essential living costs as well as their monthly loan payments.
- They will want to see that the loan applicant has a history of paying back their debts and accounts in full and on time.
Therefore, it is essential to have a good credit history to qualify for a loan from a reputable financial service provider.
The danger of debt
However, many people find themselves in over their heads with debt. If you or your partner should lose your job. If an unexpected medical expense comes up or if an investment turns sour you will find yourself in a bad financial position.
Obviously you will need to cover your living costs with the money that you do have left. So one of the first things that people don’t pay is loan repayments.
Once you have been unable to pay a few times you will start to receive warning letters from your bank.
Any lapse in payment or inability to pay in full will reflect on your credit record. Which will affect your chances of future loans, store accounts and contracts.
Once you have been blacklisted
Once you have been blacklisted, you will not be accepted for a loan from any of the reputable financial service providers. They will consider you a high risk.
It is advisable that in this period you try to refrain from accumulating more debt. If you do, it will reflect badly on you. You could find yourself tied into a loan with soaring interest rates that you cannot afford to pay.
If you have the money available to pay for your blacklisting to be lifted early, you should start to build a good credit history on your clean slate.
This will take time but it will benefit you in the end.
So in summary we’ve learnt that you can get loans from certain lenders even of you are blacklisted.
However it’s something you have to be careful of. Because borrowing more cash can make a bad credit record very bad.
Therefore even if you need to borrow money for an emergency. Read the terms and conditions of the loan agreement before you commit to borrowing.