Personal loans for people in South Africa that even have a bad credit record or are perhaps blacklisted by a company or previous credit provider are available depending on exactly how poor the credit score is. In cases where an ITC credit score is very bad then applicants can consider applying for secured finance which means having to sign property or a house with value attached to it as security. In cases where the credit score is not too bad or the applicant is just listed as a slow payer there is a chance that the applicant could be approved for unsecured finance.
ABSA, Standard Bank, Nedbank or FNB deny personal loans for people with a bad credit record but they are not the only registered credit providers offering the opportunity for clients to borrow money in South Africa. There are many other companies that often operate under slightly different rules than the bank but still by keeping in line with the laws of the National Credit Act of South Africa. Chances for blacklisted people to get loans from the credit providers that are not anything to do with the major banks are usually higher depending on exactly how poor a persons record may be.
Signing a house or property as security against borrowing money although available, can be risky. The applicant needs to be fully aware that in the event that they cannot afford to pay back the cash borrowed from a credit provider then they are in the position of losing their house or property. In these unfortunate cases a financial institute is well within the law to repossess a house or property and sell it in order to recover money owed to them by the client. All in all there is still hope for people who need to borrow money in South Africa and looking for personal loans even if they have a bad credit record with the ITC.