With more and more people these days finding themselves in the red, you may wonder: “What loans are available to blacklisted people?” The good news is that your credit record doesn’t necessarily have to be squeaky clean for you to get the loan you need for your school fees, house renovations, or any other financial requirements; there are lending institutions out there that can look beyond the black marks on your credit record and allow you the chance to get the money you need.
What does it mean if you are “blacklisted”?
If you are black listed, it means that you have a bad credit history and are not seen as a trustworthy recipient of money for loan. You can even be denied a job opportunity if your potential employer accesses your poor spending and borrowing statistics through the credit bureau. You may find yourself on the blacklist if you have missed required installments on a loan, defaulted on credit payments or other money owed. This could include a range of credit purchases, such as mortgage, vehicle financing, credit cards, and cellphone contracts.
Major banks and other lending institutions may be loathed to lend if you have a bad credit history or you have been blacklisted. Before a bank will lend you money, they will look at previous defaults and late payments and they won’t grant you a loan if you have a poor credit record. However, there are smaller lending institutions which actually specialise in lending money to people who find themselves dirtied by the blacklist.
What loans are available to blacklisted people?
Unsecured loans: These loans are available to people who don’t have a home or any other significant assets to set up as collateral against a loan. As the name suggests, you don’t need any security to be eligible for a personal loan or debt consolidation.
- Personal loans: The amount of money you can borrow with a personal loan depends on the micro lending company who will provide it. This amount can range from R1000 to R20, 000. There are a number of criteria to meet before you can qualify for this loan.
- No Credit Check loans: These personal loans are granted for under R8000 and don’t require a credit check.
- Pay day/ Short Term loans: If you need between R500 and R8000 to make end meets before you get paid, you can get a convenient short term loan calculated according to how much you earn per month.
How do I qualify for a personal loan if I am blacklisted?
Although lending terms differ from institution to institution, there are some common factors that make you eligible for a personal loan:
- You need be to older than 20 years of age.
- You must have a regular income of at least R1500 per month.
- You must be permanently employed and have recent proof of you income (from at least the last 2 months).
- You must have a valid South African Identification document.
- You must have a South African bank account.
- You cannot be in the process of debt counselling or debt administration.
Who can give me a loan if I am blacklisted?
- Global Finance specializes in providing loans for blacklisted people and can give you a quote with no obligation in just a few minutes after you have contacted them. Global Loans can provide you with a personal loan of up to R100, 000. To contact Global Finance, call 022 715 3339 / 074 187 7812.
If you find yourself on the black list, this does not mean the end of your financial freedom. In fact, if you are responsible about paying back the money you take out in a timely manner, you can even work on cleaning up your credit record out of the black.