Acquiring Loans For Blacklisted South Africans
Loans for blacklisted individuals in South Africa can be difficult to acquire. Whether you need R1000 or R10000, finding organizations that will lend to you is a difficult task. People become blacklisted due to a serious lapse in credit. This can be due to a number of reasons. If it should happen to you, you are not completely helpless. You can find creditors who will lend to you, despite your credit situation.
Why Blacklisted
The first thing to evaluate is why you have been blacklisted. With 1 in 4 South Africans being blacklisted, statistics show that credit problems are common in this region. The number one reason why people are blacklisted is due to failure to repay an outstanding debt. Whenever you miss a payment, or are late in making a loan payment, red flags are placed on your account. These flags send warning signals to other lenders that you may be a lending risk. When enough of these flags accumulate, you become blacklisted to most creditors. Another way to become blacklisted quickly is to declare bankruptcy. Once this happens, your chances of being able to acquire a loan diminish greatly.
What to Expect from Your Loan
Whether you need an auto loan or just enough to repair the broken refrigerator, there are companies in South Africa that are willing to provide loans for blacklisted people. Do not despair. Because so many people in this country have credit trouble, it is easier to find loans with reasonable interest rates. Your rate will not be as low as individuals with good credit, but you can find interest rates that are workable for your situation. The internet is a good place to start searching for companies that will grant you a loan at a reasonable rate.
How to Improve Your Score
Once you have your necessary loan, you will need to work on rebuilding your credit score to become un-blacklisted. To do this, try consolidating your current debts into one low monthly payment that you can pay on time and in full every month. The key to good credit is to pay your bills consistently. Even one late payment will impact your score negatively. Do not take on more debt than you can handle. Proving unable to repay that debt is a sure way to lower your credit score, and make you even less appealing to future potential lenders. Be reasonable concerning your spending and borrowing habits. Be responsible in paying back what you owe to creditors. In these manners, you can build back your score over time and stay off lenders blacklists permanently.
Debt in South Africa is a serious problem. Across the globe, however, families struggle to balance their income and expenditures in a workable fashion. Living at or beneath your means is a key element in achieving financial success and independence. For many people, the temptation to buy is a difficult one to overcome. For these people, there are loans for blacklisted individuals available to help you until you can restore your credit score.
Don’t wait – Contact us today – ONLY IF YOU ARE SERIOUS ABOUT A LOAN!
AFTER SUCCESSFUL PRE-QUALIFICATION, WE WILL NEED A COPY OF:
- Your last 3 months bank statement reflecting your salary
- Your South African ID
- Your monthly payslip
- Your proof of residence
Pre-qualification takes less than 1 hour.
Simply complete the application and see the response!
THE RULES – YOU MUST:
- Be A South African Citizen
- Be employed for 3 months or longer with the same company
- Have a salary that is paid into your bank account
- Must receive a formal payslip from your employer every month
UNFORTUNATELY WE CANNOT HELP YOU IF YOU ARE:
- Self employed
- A commission earner only
- Under administration or debt review
- Weekly or fortnightly paid
- A Pensioner