Unfortunately, many people in South Africa have a bad credit history. Most people assume that there’s no chance of getting a loan if you’ve been blacklisted but this isn’t necessarily true. Although you may not be able to get some types of loans you’ll more than likely still be able to take out a blacklisted loan so you’ve still got the option of borrowing money.
When you’ve been blacklisted it’s easy to think that you’ll never be able to borrow money again; or at least for a very long time. Thankfully, this isn’t true since there are loans for blacklisted people. As we previously mentioned, it may be hard to qualify for certain loans but there are definitely plenty of lenders that would be more than happy to give you a loan!
It’s important to remember that these types of loans are very rarely given without what is known as secured finance. Secured finance is basically when you give some sort of security to the lender. This is used just in case you don’t pay back the debt so that the lender can get back the money that is rightfully owed to them. Without this security no lenders would be willing to give you a loan if you’re blacklisted since it would simply be too risky for them.
All you need to do is put some valuables up against your loan and then you should have no problem getting a blacklisted loan. You can use anything from jewellery or even your property in order to get a blacklisted loan. When you do this you should keep in mind that if you don’t pay back the money on time then there is a high chance that your valuables could be taken from you so don’t get one of these types of loans unless you’re positive that you can pay it back on time. The lender will be legally allowed to take what you used as security should you not pay back the loan so make sure that you think about whether you have enough money to pay off your debt.
Overall, if you need money urgently but have a poor credit history then a blacklisted loan may be perfect for you. Usually the money will be paid to you within a day which is a lot quicker than most other types of loans which is exactly what you want if you need to have the money within a very short period of time. Our site will help you compare blacklisted loans so that you get yourself the best deal that’s on the market.