Is there such a thing as being blacklisted?
The term blacklisted is from the past, when clients did not pay their accounts or had judgements against their names. Only negative information was collected by credit bureaus which then reflected on the person's credit report. It is not used by credit bureaus anymore. Today there is no such thing as being blacklisted.
Today, credit bureaus include positive as well as negative information about you. Your credit score gets calculated using the data from all your accounts and credit agreements. With a higher credit score, you have a better chance at qualifying. Of course, the opposite also rings true, the lower your score you are more likely to be turned down.
If your current credit position is not that great, you should start by getting your credit report. Then start resolving any incorrect information and start by either making arrangements to pay or paying those negative accounts.
If you pay your accounts on time every month, you will find that the credit bureaus like it and reward you with a great credit score. Credit providers will consider your application more favourably. You will be paying less for credit plus you will be getting better loan terms than someone with a low score.
Curious about blacklisted loans in South Africa?
Here's the lowdown: Blacklisted loans are there to give a helping hand to those who might not qualify for regular bank loans because of their credit history. Since these loans are riskier for lenders, they usually come with higher interest rates than your average loan.
You could get a personal loan for up to R150,000 or even more, depending on the lender. You'll have anywhere from 12 to 60 months to pay back the loan, depending on how much you borrow and who you borrow from. Some lenders might ask for collateral or a guarantor to secure the loan.
- Application Process: To apply, you'll likely need to show proof of income, like payslips or bank statements, to prove you can pay back the loan.
- Impact on Credit Score: Paying off a loan on time can actually help boost your credit score in the long run.
Will I qualify for a personal loan, if I am Blacklisted?
When searching for personal loans for blacklisted, most importantly, you need to consider, your credit report is a reflection of how you handle your credit accounts. Ultimately it is one of the most important factors when applying for credit.
Know that lenders, banks, clothing accounts will consider your credit score. Not having stellar credit record, means that you are amongst many that are struggling to get loans or credit.
While any person may apply with us, not everybody will be approved depending on your credit status and affordability.
The easiest way for you to find out whether you will qualify or not is to complete our online personal loan application form and let us assist you through the process. We know that your time is valuable. Our online form only takes minutes to complete, and us will not cost you anything. We have helped many customers find the loan they need. You can trust us to connect you with a trusted credit provider.
So even if you are unsuccessful the first time, try again within a month or so, as conditions change and applying next month could get you a better answer.
Please take note of our Basic Criteria and Required Documents
Alternative Solutions:
Consider exploring different options such as negotiating repayment terms with your creditors or seeking assistance from a debt counselor.
It is important to carefully consider these factors and possibly seek advice from a financial advisor to make a well-informed decision. What is your current financial situation, and what are your goals for taking out a loan?