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Loans for Blacklisted
A blacklisted person is an individual who has defaulted on a loan from a particular lender and as a result that lender blacklisted their credit score. In simple terms if you are blacklisted, conventional lenders such as banks will not even take the time to consider your loan application.
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Properties of this loan
- Online loans up to R250.000
- Term 6 - 84 months
Loan requirements
- A copy of your I.D.
- Your most recent monthly bank statements
- A copy of your most recent pay slip
- Proof of residence (not more than three months old)
About company
More information about the company Bayport Financial Services 2010 (Pty) Ltd.
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Properties of this loan
- Online loans up to R250.000
- Term 12 - 60 months
- Cash in your account within 24 hours
Loan requirements
- Be 18 years or older
- Have a valid SA ID or Drivers License
- Have a bank account
- Be employed and earn R2 000 or more per month
- You will be required to provide proof of income documentation
About company
More information about the company Dial Direct Insurance Ltd
Fast information
Properties of this loan
- Online loans up to R200.000
- Term 1 - 7 years
- Quick application
Loan requirements
- Have and Identity Document of the Republic of South Africa
- Be over 18 years old
About company
More information about the company DirectChoice
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Properties of this loan
- Online loans up to R2.500
- Term 10 - 30 days
- Easy application
Loan requirements
- Age – 18 Years or Above
- South African Citizen
- Must have a Bank Account
- Have a Permanent Employment
About company
More information about the company EasyPayday.co.za
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Properties of this loan
- Professional financial advice and tips to improve your score
- Complimentary loan assist service of up to R150,000 cash
Loan requirements
- Be 18 years or older
- Have a valid SA ID or Drivers License
- Have a bank account
About company
More information about the company Credit Gain Services (Pty)
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Properties of this loan
- Online loans up to R200.000
- Term 1 - 5 years
- Easy application
Loan requirements
- To apply, you must be 18 years or older
- Please carefully read the terms and conditions before applying
About company
More information about the company AB Partners (PTY) Ltd
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Properties of this loan
- Online loans up to R3.000
- Term 3 - 6 months
- Easy online application
Loan requirements
- Be 18 years or older
- Have a valid SA ID or driver’s license
- Have a bank account
About company
More information about the company Low Budget Loans
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Properties of this loan
- Online loans up to R150.000
- Term 1 - 60 months
- Fast application, instant approval.
Loan requirements
- You must be permanently employed
- You must earn over R5,000 per month
- You must be aged over 18 years
About company
More information about the company Freedom Loans
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Properties of this loan
- Online loans up to R200.000
- Term 1 - 60 months
- Fast online application
Loan requirements
- The minimum age to use our service is 18
- Must be a current resident of South Africa
- Need an active South African bank account to allow the money to be transferred to you
- Have to be a current resident of South Africa
- You must have an income every month whether it be benefits or a job
About company
More information about the company Mayday Loans
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Properties of this loan
- Online loans up to R9.000
- Term 4 - 65 days
Loan requirements
- The borrower’s age should be in the range of 18 to 65 years
- Users must pass a credit check
- Requires a current email address
- Provision of current phone number and Debit card
- Recent pay slips and Proof of address
About company
More information about the company Binixo Corporation
Fast information
Properties of this loan
- Debt management up to R350.000
- Term 1 - 84 months
Loan requirements
- To earn a regular monthly income of at least R2 000 per month
- To have a cheque account into which your monthly income is paid
- To be 18 years or older
About company
More information about the company Absa Bank Ltd.
Fast information
Properties of this loan
- Online loans up to R300.000
- Term 1 - 7 years
Loan requirements
About company
More information about the company Loans Finder
Fast information
Properties of this loan
- Debt Consolidation
- Simplify your monthly payments
Loan requirements
- You must be over 18 to apply for a Loan
- Proof of residence not older than 3 months
About company
More information about the company Debt Matters (Pty) Ltd
Fast information
Properties of this loan
- Debt Consolidation
- Simplify your monthly payments today
Loan requirements
- RSA barcoded ID book
- Proof of income (salary advice)
- List of deductions
- List of household expenses
- Dependants
- List of all your creditors and debt
About company
More information about the company Onedebt - Pty Ltd.
Fast information
Properties of this loan
- Debt Consolidation
- Simplify your monthly payments
Loan requirements
- You must be over 18 to apply for a Loan
- Proof of residence not older than 3 months
About company
More information about the company Debt Rescue
Nonetheless, just because you have been blacklisted, doesn’t mean you can’t get credit from other sources. However, it’s essential to understand that getting a loan while being blacklisted is not an easy feat and comes with its own set of disadvantages.
To learn more about blacklist loans keep reading.
Where to Apply for Blacklist Loans?
If you are blacklisted it is pointless to try and convince a bank to grant you a loan. Understand, a blacklisting is the lowest level of a credit score and hence your credit worthiness is not in anyway appealing to banks.
So where do you go next?
Well, there are numerous private lenders especially online who are willing to provide you with a loan. Due to the risky nature of your credit score, you will have to provide identification, proof of residence as well as bank statements to convince them that you are capable of repaying the loan.
Types of Loans Available For Blacklisted Persons
Secured Personal Loans with Bad Credit
As a blacklisted person, this is the easiest type of loan to acquire. You need to provide an asset as collateral so as to secure the loan. In case you can’t repay the loan then a lender can recover their money by taking ownership of the secured asset and selling it to a third party. Hence you need to be careful when taking on a secured loan as you can loose a valuable asset.
Unsecured Personal Loan with Bad Credit
Yes, even unsecured loan are available for blacklisted people. However, they come with stringent qualifications and terms. For instance, payday loans are ideal quick loans for blacklisted borrowers. You can find unsecured payday loans for blacklisted individuals but the interest rates for someone that’s blacklisted will be much higher than that of a person with good credit.
Due to the high interest rates levied on blacklisted individuales, it becomes very difficult to borrow large sums of money because the principal plus the interest can become overwhelming. It’s vital to understand that unsecured loans for blacklisted people are very difficult to obtain. This is because a blacklisting generally indicates that lending money to the individual carries the risk that they may default on the loan.
Hence, the few lenders who are willing to provide unsecured personal loans to blacklisted individuals tend to have a stringent approval process and very high interest rates. When looking for such lenders it’s advisable that you conduct some due diligence in comparing their interest rates as well as the terms and conditions of the loan.
How Do Find A Good Blacklist Lender?
Firstly make sure you avoid loan sharks as they are known to prey on desperate blacklisted consumer with hefty interest rates. You can use the interest rates to find a suitable lender but it is also important to ensure that they are registered under the National Credit Regulator so as to ensure you are protected by law as a consumer. Finally, always read the terms of the loan carefully before signing the paperwork to ensure you fully understand what you are getting into.
Lincoln Ndirangu(LinkedIn)Lincoln Ndirangu is a professional freelance web copywriter based in Nairobi, Kenya. For over 7 years, writing for the web and engaging the online audience has been primary focus and passion.More information...