A blacklisted loan is a personal loan for people blacklisted on Credit Bureau’s. Blacklisted loans could be, personal loans, blacklisted loans, consolidation loans in South Africa; loans for bad credit, poor credit or unsecured loans depending on your financial circumstances and products available from your provider. You can also take advantage of the online loan calculators to see exactly what is involved.
What are the requirements for a blacklisted loan?
- You should NOT be Self-employed.
- You should NOT be under administration.
- You should NOT be under debt counselling.
- You may NOT be sequestrated or liquidated.
- You must be younger than 65 years of age and older than 18.
- You must be permanently employed, or if you are working as a contractor for you current employer for at least 3 months.
Repayment periods for loans for blacklisted vary between 12 – 72 months depending on the amount approved and your affordability.
What can I use a blacklisted loan for?
Blacklisted personal loans can be used car repairs, consolidation of debt, student fees, school fees and other personal emergencies.
Apart from loans some companies now offer insurance claim support and payment of reduced traffic fine assistance. But remember, your current credit bureau profile always determines the outcome of this process.
Trying to get a personal loan can be a mission if you have a bad credit profile. Most banks will not even entertain your application. However, some innovative private financiers have designed products that assist blacklisted clients to break the debt cycle.