Loan When Blacklisted in South Africa
How to find a loan when blacklisted in South Africa, your guide to financial assistance when you need it the most.
We all go through tough times, regardless of your credit status, employment or credit bureau flag.
Sometimes your salary or wage is not enough to get you through to payday, and that’s when most people would utilize credit cards or apply for personal loans.
The problem comes in if you find that you do not qualify due to being flagged or having bad credit profile.
We have noticed that there are people who have been declared blacklisted in the past, and are struggling to apply for personal loans, bonds and find vehicle finance due to this status.
Hence we have compiled this post to help those who have been flagged and struggling to find help when it comes to boosting their finance.
Before we look at how to apply for loan when blacklisted, let us look at what it really means to be on a blacklist.
What is Blacklist?
Blacklist in South Africa simply means that, your name has been flagged by the credit bureau due to many reasons relating to your relationship with creditors.
If your name has been flagged by the credit bureau, this will make it difficult for you to maneuver between reputable creditors to borrow money when you need it during difficult times.
You’re most likely to have your name flagged if you have failed to pay your accounts and not finding a solution to reach mutual agreement with creditors.
What To Do If You’re Blacklisted?
Paying out the debt is the simplest approach to remove your name off the credit bureau.
One of the main credit bureaus in South Africa, TransUnion, states that this often leads to your name being taken off the blacklist within 7 to 20 days.
Although your creditor is not required to do this, you can ask them to send a letter to the credit bureau informing them that the debt has been settled and requesting that they remove your name from the list.
Debt counseling is something you should think about if you are having trouble paying your debts off.
You may check your credit report to determine where you stand if you are concerned about the possibility of getting placed on a blacklist.
How to Apply for Loans When Blacklisted?
Although many people seems to think that if your name has been flagged it is the end of the road, you will be pleased to know that you can still apply for personal loans when blacklisted.
There are lenders who are willing to assist those who have been placed on a blacklist and people with bad credit score.
One of the reasons there are bad credit lenders is for the not obvious reason that we all wouldn’t think of, this lenders understands that although your name has been flagged, you might currently be in a position to afford to payback your creditors.
They understand that there are many people who might have been previously listed as bad borrowers but can now afford to pay back their dues.
Most of this lenders, will require the following from you to provide you with money:
- Proof of income (bank statement)
- Proof of employment (payslip)
This is sufficient information for them to help those who had bad credit and those who are listed by the credit bureau with the finance that they need.
Where to apply for Loans When Blacklisted?
To succefully apply for finance that you need, we recommend that you use loan comparison websites online, which are mostly paperless.
This websites are not lenders themselves, but they are platforms that will source any type of loan for you online, including bad credit loans.
This comparison websites have a large database of lenders of all types, they are able to submit your application to multiple lenders at the same time.
All that you do is apply once and get many offers to choose from, which make is ideal for you because one of the lenders will be willing to provide you with finance.
To finish off this post, we have a list below of bad credit lenders that will provide those who have been blacklisted with bad credit loans.
| Bad Credit Loan Providers in South Africa | ||
|---|---|---|
| Lender | Interest Rates | Loan Amount |
| Easy Cash Loans | Bad credit friendly | Up to R150,000 |
| Global Finance | No fees charged! | Up to R100,000 |
| LoanSpot | Term up to 84 months! | Up to R300,000 |
| iLoans | Interest up to 28% | Up to R200,000 |
| Speedy Loans | Flexible repayment plans | Up to R200,000 |
| Square Finance | Interest from 5% | Up to R3,000,000 |
| Wanna Loan | Interest from 5% | Up to R3,000 |
| Kathlego Cash Loans | Term up to 90 days | Up to R3,000 |
| Hoopla Loans | Interest from 20% | Up to R250,000 |
| uBank | Competitive interest rates | Up to R180,000 |
| Ezi Finance | Interest up to 32.1% | Up to R8,000 |
| Binixo Loans | Interest from 10.5% | Up to R9,000 |
| Blink Finance | Transparent online loans | Up to R4,000 |
| EC Loans | Interest up to 28% | Up to R120,000 |
| Ayoba Loans | Interest up to 28% | Low-income loans |
| Mulah | Interest up to 38% | Up to R4,000 |
| Fincheck | Interest from 16% | Up to R250,000 |
| TA Consulting | Interest from 14 % | 100% free service |
| Loan SA | Interest up to 27% | Up to R150,000 |
| SupaSmart Loans | Interest from 16% | Up to R200,000 |
| Mr Cash Loans | Interest up to 28% | Up to R200,000 |
Conclusion
What can we take away from this post, well, for those who have been flagged by the credit bureau, you can still qualify for blacklisted loans through bad credit lenders.
We recommend that you use online loans comparison websites, which are also good and known for providing paperless loans online, which means that you can apply anywhere and anytime.
