Loans for Blacklisted People – being blacklisted doesn’t mean you are a criminal but rather means that you are now viewed by most lending institutions as a high-risk borrower. This could be because of a previous loan that you took and failed to repay it back on time or failed to repay it back entirely. Banks such as ABSA, FNB or Nedbank avoid giving loans to such individuals but there are several smaller lending companies that specialize in the provision of blacklisted loans.
Loans for Blacklisted People can come in different forms and these can be personal loans, home loans, car loans or debt consolidation loans. Loan brokers are typically the ones that provide such loans as they act as a middle man and take your application to their network of lenders to source the one that is willing to offer you a loan deal that will be suitable to your individual situation.
Repayment terms for these loans usually is much higher than that paid by people with a good credit profile, and this is because lenders will charge a higher interest rate to recover their credit much quicker in case you end up not paying your loan again.
Companies such as Gallardo Vehicle Finance Corporation offer vehicle loans for people who are blacklisted, while companies such as EC Finance, Freeway Financial Services, Letsatsi Finance and others offer personal loans to blacklisted people. There are other additional services that blacklisted people can make use of to correct their blacklisting status such as debt counselling which will give them access to a debt counselor who will sit with them and help them manage their finances.