Category Archives: LOANS FOR BLACKLISTED

Loans for blacklisted people

National Credit Regulator  Loans for blacklisted people NCR Logo

Finding a loan while you have been listed on creditors bureau’s bad books can be difficult. A person who has a bad credit record will find it difficult to find a loan for the most important things like a car loan and home loan. We will discuss what options people have in getting loans from registered credit providers.

The National Credit Regulator (NCR) was formed to fulfill the requirements of the National Credit Act 34 of 2005. The act aims to:

  • provide for the general regulation of consumer credit and improved standards of consumer information
  • prohibit certain unfair credit and credit-marketing practices
  • promote responsible credit granting and use and for that purpose to prohibit reckless credit granting
  • provide for debt re-organisation in cases of over-indebtedness
  • regulate credit information, among other details which you can read here

Although you may be blacklisted the act helps credit providers from putting people into even more debt without exercising the debt they are currently servicing. Be that as it may, you may still go and seek a loan from registered credit providers who will need to also work carefully not to put you in even more debt, or debt that you can’t service.

So, what ways can you get a loan even though you are blacklisted?

You may look for credit providers who will review your credit score and establish if even though you have a bad credit record they may be  able to lend you money. Be careful that they are registered by searching for them onNCR database. Being a blacklisted individual may also attract a higher interest rate as you are still a risk.

You may apply to consolidate three or four major debts and reduce these by hundred or thousands or Rands a month. This is because a debt consolidation loan takes one major loan for all your major debts such as personal loan and credit card loans. You now will have only one loan with a stable interest rate. You may be asked for collateral such as your home, but this will depend on your debt and credit provider.

National Credit Regulator  Loans for blacklisted people NCR Logo 300x156

National Credit Regulator

 

Apply for a personal loan online now  Loans for blacklisted people a2d15775Loans for blacklisted people imp

FNB

FNB Debt Consolidation Loan  FNB FNB Debt Consolidation Loan

First National Bank (FNB of South Africa) offers debt consolidation through their Easy Loans product. Just like other debt consolidation loans available from other credit providers and financial institutions, FNB works in the same way as in you take out a single loan that you will pay off with one interest rate instead paying off debts with usually higher interest rates such as credit cards. This also serves to improve your credit score if you are a blacklisted individual.

As with all consolidation loans, you need to be in a pressing situation that requires that you pay off other debts immediately, although this is not a requirement, to avoid defaulting on them. Consolidating your debts helps in helping you breathe easier and manage payments by helping you make one payment for all your major debts.

FNB debt consolidation loan is calculated by First National Bank and estimates what your potential monthly repayments are based on your risk profile and other FNB loan terms.

Here is a quick guide to whether you qualify:

  • You must be permanently employed
  • You must be a permanent resident of South Africa
  • You must be between 18 and 65 years old
  • You must have a monthly take home of R700 after all your monthly financial obligations including the newly added consolidation loan

Other documentation is pretty much what you know you must bring, such as payslip and proof of residence.

You can walk into any Easy Plan FNB branch or contact them on 087 320 4321.

FNB

FNB Debt Consolidation Loan  FNB FNB Debt Consolidation Loan

First National Bank (FNB of South Africa) offers debt consolidation through their Easy Loans product. Just like other debt consolidation loans available from other credit providers and financial institutions, FNB works in the same way as in you take out a single loan that you will pay off with one interest rate instead paying off debts with usually higher interest rates such as credit cards. This also serves to improve your credit score if you are a blacklisted individual.

As with all consolidation loans, you need to be in a pressing situation that requires that you pay off other debts immediately, although this is not a requirement, to avoid defaulting on them. Consolidating your debts helps in helping you breathe easier and manage payments by helping you make one payment for all your major debts.

FNB debt consolidation loan is calculated by First National Bank and estimates what your potential monthly repayments are based on your risk profile and other FNB loan terms.

Here is a quick guide to whether you qualify:

  • You must be permanently employed
  • You must be a permanent resident of South Africa
  • You must be between 18 and 65 years old
  • You must have a monthly take home of R700 after all your monthly financial obligations including the newly added consolidation loan

Other documentation is pretty much what you know you must bring, such as payslip and proof of residence.

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You can walk into any Easy Plan FNB branch or contact them on 087 320 4321.

Debt Consolidation with SA Home Loans

 

SA Home Loans hopes you will do what they term “a switch” in order for you to have access to their debt consolidation loan. They have a rather solid track record as a lender home loan provider and claim over 100 000 clients. They give solid advice and ask their clients to consider how they will be spending the cash they get from doing a debt consolidation with SA Home Loans.

Contact SA Home Loans and ask for them to switch your home loan in order to get a home loan with them and get access to debt consolidation.

You can contact them 0860 2 4 6 8 10 and ask to switch your home loan to them. The interest rates will be discussed and calculated in their entirety so be sure to weigh their rates, it is worth it.

Switching is not as expensive as you might think and a competitive solution from SA Home Loans might save you from getting a bad credit record.

Debt Consolidation with SA Home Loans

 

SA Home Loans hopes you will do what they term “a switch” in order for you to have access to their debt consolidation loan. They have a rather solid track record as a lender home loan provider and claim over 100 000 clients. They give solid advice and ask their clients to consider how they will be spending the cash they get from doing a debt consolidation with SA Home Loans.

Contact SA Home Loans and ask for them to switch your home loan in order to get a home loan with them and get access to debt consolidation.

You can contact them 0860 2 4 6 8 10 and ask to switch your home loan to them. The interest rates will be discussed and calculated in their entirety so be sure to weigh their rates, it is worth it.

Switching is not as expensive as you might think and a competitive solution from SA Home Loans might save you from getting a bad credit record.

Unsecured debt consolidation loan for blacklisted people

Apply for an unsecured debt consolidation loan and brace yourself for higher interest rates. What is the difference between this type and other loans used for debt consolidation? This is an unsecured loan, which means that you as the borrower would not place any collateral with the lender. Would you later to default with the lender they would claim from your claimed assets.

This sort of loan attracts higher interest rates because this is a greater risk for lenders. This is because an unsecured loan means you as a borrower are not fronting any collateral for the loan, which naturally makes you an even higher liability, and attracts an even higher interest loan than had you taken a secured loan.

Now, if you are blacklisted and don’t have collateral like a property, this might be the perfect loan for you to take up. Of course you will have to check the pros and cons of taking such a high interest loan over a long period to clear your debts. The higher the loan amount the longer you will have to pay the loan back.

You will need the usual documentation such as South African I.D., 3 months pay slip and bank statements.

To increase your chances, most credit providers are more likely to loan you if are not under debt review, earn a monthly or fortnight wage, not be a commission earner, have a bank account that your salary is deposited into, prove your money expenses so as to show affordability.

Unsecured debt consolidation loan for blacklisted people is a solution for most people, but not everyone.

Unsecured debt consolidation loan for blacklisted people

Apply for an unsecured debt consolidation loan and brace yourself for higher interest rates. What is the difference between this type and other loans used for debt consolidation? This is an unsecured loan, which means that you as the borrower would not place any collateral with the lender. Would you later to default with the lender they would claim from your claimed assets.

This sort of loan attracts higher interest rates because this is a greater risk for lenders. This is because an unsecured loan means you as a borrower are not fronting any collateral for the loan, which naturally makes you an even higher liability, and attracts an even higher interest loan than had you taken a secured loan.

Now, if you are blacklisted and don’t have collateral like a property, this might be the perfect loan for you to take up. Of course you will have to check the pros and cons of taking such a high interest loan over a long period to clear your debts. The higher the loan amount the longer you will have to pay the loan back.

You will need the usual documentation such as South African I.D., 3 months pay slip and bank statements.

To increase your chances, most credit providers are more likely to loan you if are not under debt review, earn a monthly or fortnight wage, not be a commission earner, have a bank account that your salary is deposited into, prove your money expenses so as to show affordability.

Unsecured debt consolidation loan for blacklisted people is a solution for most people, but not everyone.

Get a car even if you are blacklisted

I was always against this as when you default on the payments you may lose the car and not be able to get your car again. READ THE TERMS AND CONDITIONS, WELL!!!! This is how you can get a car when you have bad credit or are blacklisted: You “rent” the car.
Basically the supplier avoids giving you a loan but actually “rents” out the car to you. At the end of this “rental” period, where you may also be subject to a balloon payment, you are then able to get the car in your name. Look at it as a rent-to-own as well. Take this only when you are desperate to have a car.

Here are some of the things you will need to get improve your chances of being approved:

  1. A minimum refundable deposit of R 10 000.00 or R 15 000.00 or applicable category deposit, or a trade-in vehicle to the same value as the cash category deposit
  2. Valid Drivers License
  3. Valid ID
  4. Last 3 months pay slips
  5. Last 3 months bank statements
  6. Proof of residence – Water and lights, bank statements or lease agreement
  7. No criminal record and no previous unresolved issues with Blacklisted Car Finance

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Speak to a few service providers and try to get the best terms such as no balloon payments, higher payment amounts, shorter rental period and try to take a smaller car… You do not need a BMW as these cars will generally be more expensive than a humble Corsa Lite. www.loansonlinesa.co.za

Get a loan with bad credit

Getting a loan whilst you are in creditor’s bad books will tax you with your finance and time. Running from pillar to post looking for the best rates, let alone a  lender who will lend you money, when you are blacklisted is a task. With a quick search on the internet I think you will find that you can find a lender who will give you a loan with your bad credit rating.

Get a loan with bad credit by meeting these requirements and you will be on your way to secure a loan with most lenders:

  • Be a South African with a valid ID
  • Your three latest payslips
  • Make sure your salary was deposited in the same bank account for the previous three months
  • Check your affordability by making sure your monthly expenses will fit in with the amount you will likely pay.

If you are under administration or in any kind of debt restructuring program you cannot apply for most loans. apply here

Great Tips for Blacklisted people that need a Loan

Being blacklisted is not the end of your credit road for you. South Africa has a lot of registered credit providers that are willing to look at your case and help you apply for a loan (in the case of facilitators) or even loan you the funds themselves. Therefore you can go straight to a credit provider to apply for a loan and you will get your answer sometimes within minutes depending on the loan amount. The best thing to do in most cases for blacklisted individuals is to go see a credit facilitator. These are the people who apply on your behalf to credit providers and facilitate your application process to give you a better chance of being approved for a loan.

Let’s look at credit facilitators and how they help people who are blacklisted but need a loan.

A loan is often looked at case by case to see if you qualify. Credit facilitators that apply for a loan for you are experienced enough to know how to present your case to lenders and which documents and information is needed when presenting a loan application to registered credit providers. Information that you would normally have to have are your monthly expenses, monthly/fortnight salary, SA ID book and employment record.

Tip: make sure you are able to afford a loan by calculating your monthly expenses. You will most likely be approved if you can show that you can afford the loan. Do not cheat when calculating your expenses as credit providers can easily check what you are paying to other credit providers. Make sure you calculate all your expenses including your groceries and clothing accounts.

Tip: keep a record of how you are paying for the debts that you are currently blacklisted for. A track record of good financial management will look good for credit providers. No credit provider wants to get into trouble with the NCR for giving a loan to a person who is unable to pay their debts.