Having a bad credit score is bad enough. However, many people in South Africa have to cope with being blacklisted as well. While it is possible for an individual in South Africa to gradually rebuild his credit score if it is bad, it is extremely difficult for a person to get off the blacklist if he has been put in it.
Lenders view a low credit score as a danger but are still willing to forward loans with high interest rates in the hope that the debtor has turned around a corner and was only a victim of circumstances. Unfortunately, this is not the case for blacklisted debtors because the majority of lenders tend to run away from them.
The logic behind this policy of lenders is that blacklisted people are proven defaulters when it comes to paying back credit and cannot be trusted with another credit account. However, this is not always the case because a series of bad situations and emergencies can combine to put a completely responsible individual into the blacklist.
The big question is what such a person can do to get a personal loan if he is in need of immediate money. Such a person can choose to go for personal loans for blacklisted people. These are personal loans categorically designed for people whose names are in the blacklist.
Getting a personal loan for blacklisted people is simple enough, as the procedure is not very complicated. Personal loans for black listed people usually work on the logic that the borrower has turned over a new leaf. Despite this logic, personal loans for blacklisted people tend to not be for a large amount of money. The usual range that a debtor can borrow is between R6000 and R25,000.
This is why the primary requirement of these types of personal loans is for the debtor to have a formal job for a period of three months and provide information on his earnings through his recent pay slip. In essence, this means that personal loans for black listed people are loans offered in lieu of the individual’s next paycheque.
While personal loans for black listed people can be of great help, it is important to note that these types of loans come with high interest rates. Therefore, if you are considering going for a personal loan for black listed people then you need to make sure that you are capable of paying it back within the stipulated time period.