Get loans for urgent expenses despite being blacklisted by the lenders

Blacklisted Loans

Blacklisted people are those whom lenders such as private individuals, lending companies, and banks have banned from getting a new loan.  Such borrowers are not welcome by the lenders simply for the fact that giving a new loan can be highly risky. A reason for disapproval of loan application of these people is that they made many grim mistakes in repayment of their past loans. Many of them were loan defaulters and others had a bad record of late payments, bankruptcy, etc. Since their credit record is so bad, they are blacklisted for a fresh loan. But blacklisted loans are specially meant for such people.

What is a blacklisted loan?

A blacklisted loan is basically designed for offering urgent monetary help to the people in need of some money. Usually, such people have a bad credit score and very low credit rating. These types of borrowers can easily get the cash for some emergency requirements.

When you apply for a blacklisted loan, it simply means that you intend to get a smaller amount of money for a short period until your next payday. These are also called payday loans, cash loans and by other such names.

Who is qualified?

  • Any person who can prove his or her repayment ability can apply and get blacklisted loans. But there are some parameters set by the lenders.
  • First and foremost, you must be a resident of South Africa to apply for the loan.
  • Second, only adult people of 18 years of age or above will be approved the loan.
  • Third, you should preferably be employed for past at least a few months.
  • And fourth, prove your repayment ability through bank statements and salary slip.
  • If you meet these standards, you can confidently apply for blacklisted loans and get the money.

What about bad credit history?

That is the question every blacklisted person will raise. Since such people have a very bad credit history of making late payments, defaulting on the past loans, and even have bankruptcy against their names, they are risky borrowers.

However, the lenders still approve these people on two grounds. First, the applicant has a job in hands. And secondly, the applicant is in a comfortable position financially to repay the loan shortly, preferably from the next payday.

Because these conditions can easily be fulfilled by an employed person, past credit history is usually not a problem for the lenders. Moreover, these loans carry a very high interest, which compels the borrowers to pay back the loan as soon as possible and the lenders know it. So, the risks in lending the money are very little due to the short-term and urgency involved in the loan.

From the borrowers’ angle also, blacklisted loans are convenient to take out. This happens as there is no credit check performed by the lenders on the borrowers. Therefore, there is no need to worry about your past bad credit record when applying for these new loans.

How much money can you borrow?

Another concern is the amount of cash that a blacklisted person can borrow. Usually, the lenders are willing any amount ranging from R500 to R 150,000. But the final loan amount will depend on the repayment capability of the borrower. The lender will assess your monthly salary, your bank statement of the past three months, etc, to get an insight of your actual ability to pay off a new loan for urgency.

So, apply for an amount of cash carefully. It is better to apply for smaller cash that is enough to pay off your bills ahead of your next payday.  Remember that a smaller amount of cash will be approved faster than a bigger loan due to your past bad credit history.

When can you repay the loan?

One of the advantages of blacklisted payday loans is that you get rid of its repayment shortly. Since these loans are mainly aimed at providing financial assistance to the employed people, the repayment date is usually fixed as the next payday. This means that the lender allows you to pay off the entire loan amount from your next paycheque, which you can easily do.

However, make sure that you repay on the due date. Remember that these are expensive loans for salaried class of people. There is a very high interest charged at high rates by the lenders. On the top of that, if you delay the repayment, you may end up forking out even more money to the lender, which is not advisable.

So, borrow only a smaller amount that is just enough to meet your urgent expenses ahead of your next payday. This will help in saving more money from the next paycheque. If you delay the loan repayment for many more days that can be a beginning of a debt trap for you.

Contact: http://www.paydayloansforblacklisted.co.za/

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