A Range of Options to Pick from
Posted by finacial advisor on
Traditional banks in South Africa do not offer loans for blacklisted individuals. However, this does not mean that you cannot borrow money when you need it.
The reality is that there are actually a number of options available to you. Check them out.
These companies specialize in the provision of loans for blacklisted people. They do not look into your credit history when you make an application. They want to confirm that you have collateral to place. This is typically your salary. These lenders offer sufficiently large loans. The interest rates are higher than those of banks but this does not make these financial products unaffordable.
The concept of peer to peer lending is now well developed in South Africa even though it is a fairly new one. It is all about borrowing money from a person rather than from a company. You can readily find people who offer to lend you money on special P2P platforms. You can negotiate the interest and the terms of the deal directly with the lender. There are some transaction fees as well but they are typically fairly small.
Home Equity Loans
You can use the equity that you own in your house in order to get a loan even if you have been blacklisted. The placement of such valuable collateral automatically reduces the risk for the lender to a great extent. You can also secure an affordable rate of interest. Of course, most of the risk is transferred from the lender to you. If you default, you may lose your home.
It is now easier than ever before to get loans for blacklisted people. Compare the different options and pick the best one for you.