Applying for Loans for Blacklisted in SA
Posted by financial advisor on
The statistics show that some 47.5% of all consumers are eligible only for loans for blacklisted in South Africa due to having impaired credit records. Applying for online loans is not difficult - unless you have a bad credit history in which case you'll need to follow a simple set of tips.
Loan comparison shopping is always a good idea
Make sure that you have shopped around and picked the best of all credit products available to you. Before you make an application, the lender must have disclosed the full loan details in line with the National Credit Act regulations. Check them to confirm that the credit facility is affordable to you and that you can fit the monthly instalment into your monthly budget.
For the application, you will need a copy of your ID, proof of address (e.g. utility bill), proof of employment income (e.g. your payslip) and your most recent bank account statement. No other documents are necessary. Check whether you can apply online to seed up the application processing.
Keep in mind that unlike major lenders including African Bank and FNB, the smaller lenders offering loans for blacklisted do not look into your credit records to have you approved.