Do Loans for Blacklisted Have Extensions?
Posted by financial advisor on
The reality is that for millions of people in South Africa, the loans for blacklisted are the only way to get money for covering emergency expenses and important purchases. However, if you have been unable to repay your debt in the past, you would certainly want to be perfectly well protected from making the same mistake in the future. Given this, it is natural to ask yourself whether a loan for blacklisted can be extended.
Most loans for blacklisted can be extended, but the extension is subject to terms and conditions which are set by the lender.
Generally, the smaller lenders that are the main providers of such loans are more flexible than their bigger counterparts like Standard Bank and Bidvest Bank. Still, it is best if you do not leave anything to chance.
Before you take out an online loan, you should find out what the extension options and the applicable terms and conditions are. The full information should be provided in your loan agreement.
In most cases, the extension allows you to stop making payments for a set period of time. However, you may be exempt only from interest payments. This means that you will still have to pay portions of the principal amount.
The extension always comes at a cost
Some lenders charge a fixed fee which is due after the payment-free period expires. Others will charge a fee in the form of a percentage which is added to the APR. This usually results in grater costs for the borrower compared to the fixed fee.
Even though most loans for blacklisted can be extended, this comes at a price. If you continue to have repayment difficulties after the extension, you can try to negotiate lower interest with the lender.