Loans for Blacklisted with a Co-Signer
Posted by financial advisor on
Surprisingly or not, there are different types of loans for blacklisted in South Africa. One of the main options that you have is to borrow money with a co-signer. Find out more about it to see whether it is suitable for you.
Use a co-signer - you'll be approved !
When you get a loan with a co-signer, both of you are equally responsible for its repayment. This means that the lender will take into account both your credit history and that of the other person when you make an application. If the other person has an exemplary record as a borrower, your chances of securing a loan are much higher even if you have been blacklisted. In fact, even major banks like Absa, First National Bank and Nedbank would consider your application and grant you a loan.
In addition to having higher chances of approval, you can also secure a lower interest rate when you have a co-signer.
This is certainly a huge benefit especially if you have financial difficulties.
Still, the fact that you have a co-signer does not mean that you should not shop around. You will definitely find a perfectly affordable loan if you compare products from various local and national lenders. You can do this easily online no matter whether you live in Pretoria of Gauteng.
The loans for blacklisted which can be taken out with a co-signer are among the best options that you have. The difficult part is to find a co-signer, given that this person will be forced to repay the debt if you default. People usually turn to family members and close friends. You have to do your best to assure your co-signer that you have the ability to repay the debt.