Tips for Saving on Loans for Blacklisted
Posted by financial advisor on
There is no doubt about the fact that loans for blacklisted are more expensive than the traditional ones. They have higher interest rate and higher fees. However, this does not mean that there is no way in which you can reduce these costs and enjoy some savings. In fact, there are various methods which have been proven to work. Check out the main ones.
Compare as many loans for blacklisted as possible
Despite the common misconception, the industry is competitive and lenders are trying to attract customers by offering slightly lower interest rates and fees than their competitors.
You can readily take advantage of this with online comparison shopping. It allows you to compare the products not only of local lenders but also ones from all over the country. It does not matter whether you live in Durban, Gauteng, Pretoria of Johannesburg.
Show evidence of your current credibility. It is true that lenders like Grindrod Bank, Absa Bank and FNB will not even consider your application, but this does not mean that the smaller lenders catering to the needs of the blacklisted are not flexible. If you produce evidence that you are employed and earn income every month and that you pay your bills on time you may be able to secure lower interest. Perhaps the most important thing is to show the lender that you are currently not in debt.
Be prepared to pay the closing costs out of your pocket. Most people pay them out of the loan which they are granted but this just adds up to their cost. If you use a portion of the loan to cover these expenses, you will pay interest on them too. There is no point in wasting money that way.
You now know how to secure more affordable loans for blacklisted.