unsecured vs secured blacklisted loans

Unsecured & Secured Loans for Blacklisted in Durban

Posted by financial advisor on

Despite the fairly strong economy of Durban, there are many blacklisted people in the city. The good news is that there are various loans for blacklisted in Durban to select from. The two main types are unsecured and secured loans.

In order to qualify for unsecured loans, you do not have to place collateral. You simply need to earn a monthly salary. That is why their interest rates are higher. However, you do not get to risk any of the assets that you own. These loans can be used for cash emergencies, purchase financing and monthly budget management.

The secured loans for blacklisted require placing collateral. It is typically your house or your car. They come with lower interest rates, but if you default on the payment, the lender will seize your asset. You should use such loans for financing only very large purchases and projects like a car purchase and a home improvement project.

No matter which loans for blacklisted in Durban suit you best, you should compare products from various lenders including but not limited to banks like Absa and Capitec.