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If you've applied for a loan and have been told that you've been blacklisted, you may find it very hard to borrow the funds that you need. Whether you just need a short-term loan for emergency cash or you need a loan to purchase a car, a negative credit history can affect your ability to get the financing you are looking for. Fortunately, there are blacklisted loans available for those with less-than-stellar credit.
What Does it Mean to Be Blacklisted?
The term blacklisted is actually a bit outdated. If a lender has told you that you are blacklisted, it merely means that your credit report contains too much negative information, making you a credit risk. This can cause you to be denied a loan from a traditional lender. If you find yourself in such a situation, you will need to turn to a lender for blacklisted loans in South Africa.
What Are Blacklisted Loans?
Blacklisted loans are loans for people who are ineligible for traditional financing. They are geared toward people who cannot obtain a loan from a traditional lender, so these loans usually have higher fees and costs associated with them.
Exactly how much the loan costs you will depend on a number of factors including the purpose of the loan and who is providing the loan. Sometimes the lenders who offer these loans do not even perform a credit check, but the cost of the loan can be double or triple what the costs of a traditional loan would be for the same amount and same purpose. For example, if you are buying a car with a blacklisted loan, you may end up paying a car payment that is more than double what you would have paid had you qualified for a loan from a traditional lender. The good news is, however, that you can rebuild credit with blacklisted loans so that you may qualify for better loan terms in the future.
Finding Blacklisted Loans
It actually isn't too hard to find blacklisted loans in South Africa. Just remember that the terms associated with such loans will be much different from the terms you will find with a traditional lender. The cost of the loan can be well worth it, allowing you to get your hands on the loan that you need and to start rebuilding your credit.