When are Bad Credit Loans for Blacklisted People in South Africa Being Granted?
When you have a poor credit rating and need emergency funds, bad credit loans for blacklisted people are still available to cover an unexpected event like funeral, divorce costs or medical bills.
A poor credit rating due to arrears, defaults, judgments reduces your probability to obtain financial assistance from a bank.
With an unexpected financial burden, it becomes a nightmare to meet all your financial commitments. It could easily seem as if all is lost when your loan applications are being rejected.
Most people start to juggle their finances. Instead of reducing the credit card debt, they are forced to re-use the amount they have paid into their account.
A vicious spiral starts when daily living expenses, such as bread, milk, fuel and food are being bought on your credit card. The downside is that your debt is not being reduced to more manageable levels. Eventually you end up being blacklisted with a bad credit record.
However, the solution is to apply for personal loan even if you have a poor credit rating. Each application is reviewed on its own merit as long as you are not over-indebted according to the NCA.
Financial assistance is granted when your property is used as collateral. The market value of your property should exceed your current mortgage. Certain registration are involved, but they are minimal. The advantages of a second bond could alleviate the immediate financial pressure and prevent repossessions.
When you consolidate short term debt into a long term secured bond, you will:
We partnered with Debtlab to assist you with your emergency fund loan application. They are experienced in the industry and operate within the National Credit Act regulations.