Personal Loans For Blacklisted People:
Short term personal loans are not as difficult to secure as they once were. These days there are a number of options available to clients who are blacklisted or have bad credit ratings.
And, to add to this South Africa has also recently introduced the Debt Counselling program to assist you in reducing your monthly debt repayments. Once your application for Debt Couselling is successful you can not be blacklisted. This means that your credit rating will not be adversely affected, and as soon as you’ve paid your debts you will be able to apply for other form of credit, such as Home Loans.
Securing personal loans for blacklisted people in not impossible, but its certainly not easy either. There are a number of “penalties” placed on the loan agreement. The most important of which will be in the interest rate. Rates on blacklisted personal loans are going to be very high, and it is for this reason that you should have a clear idea on how you are going to use the personal loan to help you get of of debt.
If you are not planing to use you personal to get yourself out of debt, you’ll end up in a much deeper whole. And, with many more creditors chasing you for payment.
The main difference between Credit Cards and Personal Loans is that with a Personal Loan you are more likely to pay off the debt sooner. The reason for this is because your credit card is a revolving debt that allows you to withdraw any available funds. So once you’ve made a payment into your credit card you’re able to withdraw what’s available after the interest charges have been deducted.
The size of the loan you’ll qualify for this dependent on a number of factor. Your monthly or weekly income and expenses are among the most important factors.