We all experience some financial setback in our lifetime because of different reasons. Due to such setbacks, you may find yourself blacklisted. Now, you will ask yourself whether there is cash loans for blacklisted people. Yes, there are providers out there dishing out cash loans for those blacklisted.
What are actually blacklisted cash loans? If you take a credit whether personal loan, car finance or house loan (bond) and you are unable to pay your debt, the credit provider will enforce the agreement you signed. Your matter will be referred to a court of law and judgment is then entered against you. You are now a blacklisted person. Can you now apply for a personal cash loan or payday loan when you are blacklisted. The answer is again a big yes.
You can apply for a loan for blacklisted people. Firstly, it is critical to have an idea as to where you will get personal cash loans for blacklisted people. Generally, banks provide cash loans for their customers and those who are not their customers. Banks provide for affordable Personal Cash Loans to people with good credit record. If you were previously blacklisted and you need a cash loan, don’t waste time going to banks. You loan application will be declined because of the fact that you are blacklisted and you have a bad credit record.
Your option is to approach lenders who offer blacklisted cash loans. Nowadays there many such entities assisting blacklisted clients with cash loans. What is the catch for online pay day cash loans for blacklisted people? You must know that due to been blacklisted, you will be charge more interest on you cash loan. The lender is simply saying that due to poor payment history, you are a risk, you may default again and as such a little bit of penalty is higher interest rate.
When you apply for a blacklisted loan, you must be aware that you have rights too. But remember rights are not absolute and those of blacklisted people can also be limited. The good thing is that that National Credit Act has fixed interest rate. Whether you are granted a long term cash loan or short-term loan you cannot be penalized due to been blacklisted. Interest for short-term cash loans (loans up to R8000.00 with repayment of up to six (6) months) is 5 per cent per month even for blacklisted people. For a long term cash loan they can charge repo rate x2.2 + 20per cent. See this example- Repo-5.75×2.2+20=32.65. On a loan of R30,000.00 payable in three years the interest and capital alone will be around R59,385.00.
If you are granted a blacklisted loan, please make sure that you pay it as soon as you can. Blacklisted cash loans are also accessible online and we see in certain cases instant same day approval. When you are offered a loan even when blacklisted, ensure you read and understand the offer contain in the loan contract. People who are blacklisted can therefore get cash loans although at a hefty price.