In South Africa, any person who has defaulted on his loans in succession over a designated period of time and has shown incapacity to meet financial obligations has his loan blacklisted by the Credit Bureau. This means that they are probably going to be ineligible for any loan program offered by banks and other financial institutions in the country. If you happen to be in a similar situation and do not know what to do since you need to make urgent payments, then it is time for you to start searching for alternatives which would meet your needs and requirements adequately.
You may end up with blacklisted loans due to various reasons. Many people were left jobless in the aftermath of the economic recession that started in the later half of 2008. It affected many countries of the world including South Africa. These people did not have sufficient funds to maintain their current lifestyles and were struggling to meet even their basic needs.
On the other hand, bank rates continued to climb and that had a crippling affect on their resources, and many defaulted since they were simply unable to make any further payments. While the situation started improving by 2011, many banks acted more cautiously and did not approve loan applications from individuals who had defaulted before and had blacklisted loans. Many such individuals are now searching for alternatives to conventional bank loans to pay their financial dues.
This website takes into account both the advantages and disadvantages of getting loans through alternative sources together with the process which individuals with blacklisted loans will have to follow. This service is meant to help you find a suitable credit facility service. In case you are not able to comprehend the terms of the contract, our specialists would be willing to fully assist you in this regard.
Personal loans have their own share of merits. To begin with, the application process is fairly simple and easy.
Most applications are approved within a period of 24 hours after they have been filed. Your credit history would not be a concern for these people. On the other hand, the rates are higher so keep that in mind.
This website works in liaison with various institutions which offer personal loans to people who have bad credit history. It contains an elaborate list of different companies together with information about their policies and terms for approval. You can use our smart engine to find such services and file an application. A representative would get in touch with you as soon as you apply. If there is some technical glitch in analyzing your application, further information maybe requested.