Banks around the world, and not just South Africa, have become more rigid about their loan policies. They do not lend money that easily anymore. During the economic boom, getting a loan was very easy. Banks were willing to extend credit even to clients with an unstable credit history since everything seemed to be going in the right direction. Jobs were plentiful and the people were able to meet their obligations due to attractive salary packages and the low cost of life.
As years passed, the inflation rate increased dramatically due to rising food and energy costs. This meant that most families in the middle income bracket were unable to afford the increasing payments anymore, but managed to somehow make minimum payments to avoid defaulting or having their loans blacklisted in Pretoria. The arrival of the financial recession led to many businesses going bankrupt or shutting down operations to minimize costs. This caused massive lay offs in the labour market.
With little or no income, many individuals failed to meet their financial obligations and one loan after the other got blacklisted.
Now, banks are not showing any willingness to approve loans for blacklisted customers anymore. The chances for higher risk individuals are next to impossible. In such circumstances, many are found to be searching for better alternatives. There are many options available to people who have been listed with blacklisted loans in Pretoria. However, it is important that you have some basic knowledge before making any decision.
The best part about the loans which are extended by non financial institutions is that they are offered to all types of individuals, including those with an extremely poor credit record. This might come as a respite for many who are struggling to meet their daily basic expenditures. You do not require much in the way of documentation either when filing for these loans as is the case with traditional forms of lending.
While the amounts offered might small, they are sufficient to meet your basic everyday needs. You will be expected to repay your debt as soon as you receive your salary. Another great thing is that approval rates are quite high. All applications are normally processed and approved within 24 hours. However keep in mind that such loans are not very cheap. You will have to pay within the due period. Otherwise getting a second tranche would be extremely difficult.
Go through the opinions of other people, and consult the customer representatives of these services for more information. You can get the loans directly from their website.