Information article : Blacklisted loans
A popular term used today when people search for loans when they have a poor credit record is blacklisted loans. This term is widely used by people to describe the type of loan they need.
When applying for a finance product, you need to search for the best option from a private lenders , you should go with a company that has a solid track record and good service. Choosing to get your blacklisted loans from a private lender takes a lot of the trouble you normally get from commercial banks. When going surfing for an online personal loan you cut out lots of the wasted time compared to if you had to physically have to go from shop to shop. While a lot of places offer blacklisted loans to people with bad credit rating this is not always the case with banks, as per NCR regulations if any company is found in breach of this can find themselves loosing there licence or even being fined large sums of money that is why getting a loan with bad credit is so hard. Luckily you have companies like the Finance Wizard whom can assist you with such loans. Bare in mind that you will still need to meet these private companies risk Criteria and affordability calculations but the Criteria used is less strict then the traditional methods.
A bad credit or blacklisted personal loan can help you in your time of need and sometimes if you are rejected for a traditional personal loan. You may become doubtful that you \would be accepted for finance. But that isn't the case with Finance wizard the loans that we offer are designed for people who have a less then perfect credit record if you have been searching online for a blacklisted loan there are many options available and thousands of companies that advertise. Always choose a company with a good track record and is an established business. As with everything in life one is never prepared for things that happen such as loosing ones job or becoming very ill and unable to work and because of this you get a bad credit rating and you become blacklisted.
Most companies offer unsecured loan this type of loan that is not secured against any of your assets so you do not have a major risk. Once you default payments for a blacklisted loan in South Africa you will then get a negative credit rating and this is where the problems can get worse. It is always best to take up a loan only if you can afford it .
A secured loan unlike unsecured loans is a type of loan that is secured against ones assets, in most cases this asset is a property and you can get a second bond loan at least to pay of existing debt and clear you name from a bad credit that you may have. We at the Finance Wizard only offer personal loans up to R150 000 .
For those who have a bad credit record and are looking at methods of getting a personal loan must actually do some ground work before agreeing to sign any binding contract. Unsecured loans are for people who live within the boarders of South Africa and are citizens of the country. always read what you are signing. At the end of it all if you cannot get a bad credit blacklisted personal loan then maybe you should try for consolidation loan and if that does not work out then debt review might be the best option to help you out of your financial problem . We only recommend this in extreme cases when all other options have failed.
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