Payday Loans For Blacklisted
South Africans No Fear “blacklisting” Anymore
At GoMoney, we understand that everyone’s life is unpredictable! Financial emergencies can happen to anyone at any time. This is why we open the way for all blacklisted people who find it impossible to get personal loan approval from traditional sources.
Find all the online loan options available to you in South Africa! Get instant decisions from direct payday lenders, even if you are blacklisted by an African bank!
Who are blacklisted in South Africa?
In the South African credit industry, people who have a poor credit score are referred to by the term ‘blacklisted’. This means, in the past you have failed to meet financial obligations or made late loan repayments.
Banks and finance companies decide whether to give you loan or not on the basis of credit bureau information. Your score in the credit bureaus report depends on your financial behaviour – positive or negative. Blacklisting results in a traditional credit provider such as PEP or African banks reject your loan application immediate.
What are payday loans for blacklisted?
Blacklisted loans are a type of cash advance for those who have a poor credit score or no credit history. Loans for the blacklisted are often approved with higher interest rates and strict terms and conditions. However, if blacklisted people cannot get loan approval from institutions like banks, easy payday loans in South Africa are a simple alternative.
If your credit score is 500 -600, you can get help from payday lenders. These online lenders specialize in providing funds with bad credit. Their terms underwriting is so simple and flexible that even blacklisted people can accept it. You can get loan amounts ranging from R100 to R5,000 to cover your financial goals and emergencies.
What can a payday loan for blacklisted bad credit borrowers cover?
Loans for blacklisted can be used for various purposes, including consolidating debt, urgent home repairs, major small purchases, or unexpected expenses. Whether you need to cover a medical bill, vehicle (car or truck) repair, or emergency kitchen appliance repair, instant payday loans for blacklisted may be able to help.
How to compare online payday loans for blacklisted in South Africa?
It isn’t a one-size-fits-all product. There are 4 main types of blacklisted loans – Cash advance loans, secured loans, unsecured loans, and payday loans. Focus on the below steps to choose the right blacklisted loan for your needs.
Determine what is best for you: How much loan amount do you need? What interest rate can you afford? And what repayment tenure suits you? You can use the lender’s calculator to find out.
Get pre-qualified with three or more online lenders: To find the best deal for a blacklisted loan in South Africa, be sure to pre-qualify with at least three direct lenders. Prequalifying keeps your credit from being affected as well as allows for a side-by-side comparison of real offers.
Availability: Consider the minimum loan amount offered by the lender, repayment terms, eligibility requirements, ability to apply using a co-borrower or co-signer, etc.
Customer Experience and Reviews: Look for unique features and useful perks before you apply, such as personal service, introductory APR, customer service hours, online account access, and mobile apps.
Transparency: Consider how much information about loan offers is presented on the lender’s website. This includes required credit scores, online financial tools, rates, and fees, in addition to prequalification.
How to apply direct lender blacklisted loans for bad credit?
Key steps to keep in mind when getting a blacklisted loan with bad credit:
- Check your credit score:
- Pre-qualify and compare offers
Many direct lenders allow applicants to get pre-qualified online to preview potential loan offers. Pre-qualification is beneficial as no two lenders will have the same requirements. To determine borrower eligibility the lender just performs a soft credit pull.
- Submit an application
Once you find the right lender, provide the proofs like income, government-issued ID, and bank details. Keep in mind that the lender processes a hard credit check after you apply, which may cause your score to temporarily drop.
Tips to Qualify Urgent Payday Loans for Blacklisted in South Africa
A blacklisted applicant may be required to take additional measures to increase the chances of approval or reduce the rate on an instant payday loan. Below are some ways to improve your loan application with Bad Credit:
Add a co-applicant: Some payday lenders allow applicants to add a co-signer or co-borrower to lower the loan rate. However, the income and credit score of the co-applicant should be better than that of the applicant.
Include all your income: Many online lenders also accept pension funds/disability funds as steady income in addition to employment. The lender requires you to show proof of all income to prove that you have enough sources of income to make the payment on time.
Do not apply for more cash loan than you need: Applying for a small loan does not mean that you will receive approval guaranteed. But, requesting for large amount, the lender may find it more risky. Request an amount that you can afford to repay so that your next payday loan gets approved faster.
Offer collateral: Some lenders may also offer you secured personal loans for blacklisted. The interest rates on these loans are much lower than unsecured loans and the chances of approval are also higher. However, there is a risk of the lender taking possession of the collateral in case the applicant misses payment.
FAQs – Short Term Loans For Blacklisted In South Africa
Can I get a no paperwork loan after being blacklisted in South Africa?
Yes, it is possible to get a payday loan in South Africa even if you have been blacklisted. Applying for a blacklisted loan with online lenders does not require you to do paperwork or submit documents.
My Credit Score is bad! Is it mean I am Blacklisted?
Blacklisting is just a misleading term. Blacklisting means that you have a bad credit record in any credit bureaus. However, the reason behind your blacklisting could also be due to wrong information in your report or your identity theft by a fraud lender.
Can I get a micro loan from African bank, if I am blacklisted?
Rejection chances are high! If you have been blacklisted by any 1 of the 4 major credit score agencies in the country, it may be very difficult for you to get approved for micro loans from African Bank. However, it depends on which agency the lending company checks for your credit report.
How much cash loan can I get with Blacklisted?
How much loan with blacklisted you can get depends on how much importance the lender gives to other factors than credit score. However, you can apply for instant loans from R100 to R5000 with online lenders.
Can I get same-day approval blacklisted loans in South Africa?
Yes, blacklisted payday loans have higher chances of getting same day approval. To increase the possibility, you have to fulfil all lenders’ requirements and submit the application form without mistake and false information.
Can I get urgent loans at GoMoney, if I am blacklisted?
GoMoney associate with licensed payday lenders who are willing to take the risk of offering a loan even to blacklisted borrowers. Our online application process is fast and easy and available 24/7 in entire South Africa.