Personal Loans for Blacklisted: Part 1

Monday, March 2nd, 2015

Individuals with a not-so-good credit record will most likely not get finance from the normal banks who offer unsecured personal loans to their clients. Why? They will think you are a high risk and will almost definitely not grant you credit. Blacklisted Loans are unsecured loans, which do not require one to give any collateral, so blacklisted loan providers do not ask for any kind of security. Therefore you cannot lose any of one’s assets should a person default on monthly repayments.

Blacklisted Loans: what you need to know

Interests rates

A blacklisted loan is a high risk loan therefore the financial lenders need to charge more to protect safeguard themselves. You will have to pay higher rates.

Can they charge any amount of interest?

The registered micro lender offering assistance to people with poor a poor credit record are all falling under the rules of the National Credit Regulatory Board and must adhere and cannot do as they wish. They are are not allowed to charge more than a certain percentage interest. Therefore they can never overcharge the blacklisted person as they are bound to adhere to these rules.

Can one benefit by these poor credit loans?

You certainly can. These financial Service providers/lenders are reaching out to you with a helping hand. They understand that any person can lost their credibility due to happenings beyond their own control, like retrenchment from a previous work, or had to settle for a reduced salary. High medical expenses are also a reason some people could not continue paying their accounts regularly and therefore before defaulted. There are different types of personal loans for blacklisted people:

• pay day loans;
• medium loans; and
• long-term loans

It depends on each person’s own personal credit history what type of loan he or she can get. Should your credit profile be very bad you will most likely not qualify for a large amount or long term-loan. However, this is not the end of the world. Taking a smaller loan over a shorter period can be your best solution.

How can I benefit from a short or medium term loan?

You can get the maximum benefit from one of these loans by taking out a small loan over a period of 3 to 6 months and paying it back regularly and on time every month. This way you are beginning to rebuild your credibility again. This will proof to the financial lenders that you are trustworthy and they will be willing to assist you with a bigger loan as they can see that you are back on track again.

Consolidation loans available to the blacklisted

One can apply for consolidation loans from some of these lenders. However lenders will be stricter on these loans as the risks to them is much higher when offering consolidation loans to blacklisted people. They will not just recklessly lend money to a person with a poor credit record. They will also have a thorough look at your affordability and if you have financial unpaid on your bank statements the changes are slim that they will grant you a consolidation loan. Are you blacklisted and in need of a loan? Apply with EC Loans right now! Otherwise find out more about blacklisted loans.

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