Government’s intervention to assist people with bad credit record has not yielded positive results. Many people in South Africa are still with a bad record and cannot access credit. Thanks to instant cash loans for blacklisted for providing credit to people who would not qualify for other products. They still cannot be found from our big banks like Std bank, Nedbank or African bank. You need to find a lender who is willing to offer you these kinds of loans.
How Instant Cash Loans for Blacklisted Work?
We encourage you to familiarize yourself with how instant cash loans for blacklisted really work. You must also know what you are expected to pay back and interest you will be charged.
These loans are short term loans. You must pay it back in just 30 days. They work as payday loans in that you must pay in full on your next payday.
There are very rare cases in various cities like Durban, Johannesburg, Pretoria and Cape Town where lenders can extend your repayment period. The extension can be stretched up to even 90 days. Normally you will be given up to 60 days extension.
Almost all cities now have agencies that are keen to help you with instant cash loans for blacklisted people in South Africa. You need to find the right one with a good reputation. Even though the National Credit Regulator does not promote this type of lending, you must check if the creditor is registered with the NCR. Although this might not be necessary, it reduced your risk factor.