Loans for Blacklisted People: Typically, blacklisted people are shunned from receiving loans and financing because their finances are in trouble. This reason which prohibits them from obtaining financial aid is the exact reason why it should be more available to them. However, the ground realities are far from ideal and they usually receive loans at increasingly high rates of interest, also known as sub-prime. This throws them into a nasty cycle of debt and poverty which in turn damages their credit scores further.
In order to encourage these people on the road to contribute positively to the economy, it is highly essential to provide mechanisms through which debtors can pay off their existing loans and become productive members of the society. In South Africa, many organizations are working towards the betterment of such individuals, from helping them to obtaining loans on soft terms to providing living facilities, since many landlords are wary of renting their space to blacklisted people.
The typical conditions for granting loans to such people cover the basics, such as the individual should be of legal working age i.e. between 18 and 65 years. Similarly, he should be employed with a fixed stream of income as opposed to self employment where profits may vary month upon month. It is also undesirable that the individual may have filed for bankruptcy in a court of law. However, these conditions are far from hard and fast; rather provide a general guideline. Special cases are always considered and given the benefit of the doubt.
Loans for Blacklisted People