FAQs

Home FAQs

Frequently asked questions about Personal Loans.

What is the turn around time on an application?

The turn around time on an application is normally 24 hours. When we receive your application, we immediately forward it to our panel of lenders and you can expect to hear from them within a few- to 24 hours after we have received your application.

The reason you may not hear from us within 24 hours might be because we are searching for a lender that will assist you with a personal loan.

What about credit checks?

We do not perform credit checks, but our panel of lenders may do so after receipt of your loan application.

How long do I have to repay the loan?

This will entirely depend on the lender and the agreement signed, normally anything from 1 month to 60 months
Many people apply for loans without being aware that they may negotiate the terms and conditions of the loan. The repayment period are normally between 12 – 72 months, depending on the amount that you qualify for and how much you can afford to repay monthly.

How do we cancel the service?

We offer our clients a seven-day cooling-off period that allow them to cancel the service should they choose to do so. Whenever you change your mind after cancellation, please contact us and we will be happy to reactivate your account.

What does being blacklisted mean and how can it affect your credit rating and ability to apply for financial service?

When you fail to pay a personal loan or any type of credit agreement, e.g. an account with a retail store, within the set term of the contract or agreement, the loan reverts into default and your name is listed on credit bureau’s. This serves to inform other credit providers/financial institutions that you do not honour your contracts/agreements as signed by you. A listing on a credit bureau can prevent you from procuring any further loans or types of finance.

As a first step in the process, Financial Institutions and Credit Providers make use of their collections departments to list you as a slow payer. A listing as a slow payer on credit bureau results in an immediate drop in your credit score.

What is the R350.00 fee for?

The R350 is a once off fee for our Member Benefits package. Please refer to the Member Benefits page for more information

The global economic crisis that resulted in retrenchments and the ever increasing difficulty to find a new job in South Africa, led to many people being blacklisted because they could no longer honour their financial commitments.

Loans for people with bad credit may be very difficult to find when you turn to Financial Institutions for help. A bad credit record because of past financial difficulties no longer have to stand in the way of alleviating unnecessary financial pressure.

All you need to do to get a personal loan is to file an online application and provide us with the required documents when asked to do so. We will do the hard work and go to the panel of lenders for you!

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FAQs

Have you found yourself in a situation in which you have accumulated an amount of debt that you feel it will be impossible to repay? Billions of people around the world have accumulated debt that spirals out of control. Maybe you have student loan payments, car payments, and home loan payments to make and one day you find yourself in the unfortunate situation that you are unable to make your payments on time. Maybe you lost your job or incurred medical expenses or had to put unexpected repairs on a credit card. Before you know it, your credit score plummets and you find yourself blacklisted. Do not despair. It is always possible to take control of your debt. Blacklisted loans are here to help people in your exact situation.

What Are Blacklisted Loans?

Blacklisted loans are, first and foremost, loans designed to help a person with bad credit consolidate their debt by using the money to pay off previous debts so that they only have one payment to make. You can also use these loans to cover situations such as car repairs and student fees or school fees. Even if your name has been blacklisted because of bad credit, you can qualify for a blacklisted loan as long as you are 18 years or older, and you have a steady job and a bank account.

How Do Blacklisted Loans Work?

When you are applying for blacklisted loans you will be required to give your bank account details and to prove your identity, age, residence, and employment. Most of the companies that provide blacklisted loans will not conduct a credit check. Depending on the company providing the loan, you may be required to conduct an interview by phone. Upon accepting your application, the loan provider will discuss interest rates and payment plans with you and set one up depending on your budget. The terms of the loan will usually require a full repayment in a period of 12-72 months. Keep in mind that interest rates for these loans are generally high as they are designed to be used as a last resort for debt consolidation or emergencies.

Benefits of Taking a Blacklisted Loan

Though the interest rates of blacklisted loans are high and the period of time to pay back a large sum of money is short, the benefits of taking a blacklisted loan can be great if you use the loan responsibly. Avoid taking a blacklisted loan unless it is completely necessary to do so. Taking a blacklisted loan to consolidate your debt, if done in a responsible way, can save your credit score and lift some big financial burdens from your life. Blacklisted loans are designed to help a person overcome with debt to get back on their feet and re-build a good credit score once again. However, if you take a blacklisted loan and treat it irresponsibly by buying unnecessary things and neglecting the payments, your credit score will plummet further and you will have a very difficult time in finding financial assistance for anything in the future.