Understanding how blacklisting and credit scoring works is not a standard “one size fits all” approach, but rather a set of rules that varies from one credit provider to another.We have credit providers that are willing to look past one or two of your past mistakes and provide you with a loan, granted that you can afford to take this loan and that you will be able to repay the loan.
Their loan structure is of such a nature that it gets determined by your overall score, which means that yes, they look at your credit record, but also base their decision for your blacklisted loan on far more than just that.
They will also look at the foing basic criteria when looking at no credit check loans:
- Are you between the ages of 18 and 65,
- Are you permanently employed for more than 6 consecutive months at the same company,
- Do you receive your salary into a valid South African Bank account, which is in the name of the applicant
- You are not under administration, debt review or sequestration, and
- If you earn more than R3, 000 per month.
If you meet the above mentioned Basic Criteria, you are already half way in the process of getting your blacklisted loans approved.
How do I find out whether or not I will qualify?
The easiest way for you to find out whether you will qualify or not, is to complete an online blacklisted loan application form as the lenders need to have your information to be able to assist you and process your application.