People who are unemployed and those who have a bad credit record tend to opt for mashonisa loans for blacklisted people. This is obviously because they will not have a credit check performed when they need a loan.
One of the reasons why many blacklisted people choose mashonisa is simply because they are known for paperless loans. Many people hate to produce a lot of papers when applying for a loan only to be declined later. You are unlikely to be rejected by unregulated lenders in South Africa.
What Are Mashonisa Loans For Blacklisted?
There are many other lenders in South Africa who can help blacklisted people other than mashonisa loans. You will just have to perform a thourough research to locate one that suits your needs at the time.
There are many instances where people believe that they have a bad credit record and will not be assisted. What they forget is that there are different categories of bad credit status. Many lenders tend to look and the entire credit score when they have to make their decision. For instance you might have a default but find that your score allows you to qualify for a loan.
Some lenders are hungry for risk and they will go an extra mile to help you with a loan. This is where mashonisa for unemployed comes in to help you.
You just have to have some form of income other than formal employment in order to be assisted by the above type of lenders. SASSA recipients are never turned away because what counts is that they have income.
Mashonisa Loans For Blacklisted People – Advantages
Clearing your name after being blacklisted is sometimes a very difficult process. You do not just settle accounts you owe to get removed.
You might even end up having to go to court in order to get removed from credit beareau in South Africa. This happens when the creditor refuses to issue a letter after settling your debt.
How Does It Work?
One of advantages of mashonisa loans for blacklisted is that they will look at the affordibility factor. This factor means that you will be able to repay your loan from your income.
The other advantage is that they are simply easy and paperless which saves you time. Like we said previously, no credit check get performed when you apply.
Online Loans South Africa – Do Your Research
The good thing about lending in South Africa is that it can now be done online. You can perform your research while in the comfort of your home.
Comparing lenders who are willing to offer you a loan whether you are unemployed or blacklisted can be done purely online. The good thing about the internet is that you will come accross websites that put you in touch with these lenders.