Payday Loans For Blacklisted South Africa – List of Better Alternatives

Payday Loans For Blacklisted South Africa – Payday loan is a short-term loan with high interest rate and unsecured loan. In South Africa this loan is normally referred as Cash Loans and most credit providers for payday loans are usually accessible easy online.

Credit providers offering payday loans promises to avail cash within 24 hours after applying and the loan approval or declined is made immediately.

Payday Loans For Blacklisted South Africa

Normally the payday loan is easly done online and the outcome of the loan application is immediate. At time when applying for a payday loan online, they only need your Identification Document (ID) number, full names and surname, an loan amount.

We have listed below credit providers across South Africa offering payday loans, mostly can only be accessible by applying online.

Who Qualifies For Payday Loans For Blacklisted?

The fact that these loans are availed to people with a bad credit record does not mean that the lender will not perform due diligence. The lender develops a list of criteria aimed at protecting their business from loss. Below is the list of common requirements from most lenders in South Africa:

  • You must be older than 18 years of age
  • Present proof that you are employed
  • You might be required to provide contact details of your employer
  • Your salary must go into your personal bank account
  • Provide latest 3 months bank statement reflecting the account into which your salary goes
  • You must also be a citizen of South Africa

How Much Can You Borrow As Blacklisted Person?

The amount that the lender offers to you as a payday loan depends of the score you get. This score is generated by the criteria the lender adopts to assess their risk exposure. Even if you are blacklisted, when you apply for payday loans a credit check is still performed to check your history with creditors.

The amount you receive is determined by the outcome of your assessment. The lender will communicate that figure to you before you sign your payday loan contract. Make sure that you know the amount you are expected to pay back.

When Do I Start Paying Back My Payday Loan?

This type of a loan is called payday loan because it caters for your needs until your next salary comes into your account. As much as it is often debited in 30 days, you must agree with your loan provider on the exact date of your first instalment. This is to ensure that you do not find yourself defaulting.

List of Payday Loans Credit Providers