PEP Loans For Blacklisted People

Overview of PEP Loans For People Who Are Blacklisted

This is a type of loans is offerd to people who have bad credit information which leads to rejection by banks in South Africa. Any form of negative listing on your credit information leads to what is commonly called ‘blacklisting’.

PEP offers these loans to help people who are not assisted by other financial institutions like banks. The amount you can apply for starts from as little as R1000 up to R50 000.

PEP Loan Overview

  • Maximum Loan Amount – you can qualify for a loan starting from R1000 to a maximum of R50 000.
  • PEP Loan Repayment Period – you can choose from 6 months of 12 months to repay your loan
  • Interest Charged – you will have to add 5% monthly and 28% yearly

Requirements To Apply For PEP Loan for Blacklisted

If you wish to apply for this loan, make sure that you have requirements listed below:

  • A South African Identity Document
  • Three months bank stament or 3 recent payslip
  • Active bank account where your income gets deposited
  • An active cellphone number

Additional Requirements

You must be 18 years old and above to apply for PEP loan.

You must be permanently employed and have your salary deposited into the bank account you provide.

Are PEP Loans For Blacklisted Available?

Being blacklisted has become one of the major issues that prevent people from getting help. This does not only impact on consumers but service providers also. The NCR requirements prevent or discourage lenders from doing business with blacklisted people. This is for obvious reason: risk mitigation.

The downside of it is that people who missed just one payment on an account suffer also. This is why most lenders decided to rather assess each loan application to see what record appears on your credit profile. They will then decide from then whether to assist you or not. Other might ask to to settle whatever that debt is and get a letter of clearance from the credit.

PEP will evaluate your application and perform credit check to determine the level of risk they will expose themselves to if they offer you a loan. So there is no seperate loan package that cater only for blacklisted people.

We have heard of stories where people got blacklisted for merely R5 they did not even know they owed. Some get blacklisted for accidentally skipping one month on a R15 account.

How To Apply For PEP Loans For Blacklisted?

To apply for the loan you must visit your nearest PEP store. They will require you to bring your ID, proof of income (payslip) and three months bank statement.

You can apply by visiting PEP or Ackerman store anywhere in South Africa. Make sure that you bring the requrements stated above.

You can apply by SMS to 33005

Alternatively you can apply online via Capfin website

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