Blacklisted loans in South Africa for people who have a bad credit record and need to borrow money to temporarily help them out of a difficult situation are available in the form of secured finance. For those who are not sure what this means, a secured loan is the type that you have to sign something of value against as security for the credit provider in the event that you default on monthly payments. The fact that you sign a contract with the item of value against the borrowed money means that you do risk losing that item.
Property is what most people use as surety against blacklisted loans in South Africa. The lender agrees to lend cash to the applicant if they are willing to sign over property to secure a loan. In the event that a borrower cannot repay the lender then the company is entitled by law to take ownership of the property that was used against the finance. Therefore those who may have a poor credit record and are looking at ways of borrowing cash must really think very carefully before agreeing to sign a house or other form of property to secure a deal.
Unsecured loans for people with a poor credit history are almost non-existent although there are a handful of loan sharks that may be operating outside the credit laws and offer to lend to anybody. Be extremely careful when looking for ways to get money fast from micro lenders and such, if possible, have somebody who is familiar with the law look over any contracts. At the end of the day, if a person is up to the eyeballs in debt, struggling to pay creditors and previous loans, have been blacklisted and have a bad credit record in South Africa then it is not more finance they need but rather some form of debt counselling.