Being backlisted is not the ending scene, especially if you need a loan. Yes, this brings you problems in getting financial assistance, but only some times. You can use short-term loans if you are blacklisted in South Africa at CoreLoans.
Now, short-term expenses won’t trouble you anymore due to money shortage. With some online lenders, you can get instant approval in minutes only for such loans. No matter how good or bad your current credit score is. Despite that, you can get funds to your bank account the same day with us.
What is a short-term loan for blacklisted in South Africa?
Short-term loans are a type of unsecured loan for blacklisted, which is used for fixing temporary expenses with no hassle of collateral submission. They come with high-interest rates because they are for a short duration to meet your sudden needs.
With a few online lenders, you can apply for such funds in your province without facing banking formalities. You have to go through a simple application process to get a loan approval without standing in a queue of loan applicants.
Such funds are a great option when you can’t expect to get financial assistance from nearby banking institutions because you are blacklisted.
Types of expenses can be covered:
- Medical bills
- Utility bills
- Traveling costs
- Consolidate debts
Are short-term loans for blacklisted more expensive?
Yes, short-term loans for blacklisted are more expensive than traditional ones because you can apply for such funds for a limited time. You must know you can afford these loans since interest rates start accruing from the first day of the missing payment.
Despite being costly in terms of their high-interest rates, such loans can get you instant relief from unexpected expenses. The critical factor is that you can apply for them when you are blacklisted for other loans.
What is the difference between a short-term loan and a payday loan?
There are two types of loans short-term loans and payday loans. Both loans are different from each other, especially for making loan repayments. So it would help if you made a difference before choosing them because they come with high-interest charges.
Here is a brief description of such loans to understand so that you may avoid facing challenges ahead.
Short term loans Vs payday loans:
- Short-term loans: These types of loans come with a duration period of fewer than 12 months containing high-interest rates for borrowers to pay. You can get a lump sum of short-term loans to cover some basic daily expenses.
- Payday loans: Payday loans also fall in the same category almost, but you have to make your loan payment for 1 to 2 months after fixing your sudden emergencies. Such loans are also costly in your pocket due to the high-interest rates associated, but there can only be such loans if there are other financial solutions.
What are the advantages of blacklisted short-term loans?
Applying for blacklisted short-term loans in South Africa makes you experience some types of advantages because borrowers apply for these funds with some expectations. You should check out the advantages before making your final decision.
Advantages of short-term loans:
- Easy to apply: You can apply for these loans very easily online.
- Fast approval: you can get fast loan approval in minutes only.
- Save time: You can save time by applying for such online loans.
- Fewer requirements: You will need some basic requirements while applying for the funds.
- Bad credit acceptable: Your loan approval can be there with your bad credit score too.
What are the disadvantages of short-term loans for blacklisted?
On the other hand, there are some disadvantages of short-term loans for blacklisted that you shouldn’t ignore.
Disadvantages of short-term loans:
- High-interest rates: You will pay high-interest rates during your loan repayment.
- Limited time: You have a limited period for making loan repayments.
- Debt cycle: You may trap in a debt cycle after missing your loan payment.
Alternatives to short-term loans for blacklisted?
You can also consider alternatives apart from applying for short-term loans being blacklisted.
Types of alternatives:
- Family or friends: You can turn to your family or friends for financial assistance. You have to give them a valid reason so that they can help you out with the funds.
- Get a salary in advance: You can also ask for an advance from your salary. You need to speak with your boss and tell them the leading cause behind taking an advance from your salary.
- Credit Union: Borrowing from Credit Union can be a great option. But you will have to prove your current income for loan repayment and the condition of your credit history to borrow money from them.
- Pawn shop loans: You can also purchase pawn shop loans with valuables. You have to put your valuables upfront then lenders offer you the funds based on their value. Make sure you pay back the money on time to protect your valuables.
Short Term Loans For Blacklisted In South Africa- Some FAQ’s
Can I get a short-term loan with no credit check?
Yes, short-term loans are loans that don’t require any credit check. A few online lenders in your province can offer you such funds.
Can I get a short-term loan with bad credit?
Yes, getting short-term loans with bad credit is possible with some reliable lenders, but you must pay high-interest rates instead.
Why are short-term loans better?
Borrowers can get funds very quickly with no hassle of banking formalities. You can easily tackle emergencies by using these funds during your cash shortage. Most importantly, you don’t need any collateral to carry for getting loans.
Are quick short-term loans for blacklisted excellent or bad?
Yes, quick short-term loans are the best option for you to resort to if you are blacklisted and need extra funds.
Ready to apply with a trusted lender?
Applying does NOT affect your credit score‡