When it comes to loans for blacklisted people, the cons without doubt outweigh the pros. For starters, micro-lenders only offer reasonable interest rates to people with good credit scores. Whereas, when blacklisted people take out loans, micro-lenders charge really high interest rates.
They charge high interest rates as a way of safeguarding their own interests from high-risk clients that have a tendency to fall into arrears.
Unscrupulous creditors charge excessive fees for blacklisted loans
How Risky are Loans for Blacklisted People?
You are putting yourself at risk as only irresponsible micro-lenders offer loans to blacklisted people with a history of not repaying. There are many unscrupulous creditors out there who charge excessive fees, leaving you with precious little to live off.
Moreover, these creditors only allow a short term in which to repay blacklisted loans. This means that the monthly payments will be very expensive and your cash flow will be incredibly tight. This is a very dangerous position to be in because you will have nothing to spare in the event of an emergency.
Furthermore, if you suddenly cannot afford to make your monthly payments, creditors may take legal action against you. You could then end up with a default judgment against your name and a garnishee order attached to your salary.
National Debt Advisors can offer you a way out of this bad debt cycle
We’ll Protect You from Creditors
Trying to settle debt by taking out loans for bad credit is a self-destructive way of tackling a problem. You became this way because you took out loans and should avoid turning to the very thing that got you in trouble in the first place.
NDA can offer you a way out of this bad debt cycle. We can protect you from creditors and help you regain control of your finances. Just send us your contact details and a professional consultant will call you back to give you more information on how we can help you become debt free.