Blacklisted Need a Loan
Blacklisted?
Need a loan?
I’m sure these questions look all too familiar, as they do for most South Africans. Nowadays, a bad record doesn’t present much of a challenge to those who think they need a loan. Even though there is no actual ‘Blacklist’, these days, we refer to someone as blacklisted if they have a low score or numerous negative listings on their report.
It’s easy to get a one if you, like so many South Africans, mistakenly think you require one to sort out your financial problems. Unfortunately, the ease with which you can get credit makes people think there’s no harm in doing so.
No-one seems to realise just how dangerous the assumption is that the blacklisted need a loan, even though it’s what got you in this situation to begin with!
The Dangers of Blacklisted Loans
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Inflated Fees
Blacklisted people are charged much higher interest rates and fees by lenders. The amount of money you owe quickly outgrows your ability to repay it, leaving you worse off than before.
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Credit Record Vulnerability
Being blacklisted at the outset shows a tendency to miss payments. So, if you take out more credit, you are more than likely to end up doing further damage to your already vulnerable record, by falling into even one month of arrears.
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Savings Sabotage
By taking on more debt, you eliminate any savings you may have carefully built up or ruin your chances at creating a financially secure future for yourself and your family.
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Debt Bloating
If you continue to take out credit, your debt will balloon up and before you even know what’s hit you you’ll be facing:
- indebtedness,
- default judgments,
- asset repossession,
- garnishee orders, and
- outright financial ruin.
If you are under the false impression that you need a loan to solve your debt problems, please contact NDA first, before your situation becomes irreparable.
