Can I apply for a loan while being blacklisted?

Applying for a loan while being blacklisted can be a challenge, but it's not impossible. Being blacklisted means that you have a history of missed payments, defaults, or other negative credit events that have been reported to credit bureaus. This can make it difficult to get approved for a loan, as lenders view you as a high-risk borrower.

However, there are still options available for those who are blacklisted and need a loan. One option is to apply for a secured loan, where you put up collateral such as a car or property to secure the loan. This reduces the risk for the lender and increases your chances of approval. Another option is to apply for a loan with a co-signer, who can help vouch for your creditworthiness and increase your chances of approval.

It's important to note that applying for multiple loans at once can negatively affect your credit score and make it even more difficult to get approved. Instead, focus on improving your credit score by making timely payments and reducing your debt. This will take time, but it will ultimately increase your chances of getting approved for a loan in the future.

​​If you have any questions about debt you currently have, please feel free to reach out to a member of the Libertine Consultants team. We are here to provide you with judgement-free support and advice. 

Need advice? We can assist with that too! Submit your inquiry to us via email advisors@libertineconsultants.co.za and we will provide you with sound insights on the best way forward. In the meantime, keep an eye on our YouTube channel to get more practical advice on managing the financial stress of the pandemic.