Blacklisted And Need A loan Urgently

Many individuals and corporate bodies don’t plan to end up listed on a blacklist. However, events happen that lead to this unexpected outcome. The positive side is that hopes are not lost the time one is placed on the blacklist because of inability to pay back the loan on time.

No matter if you’re blacklisted or not the process of obtaining a loan shouldn’t be done purely on the basis of emotion. It is important to be aware of the terms of the loan to get is. The loan you decide to get should be chosen after careful consideration. This way, you don’t end up in the blacklist because of the inability of repaying the loan within the agreed date.

The goal of reputable lenders is that they loan you money at high interest rates based upon their assessments of your capability to pay back, and all this to make sure that you don’t get banned.

The concept is that someone who is blacklisted isn’t able to get loans, but the reality could differ since there are trustworthy platforms that will still provide loans to people who are blacklisted.

The General requirements for online loan

The blacklisting or non-blacklisting of the criteria for getting loans from online money lenders are different depending on whether it’s an individual credit or corporate loan. The conditions are:

For people:

For SMEs /Business

  • A photocopy of your passport
  • An identity document (this could be a drier’s permit (also known as an international passport, national passport)
  • Bank statement from the last six months of account
  • Certificate of incorporation
  • Memorandum of Association
  • Dated NUBAN check from client
  • A reliable guarantor who could be able to provide the following:
    • Letter of confirmation/employment
    • One undated NUBAN check
    • A copy of the employee Identity Card
    • A completed guarantor’s form

Special requirements for those excluded to qualify for loans

The conditions aren’t much different than other loans offered by typical websites that offer lending. The only difference is that those on the blacklist need to take extra steps in order to prove that they can pay back the loan at the associated interest rate within a short period of time. This is accomplished by providing to the lending institution valid documentation such as information, documents, or the security for the loan (I.e. Collateral).

READ ALSO:   Download Plenty Cash Loan App APK for Free

The kind of loan available to the blacklisted in Nigeria

The individuals who are blacklisted in Nigeria could only gain access to loans that have higher interest rates and smaller credit limits. The reasons for this aren’t too far-fetched since these lending platforms offering loans that are blacklisted take a careful review of your personal information such as your job title or account details, particularly statements of bank account and salary and so on.

Furthermore, your ability to offer loan security ( an asset e.g an expensive home) will increase your chance of getting a loan regardless of being blocked.

If the lender is convinced that you are able to pay them back, even if you were previously blacklisted, they are now able to provide loans and demand you to repay as soon as is possible, based on the pre-determined interest rate.

In no way is it a stretch, but it is possible to state that taking out a loan despite being on the list of blacklisted lenders or having a record of being listed will help you improve your credit score, if you take care to do everything you can to pay back on time.

READ ALSO:   Download Fairmoney App For iPhone

The conclusion:all hope is not lost. Even those who are blacklisted are still able to access some types of loans offered by trusted lending platforms. Be aware however that interest rates are somewhat higher than average. This, along with the ability to repay is a must before deciding for any loan that is it is listed on the blacklist.

Leave a Comment

error: Content is protected !!