Blacklisted Loans Process

Remember your rights! 

As a necessary part of the blacklisted loans process, it is strongly advised that you check whether the credit provider you are entering into a credit agreement with is registered with the National Credit Regulator and adheres to the regulations as set out in the National Credit Act.    

One of the most important regulations that any credit provider should follow is to conduct a thorough affordability assessment before approving your loan.

The main reason for this is to ensure that taking out a blacklisted loan will not put you into a state of over-indebtedness.  It is unlawful for a credit provider to grant you a loan if they do not conduct an affordability assessment.

Risky business

Part of the blacklisted loans process involves credit vetting, which is a risk assessment that credit providers use to discern how high of a risk you are as a credit user. During this process, they will consider your credit profile, employment information and other factors to decide whether you should be granted a blacklisted loan or not. 

The credit provider is required to assess your financial circumstances in great detail in order to establish whether or not you will be able to pay the loan back.  If the credit provider fails to do so or disregards their findings showing you are financially ill-equipped to take out a loan, they are guilty of reckless lending. 

This is just one of the many reasons why it is so important to get professional advice on the blacklisted loans process before committing yourself to a contract and that is where our expert debt counsellors, here at Blacklist Loans, come in.

Call us on 087 702 5445 or fill in our easy online application form to find out more about the blacklisted loans process today and avoid falling into a deeper, darker well of debt!