LoansLine 24

Getting Loan as Blacklisted

Getting Loan as Blacklisted

Getting Loan as Blacklisted – Being a blacklisted borrower, decreases the chance of getting a positive reply from a reputable lenders.

As the lenders see your poor credit history and believe you will not be able to repay your loan.

But, it is still not impossible to get a loan for you emergency expenses. However, the interest rates you will get probably be high and can cause you to fall into deeper debt.

No worries, there are several ways to reduce the interest rate of the blacklisted loan. You will get as a blacklisted borrower.

How To Get A Blacklisted Loan

  • You should contact with your lenders to set up a different payment schedule or interest rate and set up a budget.
  • Start with improving your profile and poor payment history by getting your default listings remove.
  • You may get un-blacklisted by paying off all of your debt. If you can not afford your debts as they are, call your lender to discuss your repayment options and inform them about your repayment difficulties.
  • Paying your overdue bills and unpaid debts.
  • Pay off your credit card bills on time as well. If you fail to repay and can not clean your bad credit record, negotiating with the lenders for a temporary removal can be another option.

Secured Blacklisted Loans

If you want to improve your chance despite your poor credit, you may find a co-signer with a better credit score.

If the lender believes there is someone who can pay off your debt when you are unable to pay, you can get a reasonable interest rate. Also, you may pledge an asset as security. This asset can be your car (if you have paid off the car loan you got it with or have repaid most of it) or another high-value asset as long as its value recovers the money you have borrowed). But, you have to be ready to lose the possession of your asset if you fail to repay the loan you get.

Other Types Of Loans If You Have Been Blacklisted

There are several types of loans you may apply for, in case of emergencies:

  • Firstly, you may apply for Low-income Personal Loans if you earn a lower income and struggling with poor credit. If you get a co-signer to help you, you will increase the chance of not being rejected.
  • Secondly, you may apply for loans from Licensed Money Lenders. But, you have to be aware of tricky terms and deceptive borrowers. In addition, if you still owe money to another lenders, then you will possibly be denied.
  • Lastly, you may still apply for loans from employers. Bank loans for government employees, co-operative loans or borrowing against a life insurance policy.