Loans For Blacklisted at Capitec: How to Apply And More

Are you looking for loans for blacklisted at Capitec? If your answer to this question is yes then continue reading. You have landed on the right page!

Many individuals with a poor credit scores always find it challenging to access loans. This is because most financial institutions hesitate to carry them along.

In South Africa and other nations as well, once you are red-flagged as a high-risk borrower or listed on credit bureaus for having default payments, no bank or lender will love to entrust you with their loans.

In case you don’t know, there are regulations or guidelines established by financial regulatory bodies in South Africa that dictate how the lending system operates.

These standards are designed to protect the interests and rights of both the entities involved in lending: the lenders (financial institutions) and the borrowers (individuals or businesses seeking loans).

Lending platforms are not supposed to burden borrowers with excessive debt they might struggle to repay comfortably. On the other hand, borrowers are not supposed to borrow the amount they can not afford to pay back.

This situation could lead to borrowers accumulating large amounts of debt, which becomes challenging or impossible for them to manage within their financial means, and this is where the act of blacklisting individuals comes in.

Can you borrow money if you are blacklisted?

The short answer to this question is yes! There are some alternative lenders or financial institutions that offer loans for individuals who have been classified for bad credit or those who are blacklisted.

However, the truth remains that loans for blacklisted is one of the most difficult loans to get in South Africa.

I know you must be wondering whether Capitec also gives loans to blacklisted. I am glad to let you know that this is the main purpose of this article. We are going to discuss everything you need to know about loans for blacklisted at Capitec. So, feel relaxed and continue reading!

Also Check: PEP Loans For Blacklisted: How to Apply And More

About Capitec

Capitec Bank (Capitec Bank Holdings Limited) is one of the leading retail banks in South Africa. This financial institution was founded on 1 March 2001 by Jannie Mouton, Michiel Le Roux, and Riaan Stassen.

Since its inception, the bank has worked excellently toward its growth and as of 2017 emerged as the second-largest retail bank in South Africa, boasting an active customer base of about 20 million.

According to the 2015 Chief Financial Officer’s Report, Capitec Bank is operating about 850 retail branches across the country, with 3,418 ATMs in its own or partnership networks.

With Capitec Bank, users can enjoy various financial services such as loans, investments, savings, sending and receiving funds, and withdrawals, among others.

They aimed to bring banking solutions there by providing innovative digital and paperless banking, to make life easier for their clients and empower them to take control of their money conveniently.

Having learned about Capitec Bank, let’s move straight to the topic of discussion!

Loans For Blacklisted at Capitec

Capitec is one of the financial institutions in South Africa that is known for offering a variety of loans. Whether you need a vehicle loan, education loan, home improvement loan, or medical loan, they got you covered.

With this platform, clients can apply for loans amounting between R1 000 — R500 000 at a discounted interest rate. Their loan duration is up to 84 months.

However, they do not have a loan offer that is specifically designed for blacklisted. Nevertheless, every citizen of South Africa is entitled to apply for Capitec loans as long as they meet the eligibility requirements.

In case you don’t know, both Capitec, African Bank and other lending platforms have applications that will determine if you are eligible for a loan or not.

So whether you are blacklisted or have poor credit scores, you are welcome to apply for Capitec loans as they always do their best to make sure that users receive their loans. If you are lucky enough, you will access your loan conveniently.

Capitec credits are approved in minutes and the money is made available immediately.

Without wasting much time, let’s take a look at the things you need to borrow money at Capitec.

Requirement For Loans For Blacklisted at Capitec

Below is the eligibility requirements for loans for blacklisted at Capitec:

• You must be at least 18 years and above.
• You must have a stable income.
• Stable employment or pension income is also required.
• You must provide your original SA ID.
• You must provide your most recent salary slip.
• You must provide a bank statement reflecting the last three consecutive salary deposits.
• The minimum monthly salary needed to qualify for a credit card is R5,000. However, for self-employed individuals, the minimum required income is R10,000 per month.

Loans For Blacklisted at Capitec Interest Rate

The general interest rate for Capitec loans is 13.75% – 22.25%.

How to Get Loans For Blacklisted at Capitec

To get loans for blacklisted at Capitec, simply head over to their mobile app or website and click the “Get Estimate” button.

You will be required to choose a product or a need, provide your personal information, and confirm your identity by answering a few questions to confirm it’s you.

Make sure you provide the requested information with precision and correctness to avoid your loan being rejected or declined.

Alternatively, you can apply for loans for blacklisted at Capetec by calling them on 0860 66 77 89 or visiting any of their branches.

FAQs

Does Capitec offer credit for blacklisted clients?

Capitec does not have a dedicated loan offer for blacklisted. However, you are entitled to apply for Capitec loans as long as you meet their eligibility requirements.

How can I get a loan with a bad payment history?

Getting a loan with a bad payment history is very challenging, but it’s not impossible. If you find yourself in this shoe, make sure you work on your credit score and improve it. If you are listed on credit bureaus, make sure you clear your name as well.

You can also go for secured lending platforms and borrow if you are willing to offer collateral or a guarantor. But, if you are going for this option, make sure you understand the terms and conditions of the credit, assess your ability to repay, and also thoroughly research other factors involved.

Additionally, do not go for a bigger loan amount. Rather prefer to apply for a smaller loan amount as lenders are more likely to approve smaller loans even with a bad payment history.

How much must I earn to qualify for a Capitec loan?

Capitec Bank made it clear that the minimum monthly salary needed to qualify for a credit card is R5,000. However, for self-employed individuals, the minimum required income is R10,000 per month.

Final thoughts

Loans For Blacklisted at Capitec and other lending platforms are no doubt the most difficult loans to get in South Africa. However, it’s not impossible to get.

If you want to easily borrow money, make sure you clear your name from the credit bureaus and also build your credit history.

By following this article to the end I believe you have clearly understood everything you need to know when applying for loans as a blacklisted person or someone with a poor credit history.

Now, let’s hear from you!

What do you have to say about Capitec loans?

You can use the comment section below if you have anything to say concerning this information.

Source: InstantMoni.com.