Loans for blacklisted

Most individuals and corporate bodies never plan to be on a blacklist, but circumstances occur to bring about this unplanned result. The good news is that all hope isn't lost, even when one is blacklisted due to the inability to repay a loan on time.

Whether blacklisted or not, taking a loan should not be done emotionally. There is a need to take careful consideration of what the loan desired to be obtained entails. The loan you choose to obtain should be carefully selected only after thorough considerations. Thus, you wouldn't end up being on the blacklist due to the inability to repay the loan at the stipulated time.

The general idea is that a blacklisted fellow may not have access to a loan, but the story can be a whole lot different as there are reliable platforms that would still offer loans to blacklisted individuals.

General Requirements for Online Loans

For individuals:

• Bank Verification Number (BVN)
• Passport photograph
• Address
• Salary account, pension account or tax ID
• Employment letter

For SMEs/Business:

• A copy of passport photograph
• A means of identification (driver's license, international passport, national passport)
• Last six-month bank statement of account
• Certificate of incorporation
• Memorandum of association
• Post-dated NUBAN cheques from the client
• A suitable guarantor (employment letter, undated NUBAN cheque, staff ID, guarantor form)

Unique Requirements for the Blacklisted to Obtain Loans

The requirements are not much different from the other loans from typical online lending platforms. Just that blacklisted individuals have to go the extra mile to prove their ability to repay the loan with the accompanying interest rate and within a short space of time. This is done by supplying the lender with valid documents, information, and/or loan security (collateral).

The Type of Loan for the Blacklisted in Nigeria

The blacklisted in Nigeria would only have access to certain loans with high-interest rates and lower credit limits. These lending platforms that offer loans to blacklisted individuals make a thorough consideration of your personal details, kind of job, account details especially statement of account, salary, etc.

Your ability to provide loan security (collateral, e.g. an expensive property) increases your chances of getting a loan, despite being blacklisted.

With the lender being convinced that you can repay them, despite being once blacklisted, they go ahead to offer you loans and expect you to repay as fast as possible with the pre-informed interest rate.

Taking a loan despite being blacklisted or having a history of being on the list can help improve your credit score if you do all within your power to repay on time.