Nobody wants to end up on a blacklist, but terrible things can happen that might make it happen. Being on a blacklist has a number of negative effects, such as restricted access to loans and other financial hardships.
A person is commonly placed on a blacklist due to their inability to make timely debt repayments. Don’t give up if you find yourself in this situation; loans are still available in Nigeria for those who are on the blacklist.
To be sure you aren’t on the blacklist, keep in mind that some fintech, small lenders, and microfinance banks still cross-reference your data with the main database.
Nonetheless, some reputable sites will provide loans regardless of your situation. This varies from organization to organization and is determined by how they assess your ability to repay the loan.
What Documentation Are Required For Blacklisted Loans In Nigeria?
Whether you’re on the blacklist or not, the conditions for online loan applications across different lenders are the same. They basically want you to provide the following:
As an individual:
- Bank verification number (BVN)
- Passport photograph
- Employment letter
- Tax ID, salary account, or pension account
As a business:
- Passport photographs of certain directors as stated by the lending organization
- Memorandum of association
- Certificate of incorporation
- Post-dated NUBAN check from the client
- The business’s last six months’ statement of account
- A valid means of identification as approved by the organization (international passport, national passport, or driver’s license)
- A suitable guarantor
Is There Anything More I Need To Know?
There are no other prerequisites than the aforementioned documents.
However, if you were on the blacklist, you would have to go above and above to build a good reputation with the company.
The majority of the time, the organization will collect supporting papers or loan security, such as collateral, to make sure you will return the loan within the predetermined time range.
What Interest Rates Apply To Blacklisted Loans In Nigeria?
Unfortunately, the majority of companies that still offer loans to people on blacklists do so with absurdly high-interest rates and incredibly low credit limits.
They carefully review your personal information, including your account statement, your type of job, your salary, and other things before determining the prices.
However, having the ability to offer collateral considerably improves your chances of obtaining the loan. Additionally, it offers you a lower interest rate.
How To Find Blacklisted Loans In Nigeria?
There is no simple way to locate these loans. Fintechs and micro-lenders, on the other hand, give you a better opportunity.
To find out if you will be successful, apply for the loan, and the platform will examine your creditworthiness before deciding whether to approve or refuse your request.
In general, even if you’re on the blacklist or have a history of terrible credit, taking out a loan and repaying it on time could help raise your credit score.
There is still hope, and even if your name is on the blacklist, you can still get loans despite the high-interest rates and strict requirements. But be sure that your ability to pay back is secure; else, you can find yourself in a lot more trouble.