Although no one intends to be placed on a blacklist, regrettable events may occur that may lead to this. Being on a blacklist has various consequences, including a lack of access to loans and other financial constraints. The inability to repay loans on time is frequently what places someone on a blacklist. If you find yourself in this scenario, don’t despair; there are still loans for blacklisted people in Nigeria.
Can I Still Get A Loan In Nigeria If I’m Blacklisted?
Today, the credit bureau keeps track of the blacklist, which flags your name whenever you make a loan transaction. Smaller lenders, fintechs, and microfinance banks, on the other hand, do not store such records unless you have an outstanding loan with them. Essentially, the goal is to lend you money regardless of your financial past or ability to repay the loan.
However, keep in mind that some fintechs, small lenders, and microfinance banks still cross-reference your data with the central database to ensure you aren’t on the blacklist. 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.
Apply For: CBN Non-Interest Loan 2023
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?
Aside from the documents mentioned above, there are no further requirements. However, as a blacklisted individual, you would have to go above and above to establish your reputation with the organization. Most of the time, the organization wants to ensure that you will repay the loan within the agreed-upon time frame and will gather documentation or loan security such as collateral.
What Interest Rates Apply To Blacklisted Loans In Nigeria?
Unfortunately, the majority of businesses that still provide loans to blacklisted persons do so at exorbitant interest rates and with extremely low credit ceilings. They determine the costs based on a thorough examination of your personal information, which includes your statement of account, type of job, salary, and other factors. However, being able to provide collateral enhances your chances of securing the loan significantly. It also provides you with a lower interest rate.
How To Find Blacklisted Loans In Nigeria
There is no simple way to locate these loans. Fintechs and microlenders, 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.
Overall, taking out a loan and repaying it on time could help improve your credit score, even if you’re on the blacklist or have a history of bad credit. Despite the high interest rates and stringent criteria, all hope is not lost, and you can still obtain loans while on the blacklist. However, make certain that your ability to repay is secure, or you may find yourself in much more difficulties.
Apply For: CBN Non-Interest Loan 2023