For many people, finding their name in the black list is one of the worst things that can happen to them.
It leads to anxiety and stress.
But that need not be the case all the time.
There are loan options even for blacklisted people.
Such loans are called unsecured loans.
The unsecured loans are extended to people who do not have a home, have a poor credit score, have court cases, garnishes, etc.
These loans are ideal for people who cannot get loans from other sources.
Unsecured loans, as the name suggests, are loans extended without any security to people with poor credit scores or blacklisted people.
The drawback of these loans is the higher interest rates due to higher risks.
The benefit though is the simple qualifying criteria - few people get rejected on unsecured loans.
If you have a proof of income, legal identification, proof of residence and account statements from your bank, you can apply for unsecured loan at any registered micro lender and get it sanctioned.
If you are blacklisted, it is futile to try a bank first.
Chances of getting a loan from the bank for a blacklisted person are next to impossible.
Most of the application for this loan can be done online or through Fax and you need not hunt for a lender.
The only thing to do though is beware of loan sharks.
Given how lucrative this can be, there are many loan sharks that may advertise as a micro lender.
Always verify that the lender is registered before approaching them.