Blacklisted loan: Allowing you to enjoy quick and reliable funding even if your credit status says otherwise!
If you have been blacklisted, then this could mean a lot of things. Maybe you have an account in arrears, have a judgment against you, or perhaps you still have unpaid debts in your name. Oftentimes, you will only realize that you have been blacklisted once you apply for credit and the lender denies you of funding because of your situation. Now if you are blacklisted and you suddenly find yourself being bombarded by a series of unforeseen expenses and taking out a loan is the only option you can think of to tide you through until things get better financially, there is still hope. You can still obtain the funding that you need and enjoy that much-needed relief that you are looking form through blacklisted loans.
- Virtually anyone can obtain loans for blacklisted individuals.
- Funds are normally paid out the same day a loan is approved.
- Money can often be lent with no guarantor present from UK direct lenders.
The truth about Blacklisted Loans in the UK
A lot of people in the UK have this perception that having a bad credit history will automatically prevent you from accessing loans and other financial products. Nothing can be far from the truth. The reality is most loan applications get denied simply because the applicant does not satisfy the criteria that a lender seeks from its borrowers and not purely because of his credit status. Here are some of the facts about loans:
- Lenders will evaluate whether a potential borrower’s present circumstances meet their lending criteria. If you satisfy their specific guidelines, you will typically be granted a loan. If not, you will be rejected.
- There is no such thing as a list of blacklisted people that lenders will use to determine whether or not you are eligible for their financial products.
- If you are refused of credit by a lender, it doesn’t automatically mean that you will get the same result from another one. Every lender has its own unique eligibility criteria and this can differ from company to company.
- While lenders may share information through individual’s credit reports, every lender evaluates the information on your credit report and examines your profile based on their lending guidelines.
- There are various blacklisted loans that can specifically cater people who have credit problems in the past. This means that you can still obtain credit through the product regardless if you have arrears, unpaid debts, and CCJ’s.
With that being said, you can still take out a loan in the UK today even if your credit report says otherwise. The key is to choose those lenders and loans that can cater your need for funding based on your unique circumstances.
1.) Blacklisted loans with no Guarantor
When it comes to blacklisted loans with no guarantor, you can rely on funding from specialist lenders who will cater your need for an unsecured loan despite your credit rating. But because of the risk associated with your credit rating, the loans may come with higher interest rates than standard loans, which means they can be very expensive to repay.
Consider whether you can afford the repayments before entering into an agreement with a blacklisted loan with no guarantor lender. Do a little shopping too so you can find the best deal – not only the one that has the lowest interest or APR but one that meets your needs. With a bit of research, you can actually find cheap loans with 14.9% APR or even lower for £7,500 loan over 3 years.
Depending on your needs, here are some of the blacklisted loans with no guarantor that you can consider in the UK today:
- Personal Loans. The loans are unsecured which means you don’t need to offer any form of collateral to obtain them. While banks and mainstream lenders are traditionally the sources of personal loans, they are not the ideal avenues for people with bad credit. There are, however, plenty of online lenders in the UK who can provide personal loans for as much as £25,000 that you can be payback for over 7 years even if you don’t have a stellar credit rating.
- Logbook loans. If you own a vehicle, then taking out a logbook loan is an option that you can consider. You will have to surrender your vehicle’s logbook or V5 document to your lender as it will serve as security to your loan arrangement. You can keep driving your vehicle as long as you make the proper repayments. Typically, logbook loan lenders will allow you to take out a loan which i