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 is equivalent to 50% of your vehicle’s value.
- Debt consolidation loans. If your searching the market for blacklisted loans with no guarantor because there are numerous debts that you need to deal with, then taking out a debt consolidation loan is worth a look. By taking out one large debt consolidation loan, you can pay off those numerous debts and relieve yourself from the anxiety of having to pay them off in time. You will then be managing only one single loan, which is your debt consolidation loan, making it easier for you to keep up with your credit commitments. It could also save you more money if the cost of your debt consolidation loan is lesser than the combined costs of all your previous debts.
When it comes to unsecured loans, credit rating is important. In the case of blacklisted loans with no guarantor, however, there are several factors that lenders will look into to determine whether or not you are eligible for their loan services and they include:
- Your income. It must be enough to cover the loan’s repayments.
- Your age. You must be at least 18 years of age at the onset of the loan.
- Your existing debts. The total cost of your existing debts should not exceed 40% of your total income.
- Your other financial commitments.
Every lender will have its own unique set of criteria so be sure that you check them out first to see if you are eligible for a blacklisted loan with no guarantor before you make an application. So you can have a better idea of whether or not you will be accepted for a loan, search for lenders that provide an eligibility check before you apply, sometimes called a soft search quote. A soft search quote will reveal vital information about your application such as your chances of getting approved and the cost of the loan without affecting your credit rating.
2.) Blacklisted loans with a Guarantor
If it’s simply hard for you to qualify for a personal loan and you don’t have any form of asset that you can comfortably offer as collateral in your loan deal, then having a guarantor to back you up is an option that you can consider. Finding someone you know who will fulfill the role as a guarantor for your personal loan can be challenging but it’s one of the best ways for you to access the funding that you need for favourable rates and terms. Here are some of the features of blacklisted loans with a guarantor that you ought to know:
- A third party will enter into your loan deal alongside you and your lender and this person is known as a guarantor.
- The guarantor will sign an agreement that basically makes him or her responsible for your loan should you fail to make the agreed payments.
- Blacklisted loans with a guarantor are very popular alternatives to people with bad credit in the UK. This is because it allows the borrower to take out a larger loan with flexible payment terms that would otherwise be impossible to avail of other loan options.
Aside from giving you the ability to obtain larger sums of credit, blacklisted loans with a guarantor will also be a great opportunity for you to rebuild your credit by making consistent repayments, on time. This makes it a solid financial option if you are blacklisted and have an adverse credit score.
3.) Blacklisted loans for people with bad credit
In the past, taking out a loan if you are blacklisted was extremely difficult. It was simply impossible to get funding from a bank since the traditional lending institutions normally treat people with bad credit as a high risk borrower. If you have bad credit and have been refused of funding elsewhere, you can take out any of the loans mentioned above to enjoy that much needed financial relief. However, before you apply for blacklisted loans for people with bad credit, here are some things that you might want to consider such as:
The interest rates on bad credit loans are often higher than those offered by banks and mainstream lenders but if the loan is secured on a property or vehicle or if it’s co-signed by a guarantor, then the interest rates will become significantly lower. Make sure that you compare different rates from lenders providing blacklist loans for bad credit to guarantee that you are getting the cheapest one. The lender may also conduct a credit check on your application although there are those that don’t. In the end, the lender will always evaluate your profile and determine if you are eligible for its loan service. Here are some of the things that can affect the interest rate on your loan depending on the type:
- If it’s an unsecured loan, your credit score will determine how much you can borrow as well as its corresponding interest rates.
- If it’s a guarantor loan, the interest rate and amount you can borrow will be based on your guarantor’s credit rating and income level.
- If it’s a secured loan, the interest rate and amount you can access will depend on the value of the item that you put up as collateral. If it’s your home, then you can borrow large sums for longer payment terms that can last for 25 years.
Do your Research
If you are planning to take out a bad credit loan, then be sure that you shop around first. Every lender will have a different rate and there are those that are simply more favourable than the rest. Determine the exact amount that you need to borrow and do your best not to go beyond it. There are blacklisted loans for bad credit that will let you borrow as much £50,000 but such an amount would easily become an uncontrolled debt in your life if it’s something that is too much of your needs.
Also, be sure that you determine how much each repayment on your loan will cost you and make sure that it is something that you can afford. Blacklisted loans for bad credit are serious financial products and defaulting from them can only put further strain on your credit rating and if it’s a deal that is tied to your property, you could lose your home entirely. Be sure that you understand all the terms and conditions fully and talk to your lender if there are things that confuse you.
Blacklisted loans from Direct Lenders
If you apply for blacklisted loans from direct lenders, then it means that you are foregoing the services of a broker or a middleman. Some of the things that you can expect when you rely on direct lenders to satisfy your needs for financing include:
- You will be the one to choose the lender that you want and make an application from its website. Once your application is approved, your loan will be funded directly without you seeking another lender to grant your application.
- The money will be deposited directly into your bank account without delay. If you apply in-store, the money will be handed to you right then and there.
- Your loan will be paid in a single deposit in a very short time frame after approval.
- You will not be forwarded to another lender or be advertised with one unless your loan application becomes rejected and you will request for an alternative lender to be identified.
It’s important to note that no direct lender offering blacklisted loans can claim 100 percent acceptance guaranteed since all responsible lenders will need to conduct affordability and credit checks to make sure that the borrower can repay the loan. However, this does not automatically equate that you will have to possess an excellent credit rating to get approved. There are plenty of blacklisted loans direct lenders that have been funding borrowers with an adverse credit rating in the UK for many years. To be accepted, you normally have to be:
- Over 18 years of age at the start of your loan application
- A legal resident of the United Kingdom
- Must be earning an income that checks affordability for the loan
- Have your own bank account
Once you meet the basic eligibility requirements, the lender will then conduct a credit check to determine your affordability of the loan. Your credit rating won’t be a big factor in getting approved and normally your income will be the prime determinant of whether or not your application will be entertained by blacklisted loans direct lenders.
Blacklisted loans that provide Instant funding and approval
Blacklisted loans that provide instant approval are extremely popular options to people with bad credit; especially those who are caught up in emergency expenses like sudden car and home repairs and medical bills. With these loans, you will get an approval within minutes after the borrower conducts the necessary checks on your application and sees that you satisfy their lending criteria.
The application process is also quick and easy. With instant approval blacklisted loans, you can complete the entire application in a matter of minutes. Once you have submitted your application, the lender will then carry out the necessary affordability and credit checks. After all these vital checks are completed, you will receive an instant decision that lets you know whether or not your application was a success. If your application is accepted, one of the lender’s staff will reach you via the phone or by email to confirm a few quick details. Your funds will then be transferred on the same day.
Normally, the quick and easy process required in taking out blacklisted loans with instant funding and approval include:
- Visit a blacklisted loan lender’s website and check if you meet its basic eligibility requirements. If you qualify, you can make an application right away.
- Once you apply, you will need to fill out a form that will ask basic information about yourself and your financial standing. Your name, address, and nature of work or source of income are some of the things that you will need to fill in.
- After you have completed the form, simply click the submit button and the lender will automatically see your application. The lender will then conduct an affordability check carried out by an advanced software that will determine your eligibility within seconds.
- If your application is approved or rejected, you will know instantly minutes after your application was submitted.
- If you are approved, you will need to sign your loan agreement and after its done, the money will be deposited into your bank account in an hour or two afterward.
Every lender will have varying turnaround times but mostly, blacklisted loans can be completed, from the start of the application towards the wiring of funds to your bank account, in just a single day or two.
Blacklisted People Loan FAQs
Do I have to be employed if I want to apply for a loan?
Yes. You will need to be in steady employment and be earning enough to cover the repayments of any loan amount that you would like to obtain. If you are not employed, you will need to be obtaining another legal and steady source of income before your application will be considered.
Will I be able to apply if I have been blacklisted?
Yes. Many of the lenders we work with are more than willing to provide loans to individuals who have been blacklisted. However, keep in mind that you will normally pay higher interest rates than average on these loans.
I haven’t turned 18 yet. Can I still apply for a loan?
Unfortunately not. If you want to apply for loans for blacklisted individuals through the lenders that we work with, you will need to be over 18 years of age when filling in the application form.
Do I have to accept the first loan offer I receive?
Absolutely not! If you are not happy with an offer from a particular lender, you are permitted to reapply through a different lender. Each lender will have different terms and conditions associated with their loan products.
How long does it take to get loans approved?
If you have provided all of the required information on the online application form, one or more of the lenders that we work with on that day will contact you. Most of them will provide the funds to you on the same day as well. If your application is rejected for any reason, you will also know virtually immediately after sending off your application form.
Will all of the lenders you work with provide me with the same interest rates and repayment terms on loans for blacklisted applicants?
No. Each of the lenders we work with will have their own terms and conditions associated with the products they have on offer. As a result, interest rates will usually vary, along with their terms of repayment. As a result, it is recommended that you enquire about all of this at the time that you are contacted by the lender.