Non Status Loans

Non Status Loans are often called Bad Credit Loans, Poor Credit Loans or Adverse Credit Loans. Non status means that you have either no credit rating or a poor credit rating. You obtain a good credit rating as a direct result of having had finance on things before and successfully made repayments.

If you have credit card arrears, mortgage / rent arrears or have been made bankrupt you will more than likely have a poor credit rating.

Self employed people who cannot produce at least 3 years of accounts to a potential lender can be deemed to have a poor credit rating. A credit check is carried out on you by the lender before they decide to lend you any money. The lender needs to complete a credit check in order to see if they are taking a risk in lending to you. Your past credit history will be examined thoroughly. Maybe you have CCJ’S or debts that have been left unpaid, if so these debts will adversely affect your credit rating and you may well find a lender will not be prepared to lend to you.
You should not totally despair you may still be able to find a lender who will give you a loan. If you have poor credit rating you will probably find that you have to pay higher interest rates on the loan. The lender knows that they are taking a bigger risk if you have poor credit score because of past history.

At PeopleFinance.co.uk we can help you find a Non Status Loan, an independent financial processor will aim to get you the best deal to match your present credit circumstances.

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Related glossary terms to UK Non Status Loans:
Adverse Credit | Credit Checks | Debt Consolidation | Unsecured Loans | Secured Loans | Personal Loans | Homeowner | CCJ's | Defaults | Arrears | Bad Credit | Non Status

Related Debt Consolidation Loan Products:
Non Status Loan | Non Status Secured Loan | Non Status Unsecured Loan