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Life can be full of surprises and sometimes there are moments when we are simply incapable of dealing with a financial difficulty or opportunity without securing a loan. Nevertheless, qualifying for a loan and obtaining an approval decision for your funding request can be quite frustrating and futile to a point even, if you realize that you have been blacklisted especially if you applied from a bank or traditional lender.
Being caught up in an emergency financial situation and finding out that you are blacklisted after applying for a loan is certainly a combination of unfortunate events that nobody wants to experience. But this doesn’t mean that there are no longer solutions to your cash problems nor available loan options that you can consider in the UK today.
There are certainly effective steps that you can consider to improve your chances of securing blacklisted loans if you are blacklisted such as addressing areas of concern on your credit profile and looking outside the financial products offered by banks and other traditional lending institutions. The fact of the matter is you have choices and they come in the form of blacklisted loans and below you will know what the available options are and the other things that will help you make the right decision for you and your finances.
Black listed loans: Making yourself more creditworthy
Before you search the lending market for blacklisted loans that you can urgently qualify for, it might be best to stop and think for a moment why your blacklisted loans application for a loan was denied in the past. Borrowers who have been blacklisted are typically those who have a problematic history of paying off debts and managing their finances.
For banks, credit unions, and other traditional lenders, these kinds of borrowers provide significant risk and have a high tendency to default from their blacklisted loans agreements which means lending them money would be the last thing that they would do for their business. So if you are blacklisted, you might want to look outside the traditional lending market and search for lenders that specialize in providing financing solutions to borrowers who have been blacklisted so you won’t waste your precious time and energy in applying for a loan that will reject you in the end.
If your blacklisted loans application was denied because of a low credit score or an inappropriate cash flow, this means that you need to trim down some of your existing debts and payment obligations and follow a more strict and effective budget. While most lenders who provide blacklisted loans will disregard your credit score and rating, they will always make sure that your current monthly earnings and outgoings is ideal to the loan’s agreed repayment terms and conditions before they approve your application.
The Blacklisted Loans that you can consider in the UK
The most important thing to bear in mind always is that there are black listed loans and lenders who can help you enjoy the funding that you need even though you have had previous problems with payments and defaults. In times when money is tight and there are important costs and emergency expenses that you need to cover right away, these 3 prime options can help you raise money quickly:
- Payday Loans- The loans are short-term, unsecured forms of blacklisted loans that are designed to provide emergency funding anywhere from a hundred pounds to as much as two thousand. And because they are designed for emergency funding, anyone can easily qualify and get approved for a payday loan in the UK. In fact, most payday loan lenders will disregard your credit history and focus more on your ability to repay the loan on the agreed terms and conditions when evaluating your application.
- Guarantor Loans – If you are blacklisted, it would be extremely difficult to obtain a personal loan all by yourself. With that being said, you can include someone in your loan deal and apply for a guarantor loan to enjoy high approval chances despite your alarming credit history. That someone must be close to you and trust you to take out a loan with him or her as a guarantor. The guarantor basically guarantees that the loan will be paid back as in the event that you default from it, the person will be responsible to take over the repayments until the debt is cleared.
- Logbook Loans – The loans are secured on your vehicle which means you will need to have a car, van, motorcycle, or truck to qualify. The blacklisted loans are secured types of loans and you will need to offer some sort of asset as collateral to your loan agreement; in this case your vehicle. Generally, different lenders in the UK will allow you to borrow more than half of the value of your vehicle and pay the loan back in several years. You get to keep driving your car too so long as you manage to stick to your repayments.
Look for the right blacklisted loans lender
Receiving that painful rejection response from a blacklisted loans lender with regards to your loan application or uncovering the inconvenient truth that you are blacklisted can be tough realities to swallow. But instead of lamenting on your miserable situation, take the necessary positive steps forward by:
- Making the conscious effort to improve your credit score by paying off your debts and bills on time.
- Minimize incurring debt and clear off outstanding credit accounts against your name as much as you can, in the best of your abilities.
- Manage your finances wisely. Follow a sound budget that you can reasonably use to get your finances back on a sustainable level.
- Never borrow money unless it’s extremely necessary. Loans should never be used for entertainment reasons and for other unessential purposes.
In the end, taking out a loan is still incurring debt which means it needs to be avoided as much as possible especially if you are someone who has been blacklisted. However, there comes a time when you will need to secure extra funding no matter how hard you budget your finances. In these dire situations, blacklisted loans are options that you can consider to give you that much needed financial relief.
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
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Rates from 45.3% APR to 1575% APR – we provide a no obligation quote, your APR will be based on your personal circumstances