Black Listed - Disapproved rating due to credit score
Credit reference companies store credit histories of people on their databases and lenders are able to access this information before lending any fresh finance to the customer. You are Black listed if your credit rating is extremely low. You are automatically considered to be too great a risk for the lender to take as you have persistently not made repayments in the past. Having said this Some lenders will still lend you money if you have a bad credit history but the interest rate will be high until your poor credit status has improved.
Black Listed Example - Poor Credit UK Loans
Poor credit secured loans are tailored specifically for people who have a bad credit rating due to repayment failure on previous debts. Having a poor credit history could mean clients are unable to obtain a UK loan from high street and other standard loan providers. Applying for a secured loan may increase the customers chances of their application being accepted. The fact that the loan is secured on property makes the loan less of a risk to lenders as should the borrower fail to make repayments then the lender would be within their rights to pursue the borrower in the courts to recover any debt, maybe from the sale of the customers property. It is possible to arrange UK secured loan, UK unsecured loans and UK tenant loans online using Whatever Finance application forms. Applications will be viewed on their independent merit whatever your credit status.
Black Listed Information
There are loan providers online that specialise in lending to people in this situation. If you are having difficulty in making loan repayments then it is advisable to contact your lender quickly, they may be able to help, they may arrange a different repayment programme, one that will be more manageable to you. If you manage to obtain a loan even though you have a poor credit history then it will benefit you in the future to make those repayments and not default at all, the fact that you have then successfully completed that loans term without defaulting means that your credit rating score will improve.