What does Blacklisted mean?

Think you're Blacklisted and need a Loan. First, here's the good news. There is no such thing as a blacklist.

Many people believe that by having a bad credit history you are barred from being able to get a loan in the future and that your details are added to a "credit blacklist" meaning you will not be eligible for a loan.

In reality, many loan applications are rejected because the client does not meet the criteria defined by the lender they are applying to. When you apply for a loan, each lender will determine whether your circumstances are acceptable to their lending criteria. If you meet their guidelines, you will normally be offered a loan. If not, you will be turned down. However, there is no central blacklist of people with bad credit scores that lenders use as the basis of determining who they will lend to.

Being refused credit by one lender, doesn’t necessarily mean you will be refused by another. Each lender has their own criteria they need to keep to and this varies from company to company. Lenders do share information through individual's credit reports, but each lender examines the information on your credit report and assesses you based only on their own guidelines.

You may have been refused a loan before but now need a loan to buy a car, or for car repairs, or you may need a loan for home improvements. Loans are available for people who have had prior credit problems but are now in a different financial situation - these can be loans are for tenants or if you are renting and need personal interest rates. If you need to pay off your debts quickly, maybe to pay off other loans or credit cards, we may be able to help you, even if you think you are on a 'blacklist'. Bear in mind that although a new loan may reduce your monthly payments, it may increase the overall amount you will pay back.

Short term Loans

If you are having financial problems and you are worried about where to get help with you finances, we can put you in touch with a reputable loan broker. You do not have to enter an IVA or declare bankruptcy for a bank loan. A qualified loan broker can help you take control of your finances even if you thought you were on a blacklist, however quickly you need you money.

Loans for People who thought they were on a Blacklist

Looking for a loan under £25000?

If you have had previous issues with payments or defaults and need a personal loan, we can put you in touch with a regulated loan broker, even if you have had financial problems in the past and you are worried about where to get help with you finances. If you need to raise money fast, a qualified loan broker can help you get back control of your finances.

What types of loan are available for people with a poor credit record?

There are five different types of loans available:

• Personal Loans, also known as Unsecured Loans
• This is a loan in which there is a set number of regular payments. The maximum amount you can borrow is £25,000 over a maximum term of 7 years. These are also known as installment loans
• Payday Loans
• Usually, payday loans are for a shorter term, often paid back in a single lump sum payment on the borrower’s next payday. They have a higher interest rate than a personal loan.
• Unsecured Homeowner Loans
• These are personal loans only available to people who own their own property - not to people who are renting or living with family or friends. The loan is not secured on the property. The interest rates are normally lower than personal loans but higher than secured loans.

How much will a loan cost me?

To find out how much a personal or payday loan will cost you, please complete the loan application form
If you want a car loan, complete the Personal loan application form

The loan broker will contact you to discuss the loan and let you know the monthly payments

Please make sure a personal loan is right for you before taking it out. You should always think very carefully before committing to any form of credit or borrowing money.

Financial Difficulties

If you're trying to manage existing debt or in financial difficulty, consider what your options are before you borrow. For further help on managing your money visit the Money Advice Service.