Non Status
Loans - UK
Compare Non
Status Loans. Non Status Loans are also known as Bad
Credit Loans. Find Non Status Loans Online Now.
A Non Status Loan usually
means a loan for someone who has little or no credit
rating. To have a good credit rating you should
never have been in any arrears or debt of any kind.
You will have a poor credit rating if you have
credit card arrears, loan defaults mortgage or rent
arrears or it could be you have been declared
bankrupt. If you are self employed but you cannot
produce 3 years of accounts to a lender, then you
can still find yourself with a poor credit rating.
A Non Status lender will go
through your credit history other wise known as a
credit check, before they decide whether to lend you
any money. The lender is looking to see how much of
a risk they are taking by lending you money. It
could be that you have CCJ’s (county court
judgements) for debts previously unpaid.
However you should still be able
to find a lender who is willing to give you a non
status loan. The fact that you have a poor credit
rating means that you will probably have to pay a
higher interest rate on a loan The lender believes
that they are taking a bigger risk with someone with
a bad credit score rather than a good one, because
their history shows that they have been unable to
make repayments in the past.
There are a number of companies who offer competitive
Non Status Loans. Remember to shop around, and
use one of our free Non
Status Loan Calculators to compare the
different loans on offer.
Non Status loans allows you to borrow money at a far
better rate than an unsecured loan. Your adverse
credit history and income isn’t taken into
consideration while sanctioning the loan. Instead
your home is used as security. However, if you
discontinue the repayments on a Non Status Loan,
you’re at a peril of losing your home.
The benefits of a Non Status loans are many: unlike
remortgages or mortgages, you’re freed from the
expenditures like surveys, mortgage indemnity and
solicitors fees; cutting off the expenses makes the
arrangement of non status loans much easier; non
status loans can be used for any purpose right from
debt consolidation, home improvements, to buying a
car or going on holiday; by using a non status loan
for debt consolidation, you can keep your monthly
budget under control with single payment each month;
and the repayment period for a non status loan can
be anything between 3-25 years.
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