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Blacklisted Loans: The second chance you are looking for!
People make mistakes all the time and that’s just part of being human. So when you have been blacklisted because of credit mismanagement in the past, don’t fret because you’re not alone as there are countless others in the UK who face the same unfair judgement. But everyone deserves a second chance and even those who are blacklisted are not exempted from borrowing money. In fact, there are special loans designed for people just like you and they come in the form of blacklisted loans.
Blacklisted loans online
So you won’t waste your precious time and energy in applying for a fruitless loan, its best that you are informed that banks and other mainstream lenders might not be the ideal avenues for financing if you are blacklisted. These lending companies are pretty allergic to people with bad credit; how much more if you are someone whose credit history is littered with negative marks.
With that being said, the best place to look for blacklisted loans is through the World Wide Web from online specialist lenders who are experienced and knowledgeable in providing financing solutions to unique borrowers like you. Depending on your own personal needs and present situation, you can consider some of these options to give you the extra funds you are looking for:
1.) Guarantor Loans
These blacklisted loans can help you take out small and medium term loans anywhere from £1,000 – £10,000 despite your adverse credit rating. There is also no need to secure your loan agreement with a high value asset to enjoy competitive rates and flexible payment terms. However, you will need to provide a suitable guarantor in your loan agreement and this is basically someone who will co-sign your loan deal and vouch for your credit worthiness. The person will also be responsible for the loan which means that if you are unable to keep up with your repayments, the guarantor will step-in and cover them.
2.) Logbook Loans
The blacklisted loans are secured on your vehicle which means you will need to be the sole owner of a car, truck, van, or motorcycle to become qualified. Now if you have a vehicle of your own and are comfortable in using it as collateral in a secured credit agreement, log book loans will help you to take out as much as £50,000 with fixed monthly instalment payments. Normally, lenders will permit you to take out as much as 50% of your car’s value. The best thing about the financial products is that you will be allowed to use your car in the entire duration of the loan as long as you stick to your repayment duties.
3.) Online short-term loans
Online short-term loans are the most widely used blacklisted loans in the country. The primary reason for this popularity is due to the amazing ease and speed that the loan provides to qualified borrowers. The financial products are also a form of short-term personal loan which means that you don’t need to secure your credit agreement with an asset. The borrowing amounts are also small starting from £50 and a maximum of £1,000 with grace periods that can last for just a month or 3 months depending on the lender. And best of all, it’s very easy to qualify. Unlike other loans that require a positive credit rating, online short-term loans can cater any type of credit rating from bad credit to none-existent credit histories.
With all that being said, if you have been blacklisted because of a problematic credit history, a guarantor, logbook, or short-term online line will allow you to secure the necessary funds to cover various financial needs. It’s also worth noting that there are various lenders that provide these blacklisted loans and you can easily reach them online through your smart phone or personal computer.
Paying back your blacklisted loan
You can pay back a blacklisted loan in an assortment of ways and it will depend entirely on the option that you need and on your personal circumstances as well. If you take out an online short-term option like a payday loan, you will generally have to pay back the money that you borrowed plus the interest rates after a month or in your next payday. For larger loans like guarantor and logbook loans, the payment terms can be as short as 6 months and as long as 5 years.
You may also have the option to clear off your debt in advance and save money on lesser interest rate payments as a result. But this will depend entirely on your lender’s terms and policies. There are lenders that allow advance payments and there are those that don’t. There are also those who are in between – they permit advance payments but there is an extra fee involved.
Same day Black Listed Loans
If you are in an emergency situation, you can also consider blacklisted loans that provide same day funding in the UK. These loans are designed to give you the money that you urgently need without delay which means that the application process is as streamlined as possible. The features of the instant loans include:
- Quick and streamlined application process that can be completed in as little as 15 minutes.
- The requirements are minimal. You don’t need to have a strong credit rating to get approved as long as you are in the right borrowing age and have an income that can afford the repayments.
- Online application platforms that can be accessed 24/7 even in holidays.
- Instant funding that can have your money ready for use in the same day.
- Safe online transactions that will protect your information from possible tampering and unauthorized access.
So those where the important things that you need to know about blacklisted loans and the options that are readily available to you. Before you make an application from a potential lender however, always check the qualifications so you will know whether you are eligible or not. Once you have determined the qualifications, try to compare as much options as you can so you can find the perfect blacklisted loans that provide competitive rates and flexible payment terms that are ideal to your situation.