UK Non Status Loan

Otherwise known as a Bad Credit Loan or Poor Credit Loan.

Non Status usually means that you have no credit rating or a poor credit rating. It could be that you have not borrowed any finance or had credit on anything before. A bad credit rating can work against you and is usually the result of having taken out finance of any kind loans, mortgage, credit card and have been unable to make the repayments. If you have fallen into arrears, have defaulted on loan repayments, have IVA's, CCJ's or if you have been declared bankrupt you will probably find that you are looked upon as being Non Status. This means that you will find it very hard if not impossible to find a lender who would be willing to grant you any further finance.

A lender will examine your credit history otherwise known as a credit check, before they decide whether to grant you any finance. The lender is looking to see how much of a risk they would be taking by lending you money. You will not be able to hide your credit history as each time you granted credit your repayment history is recorded and kept on file at a credit reference agency. It is from these credit reference agencies that potential lenders can obtain the information they require about your credit history before deciding to lend to you. The fact that you have a poor credit rating means that you will probably have to pay a higher interest rate on any loan Lenders believe that they are taking a bigger risk with someone with a bad credit score rather than a good one, as their history shows that they have been unable to make repayments in the past.

However you should not totally despair, even if you are non status you should still be able to find a lender who is willing to give you a loan, Finance Jungle could help you find the finance you require. The fact that you have a poor credit rating means that you will probably have to pay a higher interest rate on any 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.