Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk

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Personal Loan FAQs

Am I Eligible to Apply for a Personal Loan ?

 

There are a few basic things that are checked as well as the deeper ones. To know if you are eligible can you answer yes to the following question

Can you afford the repayments?

 

How Long Does it Take for a Personal Loan to be Paid Out?

 

The application time scale may vary per applicant. This is due to financial views being done on everyone applying for a personal loan. The average pay out timescale is 5 to 7 days. This will be received directly into the specified bank account.

 

Blacklisted Loans For Bad Credit Borrowers

Getting a loan is one of the feasible options when you need fast cash or you don’t want to bother any of your loved ones. You have varieties of options to choose from; if you have a good or excellent credit and you need a low-interest rate, you can consider an advance from banks; if you want a quick and convenient financial solution, you can choose to go online. Meanwhile, those who have a bad credit rating have slimmer chance to get microfinance they need, but they have options to choose from.

A bad credit score – due to a late payment, arrears, bankruptcy, CCJs, defaults, and the like – stains your name and you may be blacklisted for some time. It means that you will not get any form of credit from banks or even other traditional lending institutions because of a negative credit profile. It becomes more stressful especially when you have no other alternatives if you need cash. However, this isn’t the end and you can still have a helping hand through blacklisted loans.

why choose blacklisted loans

What Are Blacklisted Loans For Blacklisted People?

Just like other kinds of loans, it comes with an interest and a due date; however, the significant difference is that it is specially designed for borrowers with a bad or poor credit remark. If you’ve been blacklisted before for creating a financial mistake and you have court judgments against your name, these loans will help you in the meantime. Although the term “blacklisted” puts a heavy weight on your behalf, it doesn’t mean that you will be banned from getting a loan.

With blacklisted loans, there’s a chance for you to get your loan application form the approval stamp you desire. There are quite a few institutions that are willing to accommodate your requests with blacklisted loans so that you can get your finances back on track.

How Do You Get Loans If Blacklisted?

Borrowers with a bad credit remark and a judgment against them get terrified and hopeless when creating a new line of credit. Normally, they receive constant rejections despite having a reliable form of income or even with collateral. This gives them a feeling of desperation, often leading them to acquire loans from loan predators or even scammers.

Surprisingly, applying for blacklisted loans is very easy! Unknown to many, there’s no need to be a homeowner to be eligible with this kind of loans. With enough time and patience, and a little researching skills online, you can meet reliable loan providers offering blacklisted loans to people like you.

You can visit their physical office – if you’re into more of interaction or you have sufficient time – or check their service online – if you have a hectic schedule or just want convenience. Most financial lenders won’t ask for assets, thus there’s no chance for you to lose your properties. But, just like any other type of advance, you need to meet certain criteria before the lender can assist you. The good thing about blacklisted loans is that they are intended to help people with a special case. You can hear a “yes” if you’re tired of hearing banks say “no.”

Risks Of Choosing Blacklisted Loans

It looks simple but there are some risks involved with blacklisted loans. Basically, not all loans offered to people with a damaged credit report are easy to acquire. It is therefore imperative to do a bit of research on such advance for blacklisted people. You also need to be careful because there are loan providers who will earn a profit by selling your confidential details to other companies. Therefore, be sure to apply with reliable lending companies only. Of course, there will always be the high-interest rate associated when you have a poor credit remark. One way to avoid it is to shop and compare at least three loan providers; check out their rates, repayment term, and other necessary details to know which among them offers the best deal.

Debt Consolidated For Blacklisted People

Being blacklisted is more than just being unable to get a new loan easily; it may mean dealing with multiple debts as well. One way of resolving such problem, if you’ve been blacklisted for some time, is to apply for debt consolidation loans. A consolidation loan provides relief when you’re tired of talking to different lenders, paying for different high-interest rates, and handling different accounts. It will let you combine everything into one single payment. There are lenders who are always ready to offer debt consolidation loans to anyone blacklisted by banks.

Debt consolidation loans come with more than one benefits. First, you may score low interests since you can negotiate with the lender in terms of its interest charges. This means that you can settle the loan easier and faster since it is cheaper than your previous accounts combines. It also gives you the ease to repay because you’re talking with one company now. Therefore, consolidating debts can save your time and patience, as well as your interest, fees, and other charges.

Final Notes

If you’ve been blacklisted, you probably know how difficult it is to create a new account; therefore, be sure to not commit the same mistake next time. Whether you’re using the loan to tide you over the month or to purchase a new property, borrow only the amount you can afford. Many lending ads are tempting, promising discounts and a lot more if you borrow for a larger amount, but don’t fall for it no matter what. Focus on the reason why you’re borrowing in the first place. Make sure that your income is enough to cover the monthly repayments.

Also, since loans aren’t for free, use it only when it’s necessary. Although you can use it for leisure – such as travel or buying a new gadget – it makes more sense if you will use it to pay for utility bills, as an extra fund if you can’t wait for the next payday, repair car or home, fund medical bills or sudden expense, or other emergency scenarios.

why choose blacklisted loans

 

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5 most recent personal loan reviews

Review of Vivus

I have never used a loan company due to my poor credit following a marriage breakdown but using this company with a good friend who trusts me to make the payments has been a very pleasant and extremely quick and simple process. So if you need to borrow, have someone who knows and trusts that you wont let them down with making the payments and has a good credit history then don't hesitate .. Contact Vivus Loans

Review posted by John Sutcliffe

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Somerset Savings and Loans

I found the online application easy and straight forward, and had a very quick response from the customer service team. Once accepted, the money was transferred very quickly. I will defiantly recommended and will use if ever needed in the future.

Review posted by Alexandrine Parry, Guildford

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Lendable

From the initial contact everything was so simple. Friendly consultants who phone and text at your own convenience. One quick phone call and the cash was in the bank the next day! Perfect service! ?

Review posted by Deborah Tomlinson

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

All of our reviews have been sourced from TrustPilot to ensure authenticity.

Representative Example:
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
Please note:
Loanovao is NOT a lender – we are a licensed broker working with the most popular direct lenders in the market to find you the most suitable short-term loan plan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.
Rates from 45.3% APR to 1575% APR – we provide a no obligation quote, your APR will be based on your personal circumstances
Warning:
Late repayments can cause serious financial issues. For help, go to moneyadviceservice.org.uk
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