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What is a Credit Blacklist?
Lots of people who are refused credit worry that they’re on a ‘credit blacklist’, especially if they’ve missed payments or received a court order. But are they real, or just a product of our imaginations?
Put simply, no. Credit blacklists are a misconception more than anything else. There is no such list which would prevent anyone from applying or being approved for credit. A bank or a financial lender would use your credit report and the information you give them in your application to make an informed decision about whether to approve your credit application.
Your credit report is comprised of multiple pieces of information gained from public records as well as banks and financial institutions.
A credit application from someone whose credit report shows them having arrears on credit accounts, mortgage defaults will negatively affect the decision to lend to them.
When applying for credit, the decision is based on a wide range of factors that are present within your overall credit profile, as well as the application form. Essentially, the lenders want to feel confident in lending money to someone they feel would be able to make the monthly payments on time.
It’s worth taking a good look at your credit report to see what might be affecting your score, as this can give you an idea on what areas to focus on or improve before repeatedly applying for different loans.
If I live with someone with bad credit, will it affect my credit score?
It doesn’t matter if it’s a spouse, family member or housemate – unless you’re ‘financially associated’, their money issues won’t affect you.
A ‘financial association’ is a link that is created if you have a joint account or have made an application for joint credit with someone else. You don’t need an existing joint agreement to be financially associated. A financial association can also be created if you just applied for credit jointly – but you weren’t been successful and will remain on your report if you have since closed a joint account.
Having a financial association with someone with poor credit shouldn’t impact your own credit score, as this is based on your own credit history. However, lenders could take a financial associate’s financial behaviour into account even if you’re applying for new credit on your own. If the person you’re linked with has a poor credit history or they’re struggling to pay back their creditors, it could be harder for you to successfully apply for credit.
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We offer personal loans, business loans, debt consolidation loans, loans for blacklisted, payday loans, home loans, short-term financial solutions tailored to meet diverse customer needs.
Personal Loans : A personal loan is a type of flexible unsecured loan.
This means you do not need to submit collateral such as real estate for approval.
Whether you need a car loan, renovate your home, plan a wedding, or consolidate high-interest debt, low-interest personal loans can help you reach your goals.
Business Loans: A business loan is a type of loan used by businesses.
Banks and other financial institutions often lend money to businesses.
This amount must be repaid with interest within a certain period of time.
Debt Consolidation Loans: This type of loan involves paying off existing debts elsewhere, such as large overdrafts, credit cards or shops or other personal loans, and converting them into new monthly payments . Using a consolidation loan won't reduce your debt, but it will make it easier to manage your debt.
Loans for Blacklisted : Many people believe that a poor credit history will prevent them from getting a loan in the future and that your details will be put on a 'credit blacklist', meaning you won't be able to borrow money.
In fact, loan applications are often rejected because customers do not meet the criteria set by the lender they are applying to.
Home Loans : A home loan is usually issued specifically for the purchase or construction of a home and cannot be used for any other purpose.
Flexible repayment terms range from 10 to 30 years, depending on the borrower's wishes.
PayDay Loans: Payday loans are short-term loans designed to help you deal with small, unplanned expenses.
Short-term loans are relatively easy to obtain, but interest rates are usually much higher than other forms of credit.
Payday loans are typically repaid with your next paycheck, but some lenders are more flexible.