Non Status Loans

This loan is designed for consumers with a ‘non status’ credit rating. This rating involves people with credit problems, people with erratic incomes such as the self employed or freelancers and for those that can’t prove their income. The amount you can borrow depends on the loan type you choose. Often non status lenders will accept self certification which lets you to claim your own income without any proof. If you have credit problems from the past, then your loan may also take into account your existing debts. Typical loan terms vary between 1-25 years. This will of course depend on how much you borrow, how you borrow it and who you borrow it from. If you are considered non status, it will be hard to qualify for a loan from a regular lender or you could be quoted with higher interest rates. You could boosting your credit rating by having a non status loan for a couple years. Doing this can help you earn the required status to then take out a standard loan product. There is no real alternative to  non status loans if you fail to qualify with the right status.