24 Hour Loans glossary of financial terms

Black Listed

In the financial industry black listed is a term used to describe individuals or businesses that have a poor financial history. They may have such as bad track record that they may be refused credit products on these grounds. That is to say that they have an impaired credit record and may find it difficult to take out loans and other financial products on this basis.

The term should not be taken literally as such ? few individuals will find it absolutely impossible to get the financial products they want and there are financial services company in the UK market that can help people with bad credit take out all kinds of finance. If, however, a consumer finds themselves in this kind of situation they will simply find it harder to take out loans etc., and will probably be charged higher interest rates by the lenders that will accept their applications. It is unlikely that the majority of mainstream lenders will work with black listed individuals.