24 Hour Loans glossary of financial terms

Non Status

Non status is a term used in the credit and general financial industry. It is used to describe a poor credit rating for an individual or a business. Certain individuals may also be classified as non status even if they have a good credit record ? this can occur if you can?t prove your income to lender standards because you are self-employed, for example. Non status can also be known as bad credit or sub-prime credit.

If you have non status then you are likely to have negative issues on your credit history. These may be issues such as defaults, CCJS, missed payments or bankruptcy. All of these issues will be recorded on your credit history for specific periods of time. So, if you approach a lender for a mortgage or a loan, for example, then they will be able to check your credit rating and to see your non status. This may affect your chances of getting a loan as you may be rejected by some lenders or, alternatively, charged higher interest rates for finance. It is also possible to take out specialist non status loans products where you can apply for a loan without being credit checked or without having to prove your income.