A non-status loan is a term sometimes used for finance offered with limited reference to a standard credit history, often aimed at borrowers who may not fit a lenders usual criteria. The label is loose and can mean different things to different providers.
Reading the term with care
Because the phrase is not precise, the most important thing is to look past the label and understand the actual terms: what is being charged, what is required, and what happens if things go wrong.
What to check
Always read the full agreement, understand the total cost and obligations, and be cautious of any offer that seems vague about its terms.
- The label is loose, so read the detail.
- Focus on real terms, not marketing words.
- Be cautious where terms are unclear.
Credicorp assesses each limited company and LLP on a rounded, transparent basis. If anything about an offer is unclear, ask us to explain it plainly before you proceed.
See also: What is a maturity date?, Business lending in Birmingham and Business lending in Manchester: a quick guide.