In modern day life, borrowing is nothing to feel ashamed because it has become a necessity for the working and non-working both the communities. Despite the recent wages hike in the UK in April 2018, the numbers of employed people even in good jobs struggle to mete out the normal living expenses or even the small emergency expense. It is also a fact that majority of people in any community of common man has below average credit score; it is around 380. The Govt. financial institutions and mainstream banks hesitate to lend even the small amount because of new strict regulations for making the lending safe; therefore, high turn down rate drifts the borrowers at direct lending agencies offering 12 month loans no credit check for diverse needs.
Borrowing Trend in 2018 in the UK:
The statistics made available in November 2017 reveal a steady increase in lending. Whopping 34,800 were the first-time mortgage buyers almost 15.2 % more than the same month of previous year i.e. 2016. The £5.6bn new mortgage lending in November 2017 was 16.7 % more than previous year. The 60% borrowers in the UK don’t know the interest rate they pay on the personal loans. A report published in 2017 highlights the consistent rise of unsecured debt; the average household in the UK was holding £11,000. The rise in unpaid household debt was 11%; it is faster than the rate during past 15 years. On an average, every UK household spent around £900 exceeding to their income in 2017; the total amount is almost equal to £25 billion or about 1/5th of annual NHS budget. To bridge the gap between the earning and spending, they highly depend on no credit check 12 month loans being offered online by ever growing numbers of direct lenders.
No Credit Checks One Year Loans Not A Help To Save As Before:
The available data shows that households in the UK hold more debt than the assets like deposits, shares, pensions, bonds etc in 2017; it is a surprising development first time since 1987. If the trend continues, households may be on risk of having less collateral than the debts. The other reason for low saving and more borrowing may be the low interest rate on savings. The numbers of households seek advantage of small amount repayments while putting off the saving amid the expectations of higher interest rate; therefore, we see a rise in short-term debt demand. In early 1990s, the average household was saving £120 from £1,000 earning after making all the dues while the figure came down just to £41 in 2017; it means, despite having short-term loans like 12 month loans no credit check from direct lenders in the UK, people are not feeling comfortable in managing the expense; living beyond the means seems the prime reason.
Brexit Effect On 12 Month Loans No Credit Check By Direct Lenders:
Despite several ups and downs in UK’s economy during last couple of years, the demand of no credit check – no guarantor 12 month loans is high. The direct lenders are trying their best to gain the maximum benefits of high demand; offering the tailor made loan with personalised touch is the time tested key to succeed. Brexit is sure to maintain the uncertainty with several consequences damaging the economic activities. The overwhelming evidences predict that Brexit-induced effects are sure to deliver significant negative effects on UK’s business sectors. The businesses in a bid to squeeze the expenses are curtailing the high wage jobs with focus on recruiting the young professionals with specific training and experience. As the competition is expected to go stiffer after Brexit agreement implementation, the businesses will focus more on providing better quality at less cost. Job cutting in almost all the business sectors is expected to leave more numbers of experienced professionals jobless. And, meeting out the daily needs during unemployment stage is more difficult for a jobless person having complete family; expectations of a good job sooner or later turn him to direct lending agencies.
The prominent direct lending agencies offer no credit check 12 month loans with flexibility to help any person seeking quick cash help. Even if a person holds the poor credit score, then too, he is a right candidate for no guarantor one year installments loan. Some UK direct lenders charge moderate processing fee in addition to upfront fee, while, some lenders offer 12 month loans no credit check without any fee.
Choosing the most appealing agency for 12 month loans no credit check depends upon your analytical and comparison skills.