A no credit check simply ensures that you can get funds quickly in case of emergency. Instead of looking at your credit report, lenders will evaluate your situation whether you will be able to pay off or not. This is where the concept of bad credit loans with no credit check emerged mostly by the efforts of direct lenders.
A large number of people look elsewhere for support when an emergency pops up. If your credit score has been less-than-perfect, you will not get access to cash from traditional routes. As a bumpy road makes your journey tortuous, a blemished credit standing restricts borrowing options. Fortunately, direct lenders do not follow as strict benchmarks as mainstream lenders. For them, poor credit is no longer a reason to turn down.
When you take out a standard loan, a lender runs a credit check (most of the times hard credit check) to ensure your creditworthiness. It may involve asking one or more of the credit reference agencies in the UK for your credit report, which explicitly informs of your financial behaviour. It leaves hard footprints on your credit file and damages credit rating.
Bearing in mind that you may need money quickly despite a very poor credit score, British Lenders brought its products under the no credit check loans category. These loans come with instant decision because the processing excludes a credit check. We run neither hard nor soft credit check.
Since we are a responsible lender and we do not want to throw you in a predatory debt cycle, we will look over your INCOME STATEMENT to analyse you are not borrowing more than your capacity.
The repayment length of these loans is small depending on the amount you borrow. Some other common features include:
You will be surprised to know that no credit check loans can help you build your credit if you pay back the debt on time. It gives you the chance to demonstrate your financial commitment. If you pay what you owe on time, lenders will trust you and try to approve a loan at lower interest rates down the road.
As you put in the application, you get funds without further ado. The processing of these loans is faster than any other type of small loans as it does not include hassle. We will be contradicting ourselves if we mandate the need of a guarantor. Otherwise, don’t you think that the processing will take forever?
British Lenders will never ask you to arrange a guarantor if you need money to fund emergency or an unexpected expenditure. Instead, we focus on different criteria for approving an application of bad credit loan with no credit check i.e. your employment status as well as income statement. We believe that you should have an income source to repay your debt.
It is wise to do enough research before applying for them even though you need money urgently. Make sure that you are well aware of the policy and interest rates they charge. Compare them to choose the best deal. Do not forget to peruse all terms and conditions. Make sure you are happy with the size of loan, interest rates, APRs, the repayment period and late payment fees in case of default.
You should also have arrangements to have extra cash to reimburse bad credit loans with no credit check without difficulty. Try to work overtime to get extra money, sell unnecessary things, switch suppliers to get cheaper deals and take on extra job. Set a budget to make sure that you are not spending beyond your earnings.
Do you need money at once? Apply for poor credit loans with no credit check now.